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Should You Play the Lottery?

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A lottery is a form of gambling in which people bet on a set of numbers. Typically, the numbers are randomly picked by a government or private company that operates the lottery. If the number combinations match the ones on your ticket, you win some of the money you spent on the tickets.

The odds of winning are very low. In a multi-state lottery, the chances are even lower.

Whether or not you should play the lottery is a personal decision, and varies by individual. Those with higher incomes tend to play more than those with lower incomes.

If you win the jackpot, you should consider how much taxes will be owed on your prize. It can be a significant amount. Talk to a qualified accountant to plan for your tax liability.

Besides the huge tax implications, there are also other problems with playing the lottery. For example, most lottery winners have a tough time saving for a down payment on a home. In fact, 40% of Americans go bankrupt within a few years of winning the lottery.