This week there are so many people I know who are buying lottery tickets when they normally wouldn’t. The reason being is that the jackpot for one of the lotteries is $60 Million. So of course everyone dreams about winning that much money where interestingly enough the higher jackpot seems to justify the gamble more in a sense.
I actually do wonder if people often spend so much on lottery tickets where it could easily be like a four figure expense in a year. Personally I think things like this should be for pure fun as it is no different than someone spending like $5 at a carnival game for a chance to win a doll of some sort. Business wise it makes me think of what the sweet spot is in terms of a prize value to get everyone to enter into a draw of sorts.
Like here for many people even like a $10 million jackpot isn’t enough to get them to spend money on tickets. Yet it took $60 million for them to do so.