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Big Dreams, Slim Odds: The Lottery Economy

THE LOTTERY ECONOMY THE HOPE OF STRIKING IT RICH WITH THE PURCHASE OF A SINGLE TICKET KEEPS LOTTERY PLAY- ERS COMING BACK AGAIN AND AGAIN, WHILE PROVIDING MUCH NEEDED INCOME FOR STATE AND LOCAL GOVERNMENTS ACROSS AMERICA. mint WHAT ARE THE ODDS? THE CHANCES OF WINNING DROP DRAMATICALLY WHEN IT COMES TO THE LARGE JACKPOT, BUT THAT DOESN'T STOP PEOPLE FROM TRYING, IF YOU DO WIN, THE GOVERNMENT WILL BE TAKING ROUGHLY 30% OF THAT BACK IN TAXES, THE ODDS OF WINNING NET PAYOUT OF THE MEGA MILLIONS JACKPOT. THE POWERBALL LOTTERY: BASED ON $100,000,000 PAYOUT $10,000 $200,000 GRAND PRIZE 1 IN 26 ANNUAL PAYMENTS: 1 IN 723,145 CASH: 5,138,133 $68,000,000 $100,000,000 FEDERAL TAXES (25%) $17,000,000 FEDERAL TAXES (25%) $25,000,000 STATE TAXES: (4.84% avg.) $2,468,400 STATE TAXES (4.84% avg.) $4,840,000 1 IN $48,531,600 $70,160,000 195,249,054 STATE INCOME FROM LOTTERY TICKET SALES NO LOTTERY $1 - $250M $250M - $500M $500 - $750M $750M + SOURCE: CENSUS.GOV WORLDWIDE TICKET SALES ISSI $60B $50B $40B $30B $20B $10B 1980 1985 1990 1995 2000 2005 2008 SOURCE: CENSUS.GOV LOTTERY WINNERS GET THE LION'S SHARE OF THE POT, HOW- WHERE THE MONEY GOES EVER, AFTER ADMINISTRATION EXPENSES ARE COVERED, GOVERNMENTS RETAIN THE REST OF THE PROCEEDS. $77.3 BILLION TOTAL INCOME FROM US TICKET SALES $56.7 BILLION PRIZES PAID TO WINNERS ADMINISTRATION COSTS LEFT OVER PROCEEDS $18.2 BILLION $2.4 BILLION SOURCE: CENSUS.GOV TOP FIVE JACKPOTS IN THE WORLD PAYOUTS (IN MILLIONS) AS OF AUGUST 12, 2010 $75 ($450 $22 $51 ($24 MEGA MILLIONS SUPERLOTTO PLUS LOTTO MAX (MULTI-STATE) (CANADA NATIONAL) HOOSIER LOTTO (CALIFORNIA) POWERBALL (MULTI-STATE) (INDIANA) SOURCE: USA TODAY LOTTERY WINNERS & BANKRUPTCY RATES A RECENT STUDY OF THE FINANCIAL CONSEQUENCES OF WINNING THE LOTTERY SHOWS THAT 5.53% OF FLORIDA RESIDENTS WHO WON WERE INSOLVENT WITHIN FIVE YEARS. 800 PERCENT OF TOTAL WINNERS FILING BANKRUPTCY 6.27% 600 5.13% 5.24% 400 5.46% 200 5.45% 4.08% <$1K $1K - $10K $10K - $25K $25K - $50K $50K - $100K $100K - $150K SOURCE: UNIVERSITY OF KENTUCKY

Big Dreams, Slim Odds: The Lottery Economy

shared by aleks on May 19
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The odds of winning the lottery are very slim: as slim as one in 195 million. But there is an entity that profits from the lottery no matter what: the state in which it is administered. This infograph...

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Ross Crooks

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Economy
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