Is It Worth Playing the Lottery? Pros and Cons of the Debate

From olden times, like moths attracted to a flame and being consumed by it, the lure of money has been irresistible. Many are attracted to the potential of making quick money oblivious to losses. That’s why we have a hugely successful (and growing) multibillion-dollar gambling industry. To the question, is the lottery worthy of your time, energy and money, the logical answer would be no.

But you can’t depend on logic to dismiss the lottery industry, especially the newer online blockchain-based lotteries, as a pure waste of time and money. There are sound statistics, engaging economics and a good dose of behavioral psychology explaining why we continue to be attracted to lotteries. Let’s examine the public’s lottery “addiction” even as we cautiously judge its gains.

The Probability Factor: The Odds Are Stacked Against The Player

Not from the point of view of the lottery player who operates on a minimal loss all-gain mentality.

The lottery is very much like a roulette wheel speeding on testosterone. You buy your ticket, and stake it, expecting it to win the magic jackpot. The thought of failure doesn’t even enter your mind despite the odds being stacked against you. In lotteries, these odds are measured not in hundreds or thousands but in the millions.

• For the ticket buyer time and energy are not issues; he’s enjoying the adrenalin rush of expectation as the draw nears.
• Money invested is not a problem; it’s an investment that pales in comparison to the reward which is amplified in millions of dollars.
• The risk to reward comparison is too irresistible. You’re losing small change but if you succeed, the payout is in millions.

It’s important to understand that for a lottery player the money invested is as minuscule as the price of a cup of coffee, but even the remotest probability of striking gold is mind-blowing. His argument may be if somebody wins, it could very well be my turn. Critics might carp that its logic which is blown away.  

A Lottery’s Benefit Boost: Winning Is Always a Possibility

The lottery buyer may follow a peculiar line of thought to judge the outcome of his purchase. Scientists call it Heuristics. The buyer isn’t weighed down by perfect reasoning or logical thinking; for him, it is sufficient to be informed of live examples to prompt him to conclude success won’t elude him.

The media is replete with winner’s stories. There’ll be hyped up rags to riches stories that feed the lottery craze. No one dwells on the millions that lost small change in the pursuit of El Dorado.

The success stories lead the lottery buyer to believe that jackpotting isn’t a rare event; in the mind, prize-winning becomes the norm, especially if one tries patiently over a longer period of time.

Top Reasons Why Online Lotteries Score Over Traditional Lotteries

Online lotteries like KIBO are gaining popularity because the blockchain technology backbone promises unique benefits:

• The lottery platform rests on blockchain technology which brings a great deal of transparency to the execution.
• Cryptographic encryption promises more secure transactions. The possibility of the system being hacked is very remote following refinements in transaction coding.
• The settlement is faster and payment is direct to one’s online wallet using Ether (ETH) cryptocurrency.
• The lottery execution is coded in a smart contract which makes it impossible to alter or modify. This makes the online lottery incorruptible and fraud-proof.
• As transactions are done using cryptocurrency, movement of currency from fiat to crypto and vice versa are quick. You can operate a lottery from anywhere on the planet provided you are connected to the net.
• Only users registered on the lottery platform can access the system. This makes the sale of tickets, polling, and draws, using random number generators, genuine and verifiable.

The unique benefits of a blockchain based lottery system promising greater transparency, user security, and fraud protection may trigger a movement of lottery buyers from terrestrial to cloud services.

Conclusion

On the one hand, we may continue debating the pros and cons of lotteries. But online lotteries are moving to settle the debate once and for all by significantly reducing the risks of buying lotteries in exchange for increasing the probability of hitting the jackpot.  

In the ultimate analysis, humans will continue to succumb to the voracious thrill of the chase, and the anticipation of a mind-blowing reward. For the price of a cup of hot beverage, what lotteries promise to deliver is the fantasy of great wealth at a small cost. That clinches the argument in the lottery’s favor.