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.