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You're not missing anything. It is technically possible to design and build a business focused solely on buying lottery tickets for profit (i.e.: buy enough to
by roberthahn 12y ago
You're not missing anything. It is technically possible to design and build a business focused solely on buying lottery tickets for profit (i.e.: buy enough to ensure good enough odds to win) But there are a number of risks. The list below isn't exhaustive:
* sharing the winning number with someone else
* do you buy every single ticket or enough to "virtually guarantee" a win? (and the fewer tickets you buy, the more risky it becomes)
* the logistics of purchasing that many tickets
I have even read stories of people trying this before - but haven't been able to find the link. The story I remember best is one man hiring a bunch of people to buy lottery tickets on his behalf.
Anyway. I'd love to see someone make a go of doing this "professionally", but when you have 172 million or more, the incentive isn't really there anymore.
- mquan 12y agoYou also have to pay tax on your winning.
- bryanlarsen 12y agoIf you bought tickets systematically with a reasonable expectation of making a profit, then the tickets should be tax-deductible as an expense. Normally lottery tickets aren't tax deductible because of the 'reasonable expectation' test.
- prostoalex 12y agoBut this assumes consistent buying in the past, while the original poster's statement assumed one-time buying binge once the jackpot hits the level to make it worthwhile.