A new study done by LendingTree found that South Carolina ranks 4th among states where Americans spend the most on lottery tickets.
To create the ranking, the company analyzed lottery funds data from the U.S. Census Bureau Annual Survey of State Government Finances and the U.S. Bureau of Economic Analysis to find the places where Americans spend the most on lottery tickets and how spending has changed since last year.
Here’s a look at what they found:
- South Carolina residents spend the 4th-most on lottery tickets. South Carolinians spend $467.91 on lottery tickets, a 17.8% increase since last year.
- Massachusetts residents spend $1,024.91 on lottery, the most nationwide and a 27.3% jump since last year.
- Lottery spending increased in all states with one notable exception — New York. The Empire State saw an 11.3% decrease in lottery sales per capita, from $455.93 in 2020 to $404.63.
- Ohio residents are most likely to make their money back. Ohio pays out 72 cents for each dollar spent on the lottery, the most out of any state that has a lottery.
LendingTree’s chief credit analyst Matt Schulz warns against habitually playing the lottery adding:
“If you play the lottery too often and spend too much money on it, the impact on your finances can be significant. That’s money that could go to things that are far more likely than a lottery ticket to pay off in the end, such as an emergency fund or saving for retirement, college or a mortgage down payment.”
View the full study on Lending Tree’s website.
Written by LendingTree.