Within the state of Virginia scratcher lottery ticket sales have soared over the last two years. Record high lottery ticket sales have shown that the lottery has generated 1.8 billion dollars in revenue, and at what cost to the tax payer and their chances of really winning big. According to the Pollard Banknote and the Virginia Lottery, 2015 was a very successful year for the lottery in Virginia. Within the year of 2015 the lottery alone sold more than one billion in scratcher tickets for the first time within a fiscal year. This generated sales up by five percent compared to last year in 2014. But who is the real winner here, the little man and his hopes of winning or the Virginia lottery.
In actual fact, your chances of winning …show more content…
The study shows that lotteries have a prime opportunity to help generate increasingly large funds for their respective states. but only if the lottery is to embrace proven industry practices in marketing, retail strategy, advertising, and prize payout percentage. If these key changes are allowed to be implemented within the lotteries currently existing business plans, the lottery could see a 127 percent increase in ticket sales through the years. In 2015 a release by the Pollard banknote and the Virginia lottery shows that record scratcher ticket sales helped push Virginia lottery sales to one point eight billion in 2015. This contributed to prize payouts as large as ($1.1 billion ) and contributions to K-12 public schools in the state of Virginia in 2015. This success was driven by banknote products such as scratch cards that sold for no more than two dollars a card, and triple crossword, a three dollar game based on ticket art. All together these two tickets alone helped bring in earnings worth one billion dollars. Another component that is in favor of lotteries is community development. Money that the lottery generates toward state funded projects, with involvement in public eduction bodies are benefiting from people that made investments to play the lottery. With this in mind, people who continue to invest in the lottery are contributing toward local community …show more content…
Even for people who win the lottery, their financial future or even their long term happiness is not necessarily written in stone. Acquiring huge quantities of money can lead to extreme emotional reactions. For example an article written by Amy fontanelle from Investopedia states that after winning any prize, you will have to pay taxes at your marginal tax rate, this is because the prize is far exceeding any income you have earned from employment and investments. If you cannot afford your tax bill, then you are buying a home for the price of a kindly owned down payment. On top of income taxes, you will also have higher property taxes, homeowner’s insurance and utility bills and maintenance to add to your family’s lifestyle. Another reason why some people are against lotteries is that syndicates are participants in the United States lottery. According to Investopedia one in three global lotteries are won by syndicates with raises the question whether participants could invest their money more
In actual fact, your chances of winning …show more content…
The study shows that lotteries have a prime opportunity to help generate increasingly large funds for their respective states. but only if the lottery is to embrace proven industry practices in marketing, retail strategy, advertising, and prize payout percentage. If these key changes are allowed to be implemented within the lotteries currently existing business plans, the lottery could see a 127 percent increase in ticket sales through the years. In 2015 a release by the Pollard banknote and the Virginia lottery shows that record scratcher ticket sales helped push Virginia lottery sales to one point eight billion in 2015. This contributed to prize payouts as large as ($1.1 billion ) and contributions to K-12 public schools in the state of Virginia in 2015. This success was driven by banknote products such as scratch cards that sold for no more than two dollars a card, and triple crossword, a three dollar game based on ticket art. All together these two tickets alone helped bring in earnings worth one billion dollars. Another component that is in favor of lotteries is community development. Money that the lottery generates toward state funded projects, with involvement in public eduction bodies are benefiting from people that made investments to play the lottery. With this in mind, people who continue to invest in the lottery are contributing toward local community …show more content…
Even for people who win the lottery, their financial future or even their long term happiness is not necessarily written in stone. Acquiring huge quantities of money can lead to extreme emotional reactions. For example an article written by Amy fontanelle from Investopedia states that after winning any prize, you will have to pay taxes at your marginal tax rate, this is because the prize is far exceeding any income you have earned from employment and investments. If you cannot afford your tax bill, then you are buying a home for the price of a kindly owned down payment. On top of income taxes, you will also have higher property taxes, homeowner’s insurance and utility bills and maintenance to add to your family’s lifestyle. Another reason why some people are against lotteries is that syndicates are participants in the United States lottery. According to Investopedia one in three global lotteries are won by syndicates with raises the question whether participants could invest their money more