WOW! I just heard one fun fact: Americans will spend $73 BILLION this year on lottery tickets! Coloradoans spend right around $100 per year, while the overall average spending in the USA is $223 per person. REALLY? For a GREAT article on this topic go here. The numbers will astound you!
Next I wondered who spends the most on the lottery by income. There I found that some households earning less than $13,000 a year spend a shocking 9% of their money on lottery tickets. The lowest-income households in the U.S. on average spend $412 annually on lottery tickets, which is nearly four times the $105 a year spent by the highest-earning households, according to a recent study by Bankrate.com. And almost 3 in 10 Americans in the lowest income bracket play the lottery once a week, compared with nearly 2 in 10 who earn more than that.
“Lotteries have become an alternative mechanism of social mobility—a way of achieving financial success in an economy that’s increasingly bereft of those opportunities,” said Jonathan Cohen, a Ph.D. candidate at the University of Virginia who’s completing his dissertation on American lotteries. “There’s an understandable belief that the economy is rigged and your best chance of making it out and getting rich is through the lottery, not through your job or savings.”
At least in Colorado the lottery has invested more than $3 billion into protecting Colorado’s wilderness and wildlife by creating trails, parks, and also public school construction. That’s the only reason why I occasionally buy a ticket. No illusions of grandeur here 🙂