Friday, January 29, 2010

Mega Millions

Today the Kansas Lottery issued the press release below. I had heard that this game was coming to Kansas, but didn't know when.

TOPEKA, KAN. – Starting this weekend, Kansas Lottery players will be able to play both Powerball and Mega Millions without ever leaving the state. As of January 31, Kansas will add Mega Millions to its game offerings, giving Kansas players an opportunity to participate in two big jackpot games.
All Kansas Lottery retail locations will sell Mega Millions tickets, with the first drawing on February 2. Mega Millions is drawn on Tuesdays and Fridays, while Powerball drawings are held Wednesdays and Saturdays. Both games have similar play styles with a base wager of $1. Each game also offers a multiplier option for an additional $1 per play. In Powerball, the multiplier option is called Power Play. In Mega Millions, it’s called the Megaplier.
The Mega Millions jackpot for Friday, January 29, 2009, is an estimated $144 million. If no ticket matches all numbers on Friday, the jackpot will continue to roll. For more information on how to play Mega Millions, please visit:
http://www.kslottery.com/MegaMillions/MegaMillionsHowToPlay.htm.
The agreement between the Multi-State Lottery Association, which administers Powerball, and the Mega Millions consortium is the largest in the history and gives all U.S. lotteries the option to cross-sell the two games. Previously, lotteries could sell one game, but not both.
As of Sunday, players in 33 jurisdictions will be able to purchase tickets for both Powerball and Mega Millions at official lottery retail locations. The market for these games has the potential to eventually expand to 45 jurisdictions.
“With the opportunity for more people to play both games, Powerball and Mega Millions jackpots are expected to grow bigger and faster than when they were sold individually,” said Kansas Lottery Executive Director Ed Van Petten. “We also expect to have more winners in Kansas and more prizes paid out.”
In addition, Van Petten said, there will be more opportunities for Kansas Lottery retailers to earn sales commissions and selling bonuses. The Kansas Lottery also hopes for incremental gains in revenue from the addition of Mega Millions.
Players can check their Mega Millions tickets at any Kansas Lottery retail location. Winning numbers will also be available on the Kansas Lottery website www.kslottery.com or by calling (785) 296-5700.
Players may also have winning numbers sent to them via e-mail if they are members of the free Kansas Lottery Players Club. To join the Players Club, visit: http://www.kslottery.com/PlayersClub/PlayersClubIntroPage.htm.

While, this news is interesting, I am concerned. Concerned because the lottery is a tax on those that are poor, not to mention those that are bad at math. The problem is the poor are the most affected by it. They don't have the discretionary cash to buy the tickets, yet they spend it, hoping to get all kinds of "free" money handed to them to solve all their problems.

As for those that are bad at math. It would be better if you took the money that you would spend on the lottery and invest it in a good growth mutual fund. The rate of returns is better and when you reach retirement you will have enough to retire on.

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