Who wants to be a millionaire? Evidently a lot of us based on a new report that shows Americans are spending more than $76.3 billion on the lottery each year.
U.S. lottery spending per capita has hit a recent high of $232.64 in the latest figures available, according to LendEDU’s fourth annual lottery spending report. That’s a lot of cash when you consider that the odds of winning a jackpot are not in your favor: Powerball says the odds of winning its top prize are one in 292.2 million.
The report, compiled from U.S. Census Bureau data from 2018 released this year, shows which states’ residents spend the most trying to hit the jackpot.
Where Americans Are Spending the Most on the Lottery
Here are the five states whose residents spend the most on the lottery:
5 States Where Americans Spend the Most Playing the Lottery
|State||Lottery Expenditure Per Capita|
If you’re spending money on the lottery regularly, consider an alternative. If you put that $233 in a high-interest savings account, your money will safely grow over time. While you might not become an instant millionaire, you’ll be taking a positive step toward financial freedom.
If you choose to play the lottery, make sure you add the cost to your budget so you know how much you’re spending every month. You can create a budget with the CLARK method to get started.