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Multi-million dollar contracts aren't enough to curb lottery fever in some athletes.
Millionaire professional athletes like Chris Singleton of the Washington Wizards and Michael Huff of the Oakland Raiders are buying thousands of dollars worth of Mega Millions tickets in hopes of winning Friday's record $640 million jackpot.
Singleton tweeted that he was buying $10,000 worth of tickets. Huff's purchase was comparatively smaller at $2,400. You have a 50-times greater chance of getting struck by lightning and double the odds of making two hole-in-ones in a single round of golf. In other words, Chris Singleton is as likely to win the lottery as he is to win an NBA championship in Washington.
There are lesser financial payouts but, come on, no millionaire is plunking down thousands of dollars to match four numbers and pull in couch cushion money.
Not to go all Darren Rovell on you, but Singleton is making $1.5 million in his rookie season. Let's figure he clears $750,000 after taxes and paying a cut to his agent (a total which is probably on the high end). Suddenly, $10,000 becomes a substantial portion of your income.
But don't view it as a sunken cost. Singleton says it's an investment. He tweeted that if he makes more than $10,000 with his MegaMillions scheme, then it was all worth it. Ahh, "if," the two letters that universally signify sound financial planning.
How does one even buy $10,000 in lottery tickets? Imagine the glares you'd get at the 7-11 from the employees, other lottery buyers and the dude who just wants to get his Big Bite and roll.
