Not everyone is fond of state lotteries, but you know what they’re not? Illegal. Still, Tim shared his experience with the New York State Lottery and his credit card company, Chase, where the bank chose to treat his lottery subscription payment as a cash advance, with the $10 fee and astronomical interest rate that goes along with it. [More]
lotteries
You're More Likely To Go Bankrupt From Winning A Lottery Than To Win One
By 9.1.10
The tiny chances of winning a lottery don’t stop people from playing. And even if you do win, there’s a chance you’ll only get 50% of the advertised winnings, after taxes. The house always wins. This big ol infographic breaks down the numbers for you: [More]
Poor People Spend 9% Of Income On Lottery Tickets
By 5.26.10
A recent study found that poor folks – households earning under $13,000 per year – spend about 9% of all their income on lottery tickets. [More]
Crafty Michigan Credit Unions Implement A Lottery Worth Playing
By 8.2.09
Save to Win gives Michigan residents the chance to win the lottery simply by purchasing a certificate of deposit. Here’s how it works: residents who contribute at least $25 into a Save to Win CD are automatically entered into monthly drawings for a $400 raffle, and an annual drawing for a $100,000 jackpot. Even if you don’t win, you still have an interest bearing CD.
Study: The Poorer You Feel, The More Lottery Tickets You Buy
By 9.27.08
Very Short List notes that “America’s lotto kiosks are currently reporting heretofore unheard-of earnings,” despite the average rate of return—53%—being less than slot machines. Researchers at Carnegie Mellon recently completed a study in which they primed people to feel relatively poor, then offered them a chance to buy lottery tickets, and the results suggest that the poorer you feel, the more likely you’ll waste your money on a lottery.
These Pennsylvania Lottery Mascot Costumes Were Poorly Thought Out
By 9.26.08
Quinto is a new lottery game from Pennsylvania, and their mascot is a bunch of fingers, we’re guessing. We can’t figure out how these mascot costumes made it from concept to on-the-street reality, though. We like how the guy in this photo seems to be thinking, “What exactly am I posing with?”
Lawsuit Says Verizon's Text Message TV Show Contests Are "Illegal Gambling"
By 3.29.08
A class-action lawsuit has been filed in California against Verizon and several third-party companies, alleging that they promoted illegal gambling by enticing customers to pay to enter contests in which there was an “infinitesimally” small chance of winning, reports RCRWireless. “The suit centers on 99-cent charges levied on wireless consumers who played contests associated with popular TV shows like ‘Deal or No Deal’ and ‘Sole Survivor.'” The plaintiffs claim that the contests were less promotional sweepstakes than “illegal lotteries designed to generate revenues far in excess of the value of the cash awarded.”
