Winning the lottery is a dream come true for many, yet surprisingly, a common thread among lottery winners is that they often go back and buy more tickets. But why would someone who’s already struck it big go back for more? The answer lies in the psychology of reward, a concept heavily explored in behavioural finance, where dopamine plays a starring role.

The Role of Dopamine in the Lottery Experience

Dopamine, often called the “feel-good” neurotransmitter, has a powerful role in how we experience pleasure and anticipation. However, it’s not just about feeling good when something positive happens—dopamine is deeply involved in the anticipation of rewards. When someone buys a lottery ticket, it’s not just the potential to win that thrills them; it’s the excitement leading up to the draw. This anticipation creates a dopamine spike that feels rewarding even before knowing the outcome.

In the case of lottery winners, this same dopamine-driven anticipation that initially drew them to buy a ticket doesn’t simply disappear after a win. Winning itself is an intensely pleasurable experience that further reinforces the brain’s dopamine pathways, making the allure of “another win” all the more enticing. The anticipation itself becomes a reward, drawing winners back for more tickets to recreate that thrill.

Behavioural Finance and the Lottery Cycle

In behavioural finance, we study how psychological factors influence financial decisions. In the case of lottery winners, a few key biases can explain why they might continue to buy tickets:

1. Recency Bias – This bias refers to placing too much weight on recent experiences. After a big win, the memory of that experience is vivid and emotionally charged, making it easy to believe another win could be just around the corner.
2. The Gambler’s Fallacy – Though the odds of winning the lottery are incredibly low, people tend to believe that past outcomes influence future ones. A winner may feel they’re on a “winning streak” or that they have a lucky touch, even though each ticket has an independent probability of winning.
3. Overconfidence Bias – After experiencing the rare event of a win, winners might feel they have an edge in winning again. Behavioural finance studies show that confidence, especially in something as unlikely as winning the lottery, can be surprisingly sticky.

Reinforcing the Habit: Why Lotto Winners Buy Again

So, what do most lottery winners have in common? The answer is that many are drawn back by the powerful cocktail of dopamine and cognitive biases. This pull isn’t just about rational decision-making; it’s about the irresistible combination of thrill, anticipation, and the memory of winning. When dopamine kicks in, fuelling the desire to “experience that again,” winners are motivated to seek out another chance to win, reinforcing the habit.

While the decision to buy another ticket might not make sense financially, understanding it through the lens of behavioural finance helps clarify why lottery winners often return for more. The experience is not purely logical; it’s driven by a deeper, more instinctive reward cycle that connects anticipation and pleasure.