The next lottery jackpot of £7,400,000 may encourage people to purchase more lottery tickets but how likely are we to actually win?
Professor of strategy, Romel Mostafa, PhD, thinks, not likely.
“People really do get attracted to the large jackpots,” Mostafa says. “One lottery ticket may cost them peanuts, but they have a very small probability of winning.”
Mostafa said that strategies of playing odd or even numbers are not necessarily effective. Buying multiple tickets only improves the odds of winning slightly, according to Mostafa who says players must bank on a significant amount of luck to win.
The chances of winning the jackpot with a £1 ticket are 14 million to one. Scientists suggest, in comparison to these odds, you are more likely to be struck by lightning than win the Lottery.
That means that if you spend £1 a week on the Lottery, you may just win the jackpot in 270,000 years time.
Research shows that the poor spend a higher percentage of their income on lotteries than do the rich. Spending just £1 each week on the Lottery may not seem a lot but for the amount of years that some players purchase tickets for, inevitably a considerable loss will be made.
So, is that one in 14 million chance worth it? Or shall we all just call it a day and find a good savings account to invest our money in?