Richard Lustig is a 7 time lottery winner who's made the talk show circuit offering advice on how to increase your odds of winning. He's also written a very short $40 book that offers the same type of advice. He says he's sold thousands.
So this guy can get on TV and he can sell books, but can he really increase your odds of winning the lottery?
Richard's book gives some commonsense lottery advice: for example, keep your losing tickets to offset the taxes you'll owe if you win. It also suggests entering second-chance drawings when you can. Good advice, but hardly earth-shattering.
But what about the implied promise of increasing your odds in picking numbers?
He says to avoid numbers that have already won, because they won't come up again.
There's only one problem with this advice. It's wrong.
Jason Gershman, a statistics professor, crunched the numbers for us and guess what? Numbers can... and do come up again. You can't beat the system. Bottom line?
Want to learn more about why the lottery is no way to get rich? Go to MoneyTalksNews.com and do a search for "lottery."
Click here to see other stories from "Money Talks"
TV Station Profiles & Public Inspection Files forKGBT