Americans spend tens of billions of dollars on government-run lotteries each year. But as income inequality widens, low-earning households spend a disproportionate amount of money on lottery tickets, according to a new study. The lowest-income households in the U.S. spend an average of $412 each year on lottery tickets -- nearly quadruple the $105 a year spent by the highest-earning households, according to a study released on Wednesday by Bankrate.com. And almost 3 in 10 Americans in the lowest income bracket play the lottery once a week, compared with nearly 2 in 10 who earn more than that. The Bankrate.com study was conducted by research firm GfK, which surveyed a national sample of 1,000 American adults on Aug. 17-19."Lotteries have become an alternative mechanism of social mobility -- a way of achieving financial success in an economy that's increasingly bereft of those opportunities," said Jonathan Cohen, a doctoral candidate at the University of Virginia who's completing his … [Read more...] about Lottery math: Poorest Americans risk the most in hopes of striking it rich
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Kewal Sachdev, left, shakes Russ Lopezâ€™s hand while receiving a symbolic check for $1 million outside his store at Ernies Liquors in San Jose, Calif., on Wednesday, July 25, 2018. Sachdev sold the winning Mega Millions lottery ticket of $543 million. (Maritza Cruz/ Bay Area News Group) Kewal Sachdev speaks during a press conference outside his store at Ernies Liquors in San Jose, Calif., on Wednesday, July 25, 2018. Sachdev will be taking home $1 million for selling the winning Mega Millions lottery ticket of $543 million. (Maritza Cruz/ Bay Area News Group) Sound The gallery will resume inseconds California Lottery officials said a winning Mega Millions ticket for the $543 million jackpot was sold at Ernie's Liquors on South White Road in San Jose. (Google Maps) Imelda Rillera of McLean, Virginia, talks outside Ernies Liquors in San Jose, Calif., on Wednesday, July 25, 2018. Rillera didnâ€™t win the big prize, but won some money … [Read more...] about Mega Millions: San Jose prize grows by $20 million; seller doesn’t get $2.6 million