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Just buy two lottery tickets! You have now doubled the odds of winning. Want to triple your chances of winning?
Buy three tickets! The point here is to show that expected value is more important than the odds of winning unless you have some kind of inside knowledge about a fixed lottery.
It may seem a little odd, but lottery picks chosen by an RNG random number generator will give you a slightly higher expected value. The reason this holds true is because humans are bad at picking numbers at random.
It is well documented that humans are terrible at simulating randomness. Now, apply that to the lottery.
When you pick your own lottery numbers, the odds are slightly higher that someone else has picked those same numbers.
Thus, you have a slightly higher chance of splitting your prize. This slightly lowers the expected value of your lottery ticket.
No matter how you pick your numbers, the odds of winning the lottery remain the same. The drawing is perfectly random and it is just as likely to pick all 7s as it is to pick something that looks random.
We are only worried about the chances of splitting the prize money. As I explained in the above section, we should be more concerned with increasing the EV of each lottery ticket than with increasing the odds of winning.
Lottery pools are common at workplaces and among groups of friends. A lottery pool is an arrangement in which everyone pools their money together to buy a whole bunch of tickets.
If any of those tickets is a winner, the winnings are distributed equally among all members of the pool. However, it does increase your odds of winning because it allows you to effectively play many more tickets than you would otherwise.
Your expected value is lower in a pool, but you still have a better chance at winning a life-changing amount of money. You should approach pools with some caution, though.
Things can get ugly if there is no legal agreement in place. Unsigned lottery tickets are as good as cash. If someone finds your unclaimed winning ticket and cashes it in, you will have a hard time convincing anyone that it was originally your property.
Sign your tickets as soon as you get them. If you end up winning a big jackpot, other people may feel entitled to a portion of your winnings.
Keep it simple and buy your own tickets every time. Save yourself the trouble now. Most lottery winners are not wealthy before they win, so they have little experience handling large amounts of money.
The best thing you can do after a big win is to get in contact with a financial planner, a CPA and a lawyer. Consider these people your team and tell them that you want them to help you preserve your money and make smart decisions going forward.
Set aside some money for the long term and keep it diversified. Keep some of your lottery money in cash, invest some of it in stocks, some in bonds, some in precious metals and so on.
Do not get heavily involved in investments with which you have little or no experience. If you win, prepare yourself for the onslaught of people who will be pitching investment ideas and asking favors.
Speaking of which, remain anonymous for as long as you can. Prepare yourself now for the day your name goes public. Other people have no right to tell you what to do with your new winnings.
If you try to be nice to everyone, you will quickly run out of money and be unable to help anyone. There are a lot of bad lottery tips out there.
They sound intriguing, they may be fun to try and some people just follow these tips for fun. But unfortunately, the simple truth is that the following lottery tips do not work.
Bad lottery advice is more common than good lottery advice. Then it becomes easier to see why good tips do work. Number tracking is the process of recording the results of your favorite lottery over a period of time.
Someone else might notice the same thing and come to the conclusion that 5 is running cold and should be avoided.
In a truly random game of chance, past results have absolutely zero effect on future results. This is assuming a truly random game, of course.
You would need a HUGE sample size to determine that something as complex as the lottery is biased. Even going that far is a stretch.
The lottery employs talented mathematicians to ensure the games are random and running according to expectations. Basically, for the average person, number tracking is a futile waste of time.
Richard Lustig, who has won the lottery 7 times, says that you should pick the same set of numbers every time you play.
The truth is that your odds are neither better nor worse by picking the same numbers every time. If you want to pick all 7s every single time for 10 years straight, your odds of winning will be just as good as the guy who picks random numbers every single time for 10 years straight.
The lottery is completely random every single time. These are not all Mega Millions Powerball wins. The lottery is a very profitable business because the odds are stacked against you.
Number picking tips like this one are based on common fallacies. They may sound good in theory, but they are based on nothing more than fantasy.
You must assume the lottery is perfectly random until you have mathematic proof that shows otherwise. If you play the game using probability and cover every possible line that could be drawn as your lottery strategy you can guarantee a jackpot lotto win.
Do you not believe it is possible to use probability to guarantee a lotto win? Because it is. The latest rollover win secured by using this method was in Ireland.
Unfortunately, in a Pick 6 game it would mean you have to buy approximately 14 million tickets as there are approximately 14 million possible combinations.
In the Powerball you would need to purchases about million tickets. However, it proves without a shadow of a doubt that it is possible to guarantee a lottery win.
This realization alone should excite you because if this loophole exists then there must be others. There are much cheaper methods that can just as easily blow the odds up in your favor.
Obviously even the biggest of syndicates would be unable to purchase every single possible number combination in their chosen lotto game.
Even syndicates made up of millionaires would struggle to with million ticket purchases on the Powerball.
So what are the alternatives? Well, instead of buying all possible combinations to guarantee a lotto jackpot win you can use the same basic premise to cut down the odds against you winning to a reasonable number.
For example instead of having a 1 in 14 million chance of winning you can reduce that down to 1 in half a million simply by wheeling 7 numbers instead of 6 in a Pick 6 game.
Watch the video below for an overview of how wheeling works and to discover proven lottery strategies that have been used by multiple winners to win multiple prizes.
Number wheeling is not a way to guarantee a jackpot win but will decrease the odds against you by many millions and increase your odds of winning so much that you are almost guaranteed to win multiple small and medium prizes consistently.
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