Is the lotto a fools tax

Little Less Conversation

I play the lotto about once a week sometimes twice a week, maybe the euromillions or the Irish lottery. You know, I won't win unless I'm in type of thing. This is working out to be €13 a week. Over the course of a year it works out to be €370. Is this a fools tax?

minikin

It’s a tax on folks who think 52 x €13 = €370.

Little Less Conversation

minikin wrote: »

It’s a tax on folks who think 52 x €13 = €370.

Guess I am a fool. I done my maths again and it's actually €676 a year.

super_furry

It's like buying an expensive daydream.

facehugger99

Little Less Conversation wrote: »

This is working out to be €13 a week. Over the course of a year it works out to be €370. Is this a fools tax?

You've answered your own question there.

AndyBoBandy

I look at it that they give a lot to lots of good local causes, so in that sense, it’s good.

Your Face

Your money OP, do what you like.

Potential-Monke

A small price to pay if you luck out just once...

Mint Sauce

Run away OP, run away as fast as you can.

Rubberchikken

Course it is .. fool;)

Having said that, have never done it. I pay enough tax as it is.

utyh2ikcq9z76b

Depends what stage of the week you do it and which lotto, if you do the Irish lotto on a Saturday you have a few hours day dreaming of a new house/car &giving up work and some holidays. If you do the Euromillions on a Saturday you have 4 days of daydreaming about yachts/helicopters/Beverly hills mansions/James bond villian style private Islands/sorting all your family out etc. So a €2.50 quick pick without the plus done early in the week is a lot of daydreaming for the money

listermint

Rubberchikken wrote: »

Course it is .. fool;)

Having said that, have never done it. I pay enough tax as it is.

But its not a tax though....

Bob24

minikin wrote: »

It’s a tax on folks who think 52 x €13 = €370.

That’s one way to look at it and justify someone’s decision to not take part.

Another way to look at it and rationalise taking part: you know that on average you are losing money, but you are ok with taking that loss in exchange for the small and non garanteed chance of winning a medium or top prize at some point.

It’s ok to got either way, but saying that people who play lotto are just idiots who can’t multiply and compare numbers is obviously missing a trick.

mikhail

Bob24 wrote: »

It’s ok to got either way, but saying that people who play lotto are just idiots who can’t multiply and compare numbers is obviously missing a trick.

Yeah, it's making the assumption that the value of money is linear. If you are offered a tenner or a one in a million chance of winning €10,000,000, those are not the same thing. Especially if you need the tenner to pay for something right now.

BeerWolf

No harm doing it the odd time. People that play it religiously have a problem though throwing away money like that.

4068ac1elhodqr

Will only ever play the Euromillions (hotpicks, not regular shop ticket)

Getting just 4 hotballs equates to about 30k, whereas the regular ticket last week match 4 would only give you €35.
Hotpicking 5balls is €/£1m+. But with the regular ticket last week, match 5 would only have fetched you €23k.

Getting the right 3/4/5 balls every week is the complicated part...

vectorvictor

If you said self imposed tax it might make some sense but really use of the word tax is jumping on a bandwagon.

National Lottery ,following it's purchase ,has turned into a Paddy Power on steroids with the age old state backing giving it an element of social acceptability. Online scratchcards anyone? Give me a break.

This isn't a tax on stupid people or the poor , it's simply the biggest swindle going. I wonder how Boylesports or Ladbrokes would get on if they asked our national broadcaster to facilitate their random number games with regular results and a prime time Saturday night 1hour slot.

Worry not, the Canadian teachers will be looked after while the operators and facilitators of the National Lottery, including our state funded broadcaster ,contribute to our nation's gambling epidemic

colm_mcm

Unless you win, then it’s grand.

It's socially acceptable gambling, more outright than a furtive nip to the bookies.

Jimmy.

A little more action needed op.

Pero_Bueno

https://www.cuandomevaatocar.com/en/euromillions/

Just really shows what a fools game it is, took 14 years to get a 2+2 match (about 15E in prize money)
playing twice a week.

Fools game.


edit

Your first 4+0 match took 147 years!! Shameful!!
winnings from a 4+0 between 62€ and 150€

Fools game indeed

Hulk Hands

Large amount of people throw money into a pit. Someone comes along and takes half the money away. The rest gets divided amongst a few.

It's probably the worst value form of gambling you can partake in. Far less gouging ways of going for a large jackpot.

On the flip side, you can never quite get that large of a jackpot elsewhere, and some of the money taken out goes to good causes, provided you play at the official lottery provider.

Dr.Sanchez

I actually know someone who won 12 million. Never played it in my life before he won it. Now I play it weekly by direct debit... Yes, now I realise how sad I am and must cancel that debit.

dxhound2005

Deleted User wrote: »

It's socially acceptable gambling, more outright than a furtive nip to the bookies.

There is no need for anyone to be furtive about visiting a bookies. And the activities on which they depend like football and horse racing, get much more media coverage than the Lotto.

ShaneC93

They don't publish what the average edge is but say for example it was 15% that would mean that for every say €1000 you spend on the lottery, you'll get back €850 and as it's a fixed edge it should average out no matter what you spend, unless you win big and stop playing, even if were to bet / buy €1M worth of tickets a week, you would still be losing that %.

I knew someone who played and was thrilled to win €500 last year but they'd been playing for 15 years with no comparably sized wins. Best to just cut it out all together. If you really feel the need to play then you can find online lotteries with a <5% edge which means you lose less of your money.

dxhound2005

ShaneC93 wrote: »

They don't publish what the average edge is but say for example it was 15% that would mean that for every say €1000 you spend on the lottery, you'll get back €850 and as it's a fixed edge it should average out no matter what you spend, unless you win big and stop playing, even if were to bet / buy €1M worth of tickets a week, you would still be losing that %.

I knew someone who played and was thrilled to win €500 last year but they'd been playing for 15 years with no comparably sized wins. Best to just cut it out all together. If you really feel the need to play then you can find online lotteries with a <5% edge which means you lose less of your money.

Can someone win €150 million on them?

Renegade Mechanic

Little Less Conversation wrote: »

I play the lotto about once a week sometimes twice a week, maybe the euromillions or the Irish lottery. You know, I won't win unless I'm in type of thing. This is working out to be €13 a week. Over the course of a year it works out to be €370. Is this a fools tax?

You've already corrected the maths, so we'll just focus on the weekly spend. I'm afraid it is a bit of a tax at that in fairness.

I'd only buy the odd ticket here or there and then drive a certain work colleague mad talking about how angry I'd be if I thought I'd won 140 million only to find some **** won it too and was taking half of it despite the fact we weren't even married

gozunda

Guaranteed way to win ...

Take you total lotto amount each week e.g.. €13
Place it in a lidded container somewhere secure
Repeat this for 52 weeks
At the end of the year open the container with the cash
Take out the money and count - yes you have just won €676
Celebrate and spend or invest your win!

Sky King

It's generally for people who already hold a losing ticket in the lottery of life OP.

draiochtanois

This post has been deleted.

_Brian

AndyBoBandy wrote: »

I look at it that they give a lot to lots of good local causes, so in that sense, it’s good.

Historically maybe but hasn’t the amount being donated fallen significantly while revenue is way up.

This is a for profit organisation now, profit will always win out.