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.
In my raffle,there's one prize...a car worth around 25K.
If you were to spend $400 on lottery tickets,what are your chances of winning $25K or more? My guess is that there worse than 1 in 400.
Plus,my ticket helps a cause that I support...and there are no government hacks acting as "middlemen" as is the case with state lotteries.