Choosing lottery strategies – A matter of budget and taste

This post is aimed to help you how to choose a lottery that is most appropriate for you.

Defining the terms – What lottery strategies are

No matter if you have decided to participate in a lottery for the first time or being a player for a long time, the question you should ask yourself must be: “Are there any real lottery strategies to play, and if so which one is optimal for me?”. The following chapters explain how you can pick the right one for yourself.

Before we have to clarify our subject of how we define the term “lottery strategy” in the context of this post. The most important thing to consider is that at this stage we are not discussing “picking strategy” as that item will be treated as a different subject in another dedicated post.

Therefore, at this post we concentrate on choosing the lottery/lotteries just to the moment before you place your first number pick.

Fix your budget – The framework of your strategy

This important subject is meant really seriously as it might jeopardize your economic situation if you don’t follow your rules in a strict manner.

Playing lotto means investing money, so consider yourself as a “high-risk-investor”(sounds also much better than lottery player!), because the money you inject into your “project”(which is the next coming draw) -and here comes the bad news- will likely have a zero return, in other terms that particular project goes bankrupt!!

For that reason you should study and consider your available options and given restrictions carefully before putting your money to high-risk.

1. Consider your realistic net monthly savings

First find out how much you can afford. Take the good-old-way, deduct from your income all the cost and bills for living and tax/emergency/vacation lay backs, etc., don’t be too optimistic about the figures because the last thing you want is to lie to yourself. If you have family consider those as well because they win/lose likewise, never forget you are responsible for them.

Remember, lottery always must be the very last item on your spending list!

Once you fixed the amount per month you have left for lottery, we can go on to see how we can invest that money.

2. Stick to your budget

I cannot emphasize this often enough, if you have difficulties controlling your budget you might be in danger of getting addicted to lottery, aka running into a “gambling problem”. Therefore, discipline is the key vaccination against this serious matter.

Never ever override your budget rules spontaneously(e.g. buying more tickets than usual because of big jackpot), always remember YOU set them up by YOURSELF with GOOD REASONS and a CLEAR MIND!

However, reconsidering your budget is fine if you take the time to evaluate changes that have happened to your income/cost situation.

Now we have set up the primary framework on which we build our further thoughts.

The following articles will not promote any particular lottery by name, so the decision on what brand is yours. However, I have prepared some options for you to take into consideration.

Do you have a tight budget?

Ever heard of the story that someone feeds a slot machine in Las Vegas for hours with plenty of dollars without return and after leaving the machine the next lucky guy hits the jackpot by one single play?

Don’t bother, you can participate in most lotteries with $1 to $2 for the cheapest bet, so play only that amount just to be part of it and have the theoretical chance to make the big win. Even a non-jackpot or lower win would be a multiple of your investment(A penny saved is a penny got). Please refer to my “About Me” post that gives you good conscious and unconscious feelings just by purchasing a lottery ticket. Always remember playing lottery should be fun and exciting in the first place.

Who knows, maybe you’re gonna be that lucky guy from the slot machine story!

However, if you don’t like single row playing, place all your budget at one draw, but that would not be fun because you would have to watch the rest of the month knowing that no chance of winning is left. In other words: try to participate at the maximum number of draws that your budget allows.

Consider pooling/syndicating

In the past many major jackpots have been won by groups of players. Sharing is fine as long as the number of players is not too large. And here comes the golden question: what amount would make you really happy and financially independent if you had a share of a big win?

To be realistic, would your life be much different winning a $500,000,000 jackpot by yourself or getting a $50,000,000 share pooling with 9 of your friends? Probably not very much. So think about your “magic” amount and setup a pool with friends/colleagues that you can control the number of. As a positive side effect there is to mention that you all get rich together and enjoy your friendships with your new living standard together!

Pooling should have a strong ambition on the supreme discipline of lottery: The Jackpot hunt.

Pools are able raise enough money to play systematic. A 10 pick systematic in a 5-pick lottery can easily go above 1200 dollars. Although the odds are the same as filling out tons of tickets it is easy to check for winnings as every participant only needs to know a small set of numbers played. This type of play is also known as “wheeling”.

The second chance

Some lottery providers offer occasionally special prizes as promotional offers which are not related to the drawn numbers, but to the serial number of your ticket. Prizes may be fixed amounts of cash, cars, holiday trips, etc. This way you entered a second drawing at no extra cost or effort so don’t throw away your ticket until your’re sure about it!. The best way is to google for those lotteries and subscribe to their newsletters to keep you informed about the drawings that offer this add-on.

Study the odds

In the beginning of this chapter I indicated that I do not promote any particular lottery. Although I could list the odds of winning the jackpot for the major lotteries I would not have covered all other probably few hundred lottos out there so it would just not be fair to do so. In this case you should do some homework and search/compare odds of different lotteries, thanks internet almost every lotto worldwide can be played from almost anywhere.

Conclusion

During this post the term “lottery strategy” and “picking strategy” have been separated from each other. Although the picking aspect is much more extensive and important related to your success, choosing the right lottery builds the foundation for picking numbers. However, your decision is determined through your available budget and your personal taste.

I hope this introduction will help you to take the first step of setting up your lottery plan.

The next coming post will treat picking strategies.

Stay tuned and thanks for your interest and for visiting this site.

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