The economics of American lotteries
Our analysis shows poorer citizens spend a staggering amount on ticketsON APRIL 1st millions of Americans watched as six numbered ping-pong balls tumbled out of a giant popcorn popper. The occasion was the latest drawing of Powerball, a multi-state lottery. The last draw offered punters a shot at a $1bn jackpot, the fifth-biggest in the game’s 32-year history.Chart: The EconomistThe odds of winning the jackpot are unimaginably low—just one in 292m for Powerball. Yet sales are at a record high. I...
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