No. People who spend negligible amounts of money on tickets are not (very) stupid. Really, watching the lottery show costs more than the ticket itself (okay, I actually have no idea about lottery tickets in America, but a "fair" ticket in Russia is $2...$4, 0.5 to 1.0 the hourly wage I got as a college dropout). On the other hand, a lottery as a means of systematic investment (buying thousands of tickets) is dumb, dumb, dumb, because the miniscule* chance to change your life for the better by winning a lot of money is not compensated by the very noticeble negative impact wasting money on thousands of tickets makes in your life.Zinegata wrote:There should really be no reason why people should bet on a lottery, as the chance of winning is exceedingly small (Exception - when you deliberately game the system by buying thousands of tickets).
Remember, the lottery organizers (assuming their honesty) do not care how many different persons buy their tickets (given a constant amount of sold tickets). To them, every buyer is as good as the next one. The buyers, on the whole, are going to lose. And you making yourself a bigger part of the whole will make you lose more.
*I know a dictionary word Mozilla spellcheck doesn't know. I'm awesome.