Many Filipinos love playing the Lotto, especially once the jackpot reaches hundred of millions of pesos for the next draw. Though it may appear that winning the lottery may be the answer to all your problems, however, it may also be the cause of other problems.
We also need to understand, that for many people in the fringes of society, playing the lottery is the only solution they can think of to escape their current situation.
While financial problems are one just one of the most common difficulties that many families and individuals struggle with, most of the times, it is not entirely only because of the lack of money. Sometimes, it also comes from poor decisions and actions that you made.
Here are five reasons why playing the Lotto will probably not solve all your problems, and it may even add new problems to your existing problems.
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1. The odds of winning the Lotto are against you.
The chances of selecting the winning combination in any lottery draw are small — so small that it is even more likely that you’ll get hit by a car or lighting on your way to the lotto outlet.
If you like numbers, here are the odds of the major lotto draws in the Philippines:
- Lotto 6/42 – 1 in 5,245,786 (0.00001906%)
- Mega Lotto 6/45 – 1 in 8,145,060 (0.000012277%)
- Super Lotto 6/49 – 1 in 13,983,816 (0.000007151%)
- Grand Lotto 6/55 – 1 in 28,989,675 (0.000003449%)
- Ultra Lotto 6/58 – 1 in 40,475,358 (0.00000247%)
This means that even if you buy multiple tickets every day, you will still probably not win.
Some people spent most of their lives betting in the lottery and have never won the jackpot or even gotten more than three numbers from the draw.
Basically, the lottery is entirely a game of luck since the probability of winning is against you, even if you keep playing the lottery for decades.
So, if you like playing the probabilities, then the stock market is a better alternative for you.
2. You may win but may be tied with other winners.
Aside from your chances of winning the lottery being very slim, even if you win, you may still not be the only winner.
There were several instances when the jackpot was divided among multiple winners, diminishing their earnings.
An improbable event happened in the October 1, 2022, raffle draw with a jackpot of more than P236 million. A staggering 433 people got the winning number. Not only are the numbers baffling, but the winning numbers are all divisible by 9.
While it is highly improbable, according to statisticians and some published research, people love betting on number patterns. So they said that if you want to win as a solo winner, avoid betting on patterns and stick with random numbers.
3. The money you spent buying Lotto tickets may have been used elsewhere.
I’ve already stated in a different post that the Lotto is one of the top money-wasting habits of many Filipinos.
Though I’ve heard some people justify their Lotto habit as contributing to the charitable cause of PCSO, I believe that if you want to help people, you can do it in another form.
Let’s run the numbers. Say you buy one Lotto ticket costing P20 every weekday (22 days per month). This easily translates to P5,280 of wasted money per year that may have been placed in your emergency fund or for other activities.
It is also typical for some bettors to buy more than one number combination per day to increase their chances of winning, even so slightly.
So, buying two Lotto tickets per weekday for a year will be P10,560 – which is close to the monthly minimum wage.
4. You may not be mentally prepared to handle a large amount.
Okay, the time came that the stars aligned in your favor, and you are the sole jackpot winner of more than hundreds of millions of pesos in the lottery. The question is, are you mentally prepared to handle such a large amount of money?
Remember that money is behavioral and how it is spent is only a reflection of who you are.
So if you’re earning a decent salary but still can’t figure out where your money is going every payday, then chances are you won’t know where your lottery earnings will go.
I even computed how long it would last if someone wins P100 million pesos after taxes (and tithes or giving funds). What I found is that it is already an end-game scenario.
You can pay yourself at least P100,000 without even investing, and it will still last for more than 83 years, assuming you don’t invest it in other financial vehicles.
If you can’t handle P20,000, how will you handle P100,000,000? Ask yourself, if you suddenly have that much money in an instant, what will you do with it?
5. More problems are sure to follow if you win.
They say that wealth is relative. The more wealthy you are, the more relatives you have.
While it is kind of funny, it is one of the risks that instant Lotto millionaires will surely have.
Another is many overnight millionaires spend the money they won as quickly as they can, and soon the sum of money is gone – similar to the Parable of the Prodigal Son (Luke 15:11–32).
A study in the US found that lottery winners are likely to go bankrupt in just the first five years after winning the jackpot. Lottery winners are also likely to fall into mental health issues, like depression and suicide.
Even relationships are in danger because of the sudden downpour of money in their front yard, as evidenced by the separations rate.
To be fair, the Lotto is not all that bad, and they have contributed a lot to many hospital patients through their charity funds. However, there are other ways and avenues to help a similar cause.
Other people play the lotto, not to actually win the jackpot but for the thrill of getting a chance to win.
While there is nothing wrong with getting rich, getting rich quickly is not the best way to do it since you are not yet ready. You need to do it slowly over time and build your base and experience while also developing your character.
Money should never be our only reason for living. Money is only a tool and a means to an end and should never be the ultimate goal.
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