Tonight’s Mega Millions Jackpot is $1.1 BILLION. I’ve been studying the inner workings of the lottery industry for years. AMA about lottery odds, the lottery business, lottery psychology, or no-lose lotteries
I used to be a regular lottery player, buying tickets weekly, sometimes daily. Scratch tickets were my vice, I loved the instant gratification of winning.
I heard a Freakonomics podcast “Is America Ready for a “No-Lose Lottery”? And was immediately shocked that I had never heard of the concept of prize-linked savings accounts despite being popular in countries across the globe. It sounded too good to be true but also very financially responsible.
I’ve been studying lotteries like Powerball, Mega Millions, and scratch-off tickets for the past several years and was so appalled by what I learned I decided to help start a company to crush the lottery and decided using prize-linked savings accounts were the way to do it.
I’ve studied countless data sets and spoken firsthand with people inside the lottery industry, from the marketers who create advertising to the government officials who lobby for its existence, to the convenience store owners who sell lottery tickets, to consumers standing in line buying tickets.
There are some wild lottery stats out there. In 2021, Americans spent $105 billion on lottery tickets. That is more than the total spending on music, books, sports teams, movies, and video games, combined! 40% of Americans can’t come up with $400 for an emergency while the average household spends over $640 every year on the lottery, and you’re more likely to be crushed by a meteorite than win the Powerball jackpot.
Ask me anything about lottery odds, lottery psychology, the business of the lottery, how it all works behind the scenes, and why the lottery is so destructive to society.