Economists say that a lottery is a tax on people who can’t do math. At a talk about five years ago, psychologist Dan Gilbert said you might as well flush the money down the toilet, because the odds of winning are almost identical to the odds that you’ll flush money down the toilet and millions of dollars will come back up. And the advantage of the toilet is that you’re saved a visit to the 7-Eleven to buy the tickets.
Now that the jackpot in the Mega Millions lottery has hit more than half a billion dollars, I’ve been surprised at the number of people I know who talk about heading across the Georgia line to buy some tickets. (There’s no state lottery in Alabama.) When I point out that it’s throwing money away, the excuse is that they’re “buying hope” with a few dollars.
What’s the worst thing that could happen? Based on the history of other big winners, the worst thing that could happen would be to win the money.
Take Jack Whittaker, for instance. In 2002, this West Virginia businessman won $315 million. In interviews after winning, he talked of giving some of the money to his church and he talked about the people he was going to help. Instead, his life turned out to be a nightmare. He started drinking heavily from the stress. He was robbed of more than half a million dollars at a strip club. His daughter and granddaughter were murdered. And a casino had to sue him over a $1.5 million check he wrote to cover gambling losses.
In 2007, Whittaker told ABC News that he wished he had never won the money.
“Since I won the lottery, I think there is no control for greed,” he said. “I think if you have something, there’s always someone else that wants it. I wish I’d torn that ticket up.”
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