Bloomberg Ranks Georgia Lotto Players As The Biggest Suckers In The Nation

Georgia, lottery, lottery winner, lotto

Photo: Flickr / Montage Communications

U.S. consumers shell out a staggering $50 billion per year on lotto games, but Georgia players  are the ones really throwing their cash away, according to Bloomberg Ranking’s Sucker Index.Bloomberg’s Elise Young and Alex McIntyre lay out the numbers: 

“While the state had the sixth-highest prize payouts, 63 cents for each dollar spent, consumers there spent the second-highest chunk of their income on the lottery…

Georgia residents spent an average $470.73 on the lottery in 2010, or 1 per cent of their personal income, the Sucker Index shows.”

Georgians are doing their personal finances no favours either, especially when it comes to low-income consumers. They make up the majority of players. 

“It’s a pro-rich wealth-redistribution technique in Georgia,” Charles Clotfelter, a Duke University economics professor and co-author of Selling Hope: State Lotteries in America, told Bloomberg.

More than one-quarter of the state’s lotto revenue funds public education.

DON’T MISS: We’ve figured out which scratch-off ticket in New York has the best odds >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.