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MONEY COMMENT
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The National Lottery started in the UK in November 1994, and we've been spending roughly £5 billion a year on it ever since. However, ticket sales have been falling in recent years as the public becomes more jaded, forcing operator Camelot to launch various new games. I'm pleased that ticket sales are falling, because the Lotto is one of the worst gambles around. That's because only half of all ticket money goes into the prize pot, so only 50p of your pound is paid back to you and the other punters. The rest of your money goes to good causes, the government, the Commissioners and Camelot shareholders. Think of it like this: when you hand over a fiver to buy tickets, get another fiver out of your wallet or purse and then set fire to it! Crazy, eh? Well, that's effectively what you're doing with the Lotto, because the long-term expectation is you will lose half your stake. Okay, you might get lucky and win a decent prize (by matching five or more numbers), but the odds are massively stacked against you. Many punters play the lottery in the vain hope that they'll strike it lucky and hit the jackpot or another major prize. But it's just a cruel hoax - and one that hits people on low earnings worst of all, because they spend a larger proportion of their income in following the lottery dream. Your chance of winning any prize whatsoever is around 1 in 54, which is a little under 2%. So, in a typical draw, over 98 out of 100 tickets go in the bin and you wave goodbye to your quid. And the odds against hitting the jackpot are an astronomical 13,983,816 to 1 - you're more likely to be struck by lightning several times during your lifetime! Try out the Lottery's Win Checker to see how bad a gamble it is. Enter six random numbers (or your usual numbers) into the boxes and then check the Wednesday and Saturday results for the last 180 days. To enter all these draws will cost you around £52, but you rarely get more than £10 or £20 back - if anything - most of the time! On the other hand, some people play the Lottery because of its charitable element. However, you'd be far better off giving money through Gift Aid, because the government adds another 28p to every pound you give, plus you choose where your money goes. Call me a killjoy if you will, but I see the Lottery as one huge scam, which relies on the fact that most people are bad at maths. Indeed, in his masterpiece 1984, George Orwell describes how Big Brother runs a bogus lottery, with exciting hype about massive wins and a few small prizes handed out to keep the proles interested! Sound at all familiar? More: Claim Your Million Today! | National Lottery -v- Premium Bonds.