The psychology of playing the lottery

Stats show that chances of winning in a lottery are minimal. However, despite this fact, many people keep betting. You may wonder why many continue playing the lottery when they know that the probability of winning is small. Stay tuned to equip yourself with knowledge on why bettors keep playing in a lottery.

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Unrealistic hope which surpasses maths probabilities

The computer-generated chances of winning are far beyond what many players may want to depend on when making decisions. Many people are not used to making decisions using computer probabilities. Furthermore, the figures generated through the probability tasks are substantial for many to accommodate. Many people make decisions based on life experiences. For instance, if a player has recently won massive sums of money, you may also want to try your chance.

The Availability Bias

Sometimes what fuels many people to try their luck in the lottery is the availability bias. You want to assume that you are capable of winning massive amounts of money just like the others you’ve witnessed. Most lotteries sites understand this concept and utilize it to entice many clients to their business.

They usually display the names of their jackpot winners to whet the appetite of potential punters. Most of the time, casinos offer their audiences information about those who have won the money, but not the losers.

Superstitious thoughts and the bettor’s fallacy

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Some bettors think fallaciously that when they continue losing, they keep nearing their chance of winning. This thought makes them keep trying even when they are losing money. The lottery firms give the punters the history of people who have won and advise them to keep trying before clinching their jackpot.

The illusion of near misses

When players realize that they were near the winning number, they get encouraged to keep trying. They think that they are near the winning number and should keep trying.

Social traps

Some individuals have been playing lottery games for a long time. They have bought many tickets over the years and think that quitting may not be the best option. They don’t intend to stop playing before clinching the big prize. Such individuals find themselves trapped in the endless circle of lottery playing.

Justification is easy

Some individuals find it easy to justify why they play the lottery. For instance, they may comfort themselves that even if they lose, their money will go to go causes like helping charitable organizations. Some claim that because the amount they spend on betting is small, it may not affect them adversely.

Lifesaving 

During economically hard times, some people may play the lottery so that they win and get money to use in meeting their needs. Such people are willing to take a risk and commit their meagre resources in the lottery because of the massive prizes.

Entertainment value

Apart from having an economic benefit, the lottery has an entertainment value. Some people are only interested in playing the lottery so that they derive pleasure. They regard the lottery as any other entertainment sport where you may pay some amount to watch or participate.

Conclusion 

Despite the minimal chances of winning a lottery jackpot, people keep playing. Multiple reasons compel individuals to keep playing these games as captured and explained above.


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