The lottery is big business, with Americans spending an estimated $100 billion on tickets each year. And although the casting of lots for property and other goods has a long history in human culture, state lotteries have gained especially broad public support: in states that have them, 60% of adults report playing at least once a year.
What’s behind the popularity of lotteries? In part, it’s the psychological appeal of winning a grand prize. Lottery advertising frequently features stories of previous winners and dreamers of wealth, highlighting the aspirational aspects of winning. This helps to reduce the risk while magnifying the reward, says consumer psychologist Adam Ortman, founder of Kinetic319, a Denver-based marketing agency.
Lottery marketing also plays on fear of missing out, or FOMO. Whether via television ads, radio commercials or billboards, the message is clear: “You could be rich!”
Another factor is that people like to gamble, and state lotteries are a relatively low-risk way of doing it. But there are also concerns that lotteries promote gambling and may encourage problem gambling.
If you decide to play the lottery, do so with a predetermined budget. It’s also important to educate yourself on the slim odds of winning and be aware of danger signs that can indicate a gambling addiction. Finally, consider joining a lottery pool, which is an excellent way to enjoy the thrill of playing with slightly better odds while keeping your spending in check. And remember, the number of tickets you purchase does not affect your chances of winning — each drawing is independent.
