Lotteries

# How long does it take most lottery winners to go broke?

789

###### 2011-08-14 15:29:40

It is a variable answer. First of all you need to know the exact number of how many people have won the lottery in the history of mankind, or if you want to know an anual average. Then you find out how many of those winners have since filed for bankruptcy. The hard part is to find out the average of people going bankrupt after winning the lottery. But once you have the numbers, you can figure out the average of said original question.

There are lots of stories, but very little statistical data on this subject. Economists at the University of Kentucky, University of Pittsburgh and Vanderbilt University studied Florida's Fantasy 5 lottery from 1993 to 2002, and cross-referenced winners of jackpots up to \$150,000 with state bankruptcy records. They found that 1,900 of 35,000 winners were bankrupt within five years. That's about 5% of the winners.

They also found that about 1% of the people who play the lottery (both winners and losers) were bankrupt within five years. That's about double the rate of bankruptcy for the population as a whole.

It's difficult to draw conclusions from that single study, but it seems to indicate:

• Most lottery winners do not go broke. Some do, in spectacular fashion, but they are a minority.
• People who play the lottery are more likely to go broke than people who do not, regardless of whether they win or lose.
๐ฆ
0
๐คจ
0
๐ฎ
0
๐
0

## Related Questions

It depends on who runs the lottery and the rules associated with it. In most cases you can make that option.

The Kentucky Lottery has several different games and many winners in the past. Some of these winners are anonymous. The names of some of the most recent \$1 million winners are Ralph Staples, Steve Brown, and Alex Parker.

There are a number of California citizens that win the state lottery on a daily basis. The most recent winner of the biggest prize, the SuperLotto Plus, was Cynthia Stafford.

Since 2003, Pennsylvania state has sold the most winning powerball jackpot tickets.There were 12 jackpot tickets sold in Pennsylvania.After that Indiana has sold 9 jackpot tickets.http://www.portalseven.com/lottery/powerball_jackpot_map.jsp

Most work very hard for it, others inherit it. The rest just get lucky ie. lottery winners etc.

Winning the lottery is the most common wish of all people. However, the chances of winning the lottery are fewer than one percent. All lottery ticket buyers believe at some point that they can be that "fewer than one percent" to live a life of glamour and riches. There are some numbers in the lottery that seem to win more than others.Someone can go crazy, or even broke, from obsessing over

Geographical locations will vary, but situationally they are in the main flat broke, alienated from family and friends, jobless from whatever good job they had, and worse off than before they won.The biggest scam of all, bar none, are these state lotteries. At no point has any state - even though they spend millions per year advertising how great the lotteries are - ever shown a happy winner one year later, let alone five or ten years later.This glaring, damning and wholly irrefutable fact says it all, for if there were happy winners a year later, the state would be sure and show you them to encourage still more to waste their money on this destructive "game".Another answer:There have not been many statistical studies on this subject, but the largest study (35,000 Florida state lottery winners) shows that 1,900 (5%) were bankrupt within five years.They also found that about 1% of people who play the lottery, both winners and losers, go bankrupt within five years. That's about double the rate of the population as a whole, reflecting the fact that people who are bad at money management are more likely to play the lottery.The claim that a majority of lottery winners are broke, unemployed and alienated is simply not supported by facts.One reason why you rarely see happy winners one, five or ten years later is that the happy ones are most likely the smart ones who protected their anonymity from the start and continue to do so. Foolish winners allow their names and pictures to be published in newspapers and on television. Things are always more likely to turn out badly for foolish people.

What are the six most common winning lottery numbers for oklahoma?

what 3 play number comes out the most in the ct lottery

District 1 and 2 produces the most Hunger Games winners.

Indiana has had the most winners. It also had the first winner of Powerball back in 1982

Venezuela & India are two countries that have had the most Miss International winners.You must be totally crazy..... The countries that have had the most Miss International winners are VENEZUELA (5) and PHILIPPINES (4) India has (0)

The Notre Dame Fighting Irish, Ohio State Buckeyes, and USC Trojans are tied for most Heisman Trophy winners, with seven winners each.

Most lottery machines now have the ability to check raffle numbers at the store. Through the use of bar code scanners this is now possible in most areas where lottery tickets are sold.

Trivial things such as sports and the lottery. The lottery is one of the most important things in their lives.

As with most lotteries, the odds are not in your favor--best lottery odds are about 14 million to 1.

Lottery numbers are completely random. If they weren't, then everyone would be millionaires.

North Carolina and Alabama are tied with 2 winners a piece.

Most winners would get cups or trophies instead of medals.

###### Personal FinanceLotteriesCaliforniaUnited States of AmericaMoney ManagementThe Hunger GamesMath and ArithmeticIllinoisCollege FootballEntertainment & ArtsNineteen Eighty-FourReality TV ShowsHistory

Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.