The lottery proves that of the many things Americans don't understand, probability ranks near the top. People buy lottery tickets with the idea that somebody has to win -- and that's true, eventually, somebody wins, but the odds are staggeringly bad.
Here’s What You Need to Know About Gambling and Taxes
Lottery winners look happy and a bit dazed when they appear in the news, holding a big cardboard check scrawled with their winnings. Many say they can’t believe their good fortune. After all, they just received one of the biggest payouts of their lives. When they get the actual check, 24% is withheld to cover federal taxes and it often isn’t enough. Especially since state taxes come into play if you are in a state that taxes lottery winnings.