Answer to Question #216188 in English for Ntefo

Question

Write an essay no more than 1.5 pages for assignments 3

Answer 1

Effects of Lottery

Institution

Name

Date

Effects of Lotttery

A lottery is a form of betting where winners are selected by random drawing and people are encouraged to pay small sum of money to be in with a chance of winning big jackpot .According to scarcity theory, poverty is the main cause of betting as the individuals lack alternative to the source of income due to high rates of unemployment among the developing states. Due to increased current needs ,an individuals attention will go to benefits of gambling and not its outcomes. Lottery and gaming's organizations are legalized by some governments in different parts of the world while not allowed by some governments in other states. In African countries like Kenya, banning gambling among the youths has become challenge since it is a developing country hence,there is high levels of unemployment among the citizens.Gambling has remained the only option where some individuals risk some amount of money to stand a chance of winning  (Shang, Duan, & Lu, 2021). In most countries, youths are the ones who are involved compared to young or aged individuals as they are conversant with the gambling process and are energetic to work on some tasks to earn the amount of money required for gambling. The investigation carried out by experts’ shows that it is challenging to control lottery because it is an individual opinion to gamble or not to get involved in gambling, and some individuals are addicted to gambling.

The organization is likely to get profit despite the payoff to their clients; they also collect commissions on the tickets they sell in the form of bonuses or rewards .

It is not advisable to make investments in the lottery as it involves risk-taking through buying tickets. Is being involved as someone can buy more tickets hoping to make profits on the keys in the future only to incur significant losses when all or more than half of tokens purchased are not won. One cannot be sure of the future as stock may run down or escalate; hence one is required to take caution when trying to invest in a lottery. Lottery may only be profitable for those lucky individuals though from the investigation done, those lucky individuals who earn huge amounts of money sometimes end up bankrupt after a short period and may find themselves more destitute than before and after winning. The chances of winning the jackpots low compared to winning, and if you win, one may end up being killed when people are aware that you have won that large amount of money. Some individuals spend a lot of money on buying tickets with the expectation of making a profit; when keys are not won and maybe they had high expectations on them, they may end up committing suicide, having mental problems such as depression madness which may also contribute to deaths of those investors as they lose hope in life (Brocas, Carrillo, & Kendall, 2017 ). Hence investing in the lottery is not a good idea as the disadvantages exceed the advantages

 

 

 

 

 

 

 

 

References

Brocas, I., Carrillo, J. D., & Kendall, R. (2017). Stress induces contextual blindness in lotteries and coordination games. Frontiers in behavioral neuroscience, 11, 236.

Shang, X., Duan, H., & Lu, J. (2021). Gambling versus investment: Lay theory and loss   aversion. Journal of Economic Psychology, 84, 102367.