Who Gives the Best Odds to Payout Ratio: Casino or Lottery?
There has been a longstanding debate as to which entity provides you with better odds to payout ratio. The two entities in question are the lottery and the casino. Keep in mind that the casino, in this case, may either be a land-based one or an winning.
That being said, let’s start with the basics. The lottery, contrary to what the different lottery outlets may say, does not want you to win. In fact, your odds of winning at this game is abysmally low. It even comes to the point that some people joke about it that you will have more luck being struck by lightning than winning it all in the lottery.
But, despite the horrendously low chance of winning, the lottery does provide you with generous winnings. You could easily recoup all of your losses (assuming that you’ve betted on the lottery more than once) and win huge profits as a result. But again, despite it being an enticing affair, how many people do you know has won the lottery? None? Yeah, that is what I thought.
How about for the casinos? Well, the answer can be quite tricky to explain. Bear in mind that there are tons of different games that you can play in the casino and all of them provide you with different odds depending on the game that is played.
Let’s take Blackjack as an example since this is one of those games that has the lowest house edge. Assuming that you implement a strategy where your chances of winning are high, you could potentially be earning a lot of money on the spot. This is not something that you can achieve when playing the lottery.
Truth be told, no matter what game you intend to play at the casino, the lottery still provides you with heftier winnings. On average, when you play slot machines that have progressive jackpots, you can only win as much as $34 million.
However, you can potentially earn at least $100 million in the lottery. What’s more, when the jackpot has not been won yet, the pot gets bigger and bigger in consecutive draws.
As previously mentioned, you have much better odds playing at different casino games than winning the lottery. But, let’s assume that we are talking about slot machines in this context.
If you were to win a slot machine with progressive jackpots, your chances of winning are 3.2 million to 1. Your odds of winning the lottery? Assuming that we are talking about the 6-digit combination, you are looking at an abysmally low rate of 14 million to 1.
Even though casinos provide you with a much higher chance of winning it all, it still boils down to your chosen strategy and some luck. There are going to be nights where you’re not going to win anything at all.
But for me, it is all a matter of mindset. If you play just for the sake of entertainment, both the lottery and the casino should provide you with that.