Are Georgians addicted to lottery tickets? A new study reveals that Georgia is one of the top lottery-playing states in the nation.
While billion-dollar jackpots fuel dreams of financial freedom, the odds and the financial consequences tell a different story.
How much does Georgia spend on lottery tickets?
According to the study, by financial site Motley Fool Money, Georgia residents spend an average of $492 per person per year on lottery tickets, the 4th highest per capita in the nation.
That amounts to roughly $5.4 billion in annual lottery ticket sales statewide.
Despite the low odds of hitting a major jackpot, 1 in 292 million for Powerball, Georgia’s enthusiasm for lottery games remains strong.
How often do Georgians win the lottery?
Georgia also ranks near the top when it comes to payouts. The state returns an average of $348 per capita in prize money, the 3rd highest payout rate in the country.
But not all players benefit equally. While some win large prizes, millions never recoup what they spend.
Nationally, Americans spent $103 billion on lottery tickets in 2023, but only $69 billion was paid out in winnings. That’s a nationwide net loss of $34 billion.
Lottery revenues account for about 4% of Georgia’s total tax income, according to the report. That places Georgia among the states with the highest reliance on lottery income. For comparison, Rhode Island leads with 7.9% of its tax revenue coming from lottery sales, while North Dakota sees only 0.2%.
Methodology
Motley Fool Money’s analysis drew on 2023 Census Bureau population data, state lottery financial reports, and national gaming statistics to calculate per capita spending, prize payouts, and state-level reliance on lottery revenues. The study also included an opportunity cost analysis comparing lottery play to alternative financial strategies.
Vanessa Countryman is the Trending Topics Reporter for the Deep South Connect Team Georgia. Email her at Vcountryman@gannett.com.
This article originally appeared on Savannah Morning News: How much do Georgians win on the lottery each year? How much do they spend?