Personal Finance

Lottery Tickets - Is the Extra worth it?

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  • Dec 22nd, 2019 8:50 pm
[OP]
Newbie
May 9, 2016
69 posts
28 upvotes

Lottery Tickets - Is the Extra worth it?

Probably not the right forum...

Has anyone looked at the stats and calculated whether paying an extra $1 for 649 or lotto max is "worth it"? Just curious.
77 replies
Deal Guru
User avatar
Mar 9, 2007
14958 posts
11406 upvotes
Think of the Childre…
Might as well go all in.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Jr. Member
Jun 22, 2016
115 posts
42 upvotes
It's not.

Unless you believe a 1 in ten million chance to win one million dollars is worth it.
Deal Expert
Aug 22, 2011
37440 posts
23502 upvotes
Center of Universe
What's another $1?
I use to only purchase Lotto max and 6/49, but have been suckered into grabbing a Lottario also.
Sr. Member
User avatar
Jun 6, 2009
955 posts
533 upvotes
Montréal
Lottery is a tax for stupid people.
Member
Aug 29, 2015
206 posts
51 upvotes
Extra is 1 in 3,764,376 odds for the top prize of $500,000 for both Lotto 6/49 and Max. That's close to 4 million.

Many years ago, there is a PayDay lottery which is much better with 1 in 1.4 million odds for $675,000, or $1,000 a week for life. More hope in a 1.4 million odds than 4 million, 13 million or 28 million odds.

http://www.moneysense.ca/spend/shopping ... lottery-2/

Like what the above article said "Don’t be fooled by the multi-million jackpots advertised by the two big national lotteries. Your chances of winning are slim—roughly 1 in 14 million for Lotto 6/49 and 1 in 28.6 million for Lotto Max"
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4019 upvotes
BC
Is the EXTRA the same as in BC?

7/7 on LOTTO MAX is 1 in 28.63M
6/6 on 6/49 is 1 in 13.983M
4/4 = $500k on "Extra". Odds are 1 in 3.764M.

Are any of them "worth it"? No :)

Is the Extra worth it in relation to either of the other 2 ... only if the LOTTO MAX prize is < $3.8M or 6/49 is < $1.86M.

6/49 starts at a min. of $5M, right?

Oh wait, forgot to divide by $ spent per ticket. $5, $3, $1.

So Extra is "more worth it" than LOTTO MAX if the jackpot is under $19M.

$5 on LM gets you 1 in 29M chance at $19M
$5 on 5x Extra gets you 1 in 750k chance at $0.5M

Those are statistically equal expectations. 38 times better odds for 38 times less money.

Break-even with 6/49 is $5.6M jackpot.

So when the jackpots are higher, your money is better spent on the main prize.

(in a world where spending on lottery is "well" spent period ... which of course it totally isn't) :D
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Deal Addict
User avatar
Mar 3, 2005
1067 posts
807 upvotes
Mississauga
NO lottery tickets are 'worth it'!
Jr. Member
Aug 19, 2016
165 posts
78 upvotes
There's really two ways to think about playing the lottery.

The scientific way: It's a poor investment, odds are against you, you're throwing away your money.

The mystical way: The odds don't matter because a divine power intended me to win, it was simply meant to be.

I have to admit, I sometimes follow the mystical way!
Deal Expert
User avatar
Aug 2, 2010
15196 posts
4987 upvotes
Here 'n There
If you win it is worth it
Deal Addict
Dec 13, 2010
2325 posts
1169 upvotes
ON
I only buy super 7 and only when it's hit the max, 60 mil with maxi millions. It's how I limit myself. Otherwise I might buy it every week. Can't afford to be that stupid.

I never buy encore. Just never got into it
Sr. Member
Dec 19, 2010
866 posts
311 upvotes
Toronto, Ontario
any logical person knows it's not worth it.
however, that being said, for a couple bucks a week, why not test my luck?

i buy lotto max, 6/49, poker lotto and lottario... so it's safe to say the gambling side of takes over the logical side.
Deal Addict
User avatar
Apr 19, 2016
1031 posts
858 upvotes
GTA, ontario
yes, buy them all.
odds are all the same, doesn't matter (ie. you are not going to win).
and thank you, our hospitals need your money!
chancellor on brink of second bailout for banks
buy BTC + hold BTC (cold storage pls) = relax
Sr. Member
User avatar
Jan 14, 2007
637 posts
253 upvotes
GTA North
Only buy into lotto 649 through office pool with 14 other people at work, and only as insurance.

It insures me if the group wins I can share the winnings but more importantly I will not be left doing all the work if the amount is high enough and they all quit, I have the option to quit too!
Deal Addict
Aug 12, 2004
4505 posts
2165 upvotes
Calgary
Is this a serious question? Either you are the type that buys into the lotto ticket and scratch ticket scheme and are the type that gets score cards at roulette tables trying to figure out the system, or you are not.

The fact that this is on the the personal finance forum is the biggest troll of all.
Deal Fanatic
User avatar
Aug 24, 2016
9178 posts
10365 upvotes
The Prairies
comolake wrote: Extra is 1 in 3,764,376 odds for the top prize of $500,000 for both Lotto 6/49 and Max. That's close to 4 million.

Many years ago, there is a PayDay lottery which is much better with 1 in 1.4 million odds for $675,000, or $1,000 a week for life. More hope in a 1.4 million odds than 4 million, 13 million or 28 million odds.

http://www.moneysense.ca/spend/shopping ... lottery-2/

Like what the above article said "Don’t be fooled by the multi-million jackpots advertised by the two big national lotteries. Your chances of winning are slim—roughly 1 in 14 million for Lotto 6/49 and 1 in 28.6 million for Lotto Max"
So you're saying there's a chance. YES !!
Deal Fanatic
User avatar
Aug 24, 2016
9178 posts
10365 upvotes
The Prairies
thank89you wrote: yes, buy them all.and thank you, our hospitals need your money!
LOL @ you thinking even a nickel of that money flows back into the community.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4019 upvotes
BC
coolintheshade wrote:
thank89you wrote: yes, buy them all.and thank you, our hospitals need your money!
LOL @ you thinking even a nickel of that money flows back into the community.
Pretty sure some of the money from the Children's Hospital Lottery goes to the Children's Hospital :)

And by 'some', I mean all of the proceeds after costs ;)

https://bcchildren.com/faq/
"14. Where do the proceeds from the Dream Lottery go?

The proceeds from the BC Children’s Dream Lottery support the funding of ground-breaking research at BC Children’s Hospital into the prevention, treatment and cure of childhood illnesses.
"
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