As anyone who’s ever watched a lottery drawing knows, the odds of winning are astronomical. But the prize money doesn’t just appear out of nowhere — it comes from the sales of tickets. And how that pool of money grows over time depends on how many people buy tickets. The more tickets sold, the larger the jackpot.
Lottery promoters often portray winning tickets as an affordable way to dramatically improve one’s circumstances, and that strategy appeals to FOMO, or the fear of missing out. “Lotteries make it seem like the purchase of a ticket is a minimal investment with an enormous potential return,” Ortman says.
Some state lotteries have better odds than others, and buying multiple tickets may improve your chances of winning. In general, however, there is no way to increase your odds of winning by playing more frequently or betting bigger amounts. Each lottery ticket has an independent probability that doesn’t change based on how often you play or how many other tickets you buy for the same drawing.
You should also choose your numbers carefully, avoiding consecutive numbers or those that end with similar digits. Studies suggest that 70% of lottery winners have numbers in this group.
If you do win, you’ll probably want to set up an advisory team to help manage your finances and investments. If you opt to receive the jackpot in a lump sum, it’s important to invest your money right away to take advantage of compound interest. But if you’re not ready to invest your winnings, consider asking the lottery promoter about annuity payments that can spread your winnings over time and reduce your risk of spending it all at once.
