Do you wait until the jackpot grows before buying tickets?
Did you know that many individuals choose to wait until the lottery jackpot reaches a staggering amount before purchasing a ticket? Why only buy a ticket when the jackpot is at an amount that a player feels justifies them to now play the lottery? They could have been playing it all along and possibly winning a few free tickets or small cash wins. But no, they will only buy a lottery ticket when the jackpot is huge.
Holding out for the Big One!
One of the basic reasons behind this type of behaviour is something called risk perception and rationalization. When the jackpot is below a certain amount, lottery players might perceive the odds of winning as unfavourable, or not favourable enough, and may decide that the cost of purchasing a ticket as not worth the slim chance of hitting the jackpot. They feel that by waiting for the jackpot to increase significantly, they may be able to rationalize buying a ticket at that point, as the potential jackpot seems more appealing in comparison to the perceived risk. So they feel the higher the jackpot, the better the chance of them winning it.
The concept of "what if" plays a significant role as well in deciding to wait. The higher the jackpot climbs, the more that potential players indulge in daydreams of how their lives would significantly change if they won. So by waiting for the jackpot to grow larger, they prolong this exciting "what if" feeling, as the higher the jackpot, the more changes and improvements they can make in their life. Why settle for millions when you can win hundreds of millions?
As lottery jackpots grow they often get a lot more media attention and when their jackpots reach staggering amounts, it’s major news. The widespread news coverage sends friends, family, and coworkers, into a “lottery frenzy” and creating the old Fear of Missing Out (FOMO) behaviour. FOMO happens when everyone is talking about something and it is the leading story on the news. So FOMO for a lottery draw compels people who wouldn't typically buy lottery tickets o do so as to avoid being left out of the shared excitement and potential winnings.
Some people believe that if they wait for the jackpot to grow, they are exercising some type of control over their odds of winning. This makes buying a lottery ticket more acceptable, as they think that they are somehow timing their purchase of a ticket to increase their chances of hitting the jackpot. But regardless of how high a jackpot gets, it does not change the odds of winning one little bit.
So if you are this type of player who will only buy lottery tickets when the jackpot is extremely high, consider buying a ticket even after the jackpot is won. Winning anything on the lottery at all is beating the odds against you and getting money or a free ticket that you could always use.