People Flock To Web Lotteries

from the and-what-do-they-do-with-the-spam? dept

An article about the continued popularity of web lottery sites. You fill out lots of information about yourselves for a miniscule chance at winning some money. The money promised might not be as big a deal as promised either. I like how they describe the way one woman who officially won “$3 million” will get her money. She gets $15,000/year for the next forty years – at which point she’ll then get a lump sum payout of $2.4 million. While it certainly is nice to get an extra $15k a year – and even in 40 years $2.4 million won’t be a bad deal, I wonder what the likelihood is of her ever actually getting that money. Obviously, the dot com isn’t likely to last until next year, let alone 40 years, but this money comes from an insurance company, so it might work out. But, then again, a lot of stuff can happen in 40 years. If I were in her shoes, I’d see if I could find someone willing to buy off the prize winnings for a lump sum up front. Cash in hand has to be better than waiting 40 years to see if it all works out.

Rate this comment as insightful
Rate this comment as funny
You have rated this comment as insightful
You have rated this comment as funny
Flag this comment as abusive/trolling/spam
You have flagged this comment
The first word has already been claimed
The last word has already been claimed
Insightful Lightbulb icon Funny Laughing icon Abusive/trolling/spam Flag icon Insightful badge Lightbulb icon Funny badge Laughing icon Comments icon

Comments on “People Flock To Web Lotteries”

Subscribe: RSS Leave a comment
1 Comment
Ed says:

A dollar a year for a million years

Almost all lottery “jackpots” are paid out over decades, but as the amounts have supposedly been getting bigger, the time periods have gotten longer, and now a lot of the prize is in a balloon payment that’s decades away. I’m not one for new regulations, normally, but the gov’t does regulate whether I can call a food product “low fat” so it ought to set up a reasonable requirement for dislosing lottery amounts — if they’d advertise the present value most lotteries would seem a lot smaller.

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...