It has been a long time since I have done a fun money experiment. Lately, I have seen many people buy and play the scratch lottery tickets. So I went to a local deli and looked at the different types of the scratch lottery that are available for purchase. I decided to try the $2,500 A Week for Life scratch lottery tickets. I have no intention of winning the jackpot, but I do expect to see some $$$ here and there to keep me entertained. Let’s see the chances of winning in these scratch lottery tickets.
My experiment will involve buying $100 worth of the same type of scratch lottery. The test will show the number of winning tickets and the total winning amount.
The cost per ticket is $5, so I bought 20 tickets for a total of $100. Below are the results.
Ticket #1: Nothing
Ticket #2: Nothing
Ticket #3: Nothing
Ticket #4: Nothing
Ticket #5: Nothing
Ticket #6: Winner $5
Ticket #7: Nothing
Ticket #8: Nothing
Ticket #9: Nothing
Ticket #10: Nothing
Ticket #11: Nothing
Ticket #12: Nothing
Ticket #13: Nothing
Ticket #14: Winner $15
Ticket #15: Nothing
Ticket #16: Nothing
Ticket #17: Nothing
Ticket #18: Nothing
Ticket #19: Nothing
Ticket #20: Winner $50
Total Winning: $5 + $15 + $50 = $70
Chance of Winning: 3 in 20 tickets = 15%
According to New York Lottery website for $2,500 A Week for Life, the overall chances of winning is 1 in 4.75 or 21%. In this experiment, I fared worse than the overall chances.
Net Gains: Wins – Initial Capital = $70 – $100 = -$30
In this experiment, the total winnings came out to $70, but my initial cost was $100 for all the tickets, so in net, I lost $30.
It was tedious scratching all the tickets manually with a coin. Let me know your thoughts on these scratch lottery ticket games. If you would like to see me do another fun money experiment with scratch lottery tickets, let me know which other type you want me to try with.
Disclaimer: This post is purely for entertainment and is not an advocate or advice for buying scratch lottery tickets. This post is not sponsored by any company or organization.