Although there is plenty of statistical evidence that you have a really small chance to win, many people keep playing the lottery. Why does that happen? Why do they know that winning is very unlikely, but they don’t give up? Of course there are reasons for it.
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Now, let’s check them out in this article.
1. Playing the lottery is entertaining
Many people are into this form of gambling even though they know it is unlikely to make money from it. However, for them, playing the lottery can be a type of entertainment.
It is exciting to think about hitting a jackpot.
It can be explained by the fact that people do not always do things for money. For example, most people enjoy going to concerts, sports events and even movies for entertainment, and they don’t expect for financial gain.
With that being said, some lottery players enjoy the feeling of the possibility of winning or the temporary fantasy about potential newfound wealth. Also, it doesn’t cost much to buy a lottery ticket, but they can spend a few hours fantasising about what to do if they hit the jackpot. Needless to say, the imagination would be exciting.
And for those lottery players, they are satisfied with just having a chance of winning. They are willing to spend for the excitement.
2. They were close to the result
Many people are addicted to the lottery because they “almost win” every time they play. That means you lost when you were so close to the big prize. This near-miss effect can be a type of encouragement, just like in sports. Because you were so close, you try harder next time with the hope for success.
When the lottery players come close, they take it as a sign of continuing. For example, they get four numbers out of six right, they will keep playing with the hope of getting 6 numbers right the next time.
3. Winning the lottery is the only chance for them
Yes, people know the odds of winning the lottery are low, but the big amount of money is too seductive. For them, winning the lottery is the only chance to get out of their stressful situation. For example, they are having high interest debt, they haven’t paid school loans, they want to buy a house… And only hitting a jackpot can help them with that.
In addition, when people have tough times, they are more willing to take risks. And playing the lottery is one of the risks. All because the potential payout can be life-changing, so they don’t mind spending a small amount of money to play.
4. They don’t really understand big numbers
People are aware of counting the numbers, and we appreciate the total wealth of millionaires and billionaires. However, in most cases, especially in playing the lottery, we don’t really understand big numbers.
When it comes to small numbers like one or two, it is easy to deal with. But we don’t really pay attention to measuring 20 or 30 million. Therefore, if you tell someone the odds of hitting a jackpot is one in 200 million, it doesn’t seem very different to the odds of one in 5 million. Of course, it is unlikely for you to win in both cases.
Instead, if you tell them that the odds are one in five or one in 100, it will be more obvious. However, that doesn’t mean that people can’t grasp big numbers, we just don’t stop to think about their meaning.
5. They have the idea that winning the lottery is possible
Some people judge things based on how readily examples of it come to their mind. For instance, the possibility of a plane crash is low. But you can always think of new stories about it. The main reason is because this kind of story is more likely to be reported. Therefore, it is easy to bring to your mind the idea of a plane crash. So you might conclude that it is more common than it actually is. But the fact is the chances of being in a plane crash is really low.
They think winning is possible
Likewise, you barely see news and stories about the lottery losers, even if they have been playing for ten or twenty years without winning. But you read about the winners all the time. As a result, you might think hitting a jackpot is possible.
6. They believe in gambler’s fallacy
This belief is based on a mistaken theory that when an outcome hasn’t occurred for a while, it is due soon. For example, you are going to have a writing test. You look for the previous tests and see that “climate change” has been repeated for 10 times which is not normal. You will be likely to think that you won’t see the topic again this time. Therefore, you tend to learn about other topics. In fact, that topic is as likely to occur as others.
Lottery players choose the numbers based on how often they come up because they think they can control an entirely random process.
7. They are victim to the sunk-cost fallacy
A sunk cost refers to previous expenses that can’t be recovered. For example, you put the money on marketing for your business. Because it is already paid and can’t be recovered, it won’t affect your next decisions.
The sunk-cost fallacy occurs when your decision is made based on the time and resources you have already committed. This happens more in adults than children or the elderly.
It makes people make more irrational decisions. For example, you have bought a new book, but you don’t enjoy it as you read. You can just stop reading, but you continue to read because you already bought it, even when you don’t have fun.
Likewise, you know that you are in a bad situation with the lottery, but because you have put so much into it, such as learning about the statistics, numbers…, you just keep playing.
As you can see, there are several reasons for playing the lottery. If you are into the lottery, and you are one of those who keep playing, check out https://kubet.win for predictions on lottery results everyday.