Interesting article. I don’t think playing the lottery has to be stupid. This view leaves out the value we get from the benefit of anticipation, which can be real pleasure as well. The question is: is the value of anticipation greater than the "cost of disappointment” (from not winning) and the “value of money to play in lottery” combined?

I recently had a more detailed look at it: http://www.spreadinghappiness.org/2009/09/lottery-and-happiness-or-“are-lottery-players-stupid”/