However,I *did* spend $100 recently on a raffle ticket issued by a local Catholic high school to raise money.
The prize is a new car and they said that only 400 tickets would be sold...so my chances are 1 in 400.
Thats amusing.
You will spend $100 when the odds are 1 in 400 but you won't spend $1 when the overall odds are 1 in 11 or less. (overall odds of winning a powerball prize are 1 in 37 with the minimum payout at $3.00)
I do agree with you that it is a losing proposition, but when I buy my $5.00 ticket, I really get more than $5.00 worth of enjoyment out of it, dreaming about the mega millions I'm going to spend.
Eveybodies boat floats differently, i guess.