Lottery Ticket Experiment

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Here is another interesting quick business start up idea from Nev’s Financial Blog:

Observation: Popularity of scratch-off lottery tickets remains high despite their low odds of winning. The attraction of exponentially increasing an “investment” of $1 with no skill involved draws people to these games.

Hypotheses: If a $1 scratch-off lottery game is played 100 times, the player is likely to lose money in the end. Most people playing the game will eventually lose money, only a few will gain.

Variations: A player can potentially win a large sum of money on the first play with some “luck” on their side.

Experiment: 100 Texas Lottery scratch-off “Amazing 8’s” games costing $1 each will be purchased. 20 games will be purchased from 5 seperate establishments. Amazing 8’s have odds of 1 in 4.65 games at least break even.

I really do like the concept behind this money making idea. I think that would be because it is just so easy! Litearlly, anyone can do this (as long as you are 18 of course and have the intial small investment to purchase the tickets).

But seriously, the potential to make money from lottery tickets is pretty decent. Some would call it “luck” or some may just not believe in it at all. Definitly check out the full post to find out how Nev did in his quest to make money from scratch off lottery tickets!

Its funny thought that every year for Christmas in my brothers stockings and mine, my dad gives us 5 lottery tickets, usually the $1 scratch offs. Now they are not always the exact same ones, he likes to spice it up sometimes. But, this year, my brothers and I all got them again. So we had 15 lottery tickets and not a single one of them even won $1! As you could imagine, I was mad I didn’t get “lucky” and win some money!

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