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Also, it's not even close to being a Ponzi scheme. A Ponzi scheme is convincing people of some huge financial return on their investment that could never happen by having a few early investors usually connected to the people running the scheme cash in big, paid for by later investors and those later investors lose everything. This is not an investment, it's a game of chance, lotteries are closely monitored and audited and prizes are actually awarded as promised randomly to people who enter by the deadline regardless of how early or late in the entry period they entered. Not sure how anyone could compare this to a Ponzi scheme unless they don't really know what a Ponzi scheme actually is or how it's run.
So why do rich people keep getting richer? Your statement is nonsense. Buffet keeps investing in Berkshire Hathaway to make money. If the lottery wasn’t a Ponzi scheme he would invest.
Do you even understand the difference between buying a ticket and playing in a state lottery and investing in a business enterprise? You don't invest in a lottery, you play it. Unlike investing in a business where you can influence the outcome if you are a large enough investor, perhaps with a seat on the Board, or at least analyze it thoroughly to understand the likelihood of success, you have zero chance to control the outcome of a lottery run by a government agency. Clearly you still don't understand how a Ponzi scheme works despite me actually taking the time to explain it to you and have absolutely no fucking idea what you're talking about.
A Ponzi scheme is getting people to invest and then giving them a small return so they’ll invest more and then tell their friends to do it too. The schemer then pays Paul with Peter! s money until he suddenly disappears with all of it. Sounds like the lottery to me.
If someone understands the way a lottery works, that all prizes including the grand prize are fully paid out after each lottery period ends and 99.+% of those who buy a ticket get no prize at all each time they play but continue playing not because they won something early but in the hope they get lucky, if a person understands all that, then I can't possibly see how anyone with a third grade or better education can think it's a Ponzi scheme. Maybe privately run lotteries that aren't regulated perhaps but not the ones runs by the states or any others that are above board.But clearly you know better than me and I'm not going to convince you no matter how much excruciating detail I go into to try to help you understand. So believe it's a Ponzi scheme and rich people know that so that's why they don't invest, believe it's a ride at Disneyland and rich people don't go on it cause they're scared. Believe whatever you like.
Does every cent paid for tickets go to the winner? Have you even done the research? It’s the state’s biggest money grab besides sales tax.
No of course not. A percentage is paid out in winnings and the state keeps the rest as an income stream and to cover the expenses of running the lottery. Everybody knows that. That's never been hidden. It's all regulated, audited and above board. That still doesn't make it a Ponzi scheme to cheat people by taking their money when they had no realistic chance to win or get any return on their investment. Ponzi schemes are a form of fraud. It's against the law. If state lotteries which have been operating for years were a Ponzi scheme they would have been shut down years ago and people prosecuted. But last timne I checked, they are still running.
Being a state run Ponzi scheme it would be above board. Look- I’m sure the truth is somewhere between us. But I’m tired.
Not even a billionaire. I’m talking about upper middle class Americans. Lottery is largely just for the poor.
But they don’t. It’s just a large Ponzi scheme