A lottery is a game of chance or a process in which winners are selected at random. Lotteries can be used in sports team drafts, the allocation of scarce medical treatment, and other decision-making situations. Some of the more popular lotteries are financial, with participants betting a small sum of money for the chance of winning a big jackpot. While financial lotteries have been criticized as an addictive form of gambling, sometimes the money raised is used for good causes in the public sector.
A lottery refers to a random draw, which results in a winner or small group of winners. When there is a high demand for something limited, a lottery may be run to make a process fair for everyone.
Since 1948, the Lottery was studied by the impoverished to buy them described in Marginal Utility Theory by Milton Friedman and Leonard J. Savage. The microeconomic theory states that consumer choice is made on margins, meaning consumers constantly compare marginal utility from consuming additional goods to the cost they have to incur to acquire such goods. A consumer buys goods as long as the marginal utility for each additional unit exceeds its price. A consumer stops consuming additional goods once the price exceeds the marginal utility.
From the statistics collected by EIC It was also found that, on the other hand, The savings rate of low-income households is lower compared to high-income households. In 2017, the average savings rate of Thai households was 19%. The savings rate of low-income households is lower than high-income households. If counting only households with savings more significant than or equal to zero The lowest 10% of households had a savings rate of 12%, while the highest 10% of households had a savings rate of 28%.
However, households with income from winning the government lottery have only a 1.4% chance of winning one of these prizes in one draw. EIC views low-income households can also increase their savings or investment. Easily by reducing the expenses of buying lottery tickets to create financial collateral in the future or in times of emergency Including risk protection, such as buying life insurance. This is another type of expenditure that has a low proportion as well for low-income households.
Overall, the economy is likely to grow at a rate that slowed down this year Coupled with the household debt burden that is likely to increase as a result of the large indebtedness. (House debt and car debt) that is binding for many years. from the date of indebtedness This may result in many households being more cautious when incurring new debt. The Center found that more than half of the high-income groups (Income more than 100,000 baht per month) likes to buy lotteries and underground lottery, averaging 14 times a year, equivalent to 10,000 baht per year, which is almost twice as much as the general population at 12 times a year, 4,500 baht per year.
How lottery is different from gambling?
While the lottery seems to be similar to gambling which there are a game and rules, and play you have to pay, Winnings are the goal and Chance plays a key role, it is different as follows:
- In a lottery, players compete against other players. A lottery prize fund is set in advance and the lottery operator does not participate in the game.
- In gambling, players compete individually against the gambling operator. It is in the gambling operator’s interest to win against the players.
There is a study aimed to quantify the prevalence of lottery-related pathological gambling and compared it to other forms of gambling, such as bingo and slot machines. This study examined the differences in the prevalence and profile of lottery gambling compared to slot machine and bingo gamblers and showed that lottery gambling was more prevalent among people with higher sociodemographic and clinical profiles. The study also found that lottery gamblers are more likely to be female, have higher social status, and be younger than other gamblers.
How to Choose Lottery Numbers
Math-Based Lottery Strategies by choosing Frequently Picked Numbers: This lottery strategy tries to guess which numbers will be drawn based on the numbers that have been drawn in the past.
However, In Thailand, There are different fantastical methods to get lottery numbers:
- To make a wish to spirits: Thai people spend time going to holy places because most lottery buyers believed in luck and fate. Thai believe in goodness and merit when they start creating credit and value. The more merit made, The more chance people have to get lucky.
- To dream: This method is the classical way to get lottery numbers. It is easy and costless by sleeping and dreaming about something. They usually interpret dreams, especially dusk or dawn. They believe that dreams are exact. The key is to interpret correctly prep.
- To buy lottery tickets from sellers who call you: When you walk along the street you will see many lottery vendors besides the streets. Some Thai people believe that if the seller contacts you to buy some of their lottery tickets, The seller will bring luck to buyers. It seems nonsense but in this case, a person in Bangkok revealed that they have won the lottery 7 times.
Even though playing the lottery is a game of chance, that doesn’t mean you can’t have a method for choosing your lottery numbers. Of course, there’s no perfect method for choosing winning lottery numbers, but there are several ways that you can do it. You can take a scientific or mathematical approach, gamble and choose randomly, and follow your gut. Experiment with a few different ways. You never know. You might get lucky.
Published 05/12/2022
By Ashley Jones
