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Lottery and How to Play the Game

Lottery and How to Play the Game

The lottery is one form of the many ways people gamble. This is where a person will purchase a lottery ticket in the hope to win a cash prize. If the person wins the lottery drawing, he or she will receive funds and be taxed on the winnings. (The funds are taxable if the money won is over a certain amount and the taxation rate depends on the state or country) The lottery does payout funds to public schools and various institutions.

How to Play Lottery

Everybody knows that you can go to almost any convenience store or gas station and purchase a scratch-off or a lottery ticket for Wednesday night. But do you know how it works?

  • Decide on which lottery game you’d like to play.
  • Pick the lucky numbers from the range of numbers available, by crossing the chosen numbers on a lottery card. In some games, the player must choose 6 numbers from 49, while other games require the player to choose 6 numbers from 47. Alternatively, the player can use a “quick pick“, (which uses a computer to randomly generate a set of numbers for you).
  • Present the card to the cashier and pay for it.
  • Watch the lottery draw, or simply check the winning numbers online after the lottery draw takes place.
  • Alternatively, you can play the lottery online. Simply visit the lottery website, register an account, log into your account and play the game

Lottery is all about math. You need to learn how it works by learning the math behind the lottery. Each game has different rules but you can basically use the same tools to analyze them. There are five things that you will need to understand about lotteries, 1) expected value, 2) permutations, 3) odds, 4) probabilities, and 5) combinations.

Now remember the larger the jackpot the bigger the payout will be. One important thing to remember is that some of the jackpots are a stickler for going by the rules of the game letter for letter. Be sure to read up on the rules so you will understand them better.

It is not very difficult to calculate your chances of winning the lottery. Let us say that you must choose 6 numbers from 49. The formula for working out your chances of choosing the winning 6 numbers from a total of 49 numbers is as follows:

(49/6) x (48/5) x (47/4) x (46/3) x (45/2) x (44/1) = 13,983,816

This means that you have 1 chance in 13,983,816 of winning the 1st division prize.

While the odds of winning the first division prize are fairly slim, there have been countless lucky people from all over the world who became instant millionaires when their lucky numbers were drawn. Let’s mention a few cases where playing the lottery really paid off for some lucky winners,

  • 30 March 2012 – Three winners from the USA shared a prize of $656 million thanks to the Mega Millions lottery.
  • 18 May 2013 – One lucky winner from the USA took $590.5 million courtesy of the Powerball lottery.
  • 12 July 2011 – One ticket holder from Scotland won €185 million, thanks to the EuroMillions Lottery.

However, sadly enough, many lottery winners do not know how to invest or wisely spend their winnings. As a result, a significant number of them ended up quickly spending all of their winnings and wondering what happened.

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