Every once in a while the Mega Millions jackpot climbs above $300 million, and the country goes bonkers buying lottery tickets. For the government workers who reportedly won this week's $319 million prize in New York, the effort will pay off far more than they expected.
| More from MainStreet.com • The Laziest States in America • Tax Excuses the IRS Won't Buy • The Cost of American Obesity |
Even when there isn't a chance for a nine-figure payout, some people just love playing the lottery. Using Census Bureau data on lottery ticket sales and population estimates, we broke down where residents are spending the most on lottery tickets of all types. Here are the 10 states with the highest per-resident lottery spending in 2009 (the latest year available), along with how much the average resident is winning for every dollar he or she spends.
No. 1: Massachusetts
Per-capita lottery spending: $806.57
Winnings per dollar spent: 77.3 cents
My home state of Massachusetts takes top honors, having taken in more than $4 billion in lottery revenues, an average expenditure of more than $800 per adult. But Bay Staters are getting an incredible return of 77 cents on the lotto dollar -- the best return in the country -- meaning that less than $200 is really going down the drain. And there are big winners in the mix: According to the state lottery's website, more than a dozen people in the state have won $1 million or more in the past month.
We're not saying that the lottery is a good investment in Massachusetts, but there are worse things you could spend your money on.
 No. 2: Delaware Per-capita lottery spending: $633.66 Winnings per dollar spent: 15.5 cents Like West Virginians, Delaware residents are spending gobs of money with miniscule return. Sure, the average return doesn't much matter if you hit the jackpot, but no one in Delaware has won a million or more since the summer of 2009. No. 3: Rhode Island Per-capita lottery spending: $598.20 Winnings per dollar spent: 29.3 cents Rhode Islanders loved to gamble, as evidenced by the state's several casinos (which are often patronized by residents of nearby Massachusetts, where casinos are illegal) and the nearly $600 its residents spent on the state lottery. With just 30 cents per dollar coming back to them on the lottery side, they may want to find another hobby. No. 4: West Virginia Per-capita lottery spending: $558.10 Winnings per dollar spent: 15 cents The average West Virginian spent more than $550 on the lottery in 2009, despite the fact that it ranked as the sixth poorest state in the country that year. And residents only got back about 15 cents on the dollar -- the worst return in the country -- which means that they're throwing away about $475 a year.
|
There are no comments yet