Lotto has been in the news for celebrating 25 years of operation. So what have we learned in that time? Not much, it seems, considering the myths and misinformation.
A recent Northern Advocate article listed the luckiest Lotto stores. This is a myth as there is no such thing as a lucky outlet. It is true that if more people buy tickets at a shop then, on average, they are more likely to sell a First Division prize, but this in no way improves the chances of an individual winning.
The same article reported that one is the luckiest number. But there is no such thing as a lucky number. Every number has an equal chance of coming up.
Of all the money gambled, 56 per cent is returned in prizes. Another 20 per cent goes to charity and the rest goes in tax and operating costs. If a person spends $10 on tickets in week one, on average they will win $5.60. If this is reinvested the next week the return is $3.14, then $1.76 and 98 cents. So after four weeks a stake of $10 will become 98c.
Many buy tickets because they feel they are supporting charities and this is correct. But if you spend $10 a week for 50 weeks then charities will get only $100 of the $500 you have gambled. If instead you gave $10 to charity each week, and added the tax rebate you would receive on an average income, charities would receive more than $700.
