What Are Your Real Chances of Winning the Lottery?

 What are your Real Chances of Wining the Lottery?

The reality is that you have virtually no chance of winning the lottery. It can be hard to accept this reality. Part of the thrill of playing the lottery, however, is the belief that anyone could win the big prize. Each player must know what they're doing when they play the lottery, especially if it's used as an investment strategy instead of a passing pastime.

We take a hard look at what the lottery is all about and what your chances are of winning.

Real odds of winning the Lottery

Let's face it, the lottery has its fair share of problems. Mega Millions is the most popular lottery in America. Your chances of winning are 1 in 176,000,000. You have a better chance of winning if you play a single state lottery such as the California Super Lotto. Although 42 million to 1, may seem like an increase in your odds of winning, it is still extremely close to zero.

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Your Chance is the Same as Everyone Else

Statistics are a fascinating thing. They often reveal a singular mathematical truth which obscures the bigger picture. This is the perfect example: winning the lottery. Lottery winners often claim that their ticket has the exact same chance to win as any other ticket. This is a mathematical truth. It doesn't address the more fundamental mathematical truth that every ticket has essentially zero chance of winning.

While your chances of winning are the same as any other ticket, you have virtually no chance of winning it all.

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Odds of Other Unusual Events

These longshots are more common than winning the lottery to help you see the upside of your chances of winning it.

According to the CDC you are approximately 30,000 more likely to get a serious injury in the bathroom than you are to win Mega Millions.

According to the National Weather Service you are approximately 250 times more likely be struck by lightning than to win the lottery

The Florida Museum data shows that you are approximately 80 times more likely die from shark attack than to win a lottery ticket.

Yet, most Americans don’t fear being hit by lightning or drowned by a shark on a daily basis. Many also believe that they could win the lottery. These events can certainly happen, but the chances of them happening are slim.

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How to improve your odds

Mathematically, you can increase your chances of winning the lottery if you buy more tickets. The greater your statistical chance of winning, the more tickets you purchase. But this is just one example of how mathematical truths can hide the big picture. Your chances of winning Mega Millions are doubled if you buy two tickets. However, your odds of winning will only increase from 1 in 176million to 2 in 176million -- basically zero.

It's a losing strategy to buy more lottery tickets in order to improve your chances of winning. You will have to put more money at risk to improve your odds. You may have a better chance of winning if you spend $10 on Mega Millions tickets rather than $2. However, you will also be spending five-times as much money, while your odds of winning remain statistically close at zero. You have a higher chance of losing your entire savings than you do of winning Mega Millions.

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The Best Way to Win: Long-Term Investing In the Stock Market

If you want to cash in on the "real winning" lottery ticket, you can take the money that you would normally spend on lottery tickets. Instead, you can invest the money in the stock exchange. Although it is considered "risky", the S&P 500 index has never lost its money in any period of 20 years. It has also provided an average return to investors exceeding 10% each year over the long-term. This means that your money will almost double in 7 years.

You could expect your nest egg to be more than $1 million if $15 per day was spent on the S&P 500 Index index, or $450 per monthly if you bought lottery tickets. After 30 years, that would amount to over $1,000,000 Instead of buying lottery tickets, you'd likely spend $162,000 to win the Mega Millions jackpot.

There's nothing wrong in playing the lottery, but it is not wise to use it as an investment strategy instead of buying a S&P 500 index fund. The bottom line is to play the right odds. lottery and how to increase your chances by millions