Friday, February 26, 2010

Gambling will not make you money

I did another experiment this week, this time in regards to gambling.

I do not gamble. I think it is a great way to throw your money away and do not know anyone personally for whom it has been worthwhile. Yes occasionally people have won big, but it is few and far between and more people lose big. People will only tell you about their winnings though.

So I went to the newsagency and bought a few scratchies. I have had one before when I was an apprentice I was given one as a gift. Amazingly I won on that scratchie what it cost, so no loss. That obviously is not a good example of how bad gambling is.

Anyway, I got my scratchies and scratched. (Well, what else are you supposed to do with them?) And much to my horror I won, again! Ok, that probably sounds dumb, but here I am trying to prove how bad gambling is and so far my experiment is not working. Add to that my experience with the pokies, where I won back what I put in makes me a BAD example of the dangers of gambling!

I did not win big on my scratchies. I paid $5 for them, I got 2x$2 and 1x$1. I lost on the $1 (YAY!) and won a free scratchie on one of the $2 and $4 on the other. So far, it equals $6 of winnings for my $5 outlay. Not good for my experiment. But, it’s not finished!

Next I went back and claimed my $2 free scratchie, which I again scratched. Amazing what you do with these things, hey? Anyway, finally I lost. Woo Hoo! So now my $5 outlay had left me with $4 instead of $5 which is what I had been hoping to enable me to prove how bad gambling is.

So after this long tale for you all, my verdict still is gambling is BAD and is NOT a way people should use to make money, despite the many success stories you will hear there are way more MISERY stories out there. People get addicted, lose their homes and families, everything. It is not a way of life.

I had a boyfriend who was addicted to the pokies and I saw firsthand how it consumed him. I would not wish that upon anyone.

With my scratchies experiment, if I did it every week, $5 a week and was “fortunate” enough to “win” back some of what I was outlaying, as I did this week, it would still cost me $1 a week. Or $52 a year or if I did it every week from now until I was 85 (about my life expectancy) I would lose $3120. Yes, I REALLY want to throw 3 GRAND down the drain. That is not including interest if I was to put it in savings or the interest saved if I out it on my mortgage!

Now, say I liked to play lotto for $10 a week or put $10 a week into the pokies. We are now looking at $520 a year or $31200 by the time I am 85. Over 30 GRAND people. Seriously, I could do much better things with $30,000 than “hope” I win big every week. And again, those figures are NOT including interest!

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