Lottery Ripoff

[Toke]

You weren't close to winning the jackpot. The odds of matching 5/7 numbers per play is 1 in 1,584. The odds of hitting the jackpot is 1 in 28,633,528. It always amuses me that some people can't wrap their heads around this concept. Matching 7 numbers is exponentially harder than matching 6 numbers, which is exponentially harder than matching 5 numbers, etc.

Yes, the lottery is a ripoff. But that's because the majority of the funds don't go into the prize pool.

Here's a bit on info that most don't realize and the Gaming Corps. don't tell players... The Lotto Maxx odds are not actually 1 in 28,633,528. That is the odd of winning by buying one $5 ticket. As the ticket is for 3 lines, they advertise the odds taking all 3 into account. However, the odds for each line are 28,633,528 x 3 (which rounds up to about 1 in 89-million). Taking into account that the lines on each ticket are independent, while not 'false advertising they are definitely providing the information in a way that best suits their goal of giving players hope.

 

[saxon]

I believe OLG is going to allow Lotto Max to go up to $60 million sometime this summer. They should just let the jackpot grow until it's won even if it hits $100 million plus.

 

[waba]

I believe OLG is going to allow Lotto Max to go up to $60 million sometime this summer. They should just let the jackpot grow until it's won even if it hits $100 million plus.

But isn't better to be broken down to maxmillions? More chances to win something big.

 

[saxon]

But isn't better to be broken down to maxmillions? More chances to win something big.

Nah, go for the huge win and live like a king.

 

[Toke]

I believe OLG is going to allow Lotto Max to go up to $60 million sometime this summer. They should just let the jackpot grow until it's won even if it hits $100 million plus.

Unless you know something we don't, I doubt it. While changes are possible, the initial poll that prompted the game resulted in the current system, However, I don't doubt another poll would result in further changes.

 

[saxon]

Unless you know something we don't, I doubt it. While changes are possible, the initial poll that prompted the game resulted in the current system, However, I don't doubt another poll would result in further changes.

I am right after all, just checked it on the OLG website. Change will start with the July 17th draw.

 

[Toke]

I am right after all, just checked it on the OLG website. Change will start with the July 17th draw.

Wow. Just saw that. If people thought it was a ripoff before it's just getting worse. Now the percentage allocated to the tertiary prizes is getting lower.

 

[brazilianguy]

We like a good fucking?

lmao best response post ive ever seen in terb

 

[rhuarc29]

Here's a bit on info that most don't realize and the Gaming Corps. don't tell players... The Lotto Maxx odds are not actually 1 in 28,633,528. That is the odd of winning by buying one $5 ticket. As the ticket is for 3 lines, they advertise the odds taking all 3 into account. However, the odds for each line are 28,633,528 x 3 (which rounds up to about 1 in 89-million). Taking into account that the lines on each ticket are independent, while not 'false advertising they are definitely providing the information in a way that best suits their goal of giving players hope.

Yep, many aren't aware of that. That's why I said "per play" rather than "per line". I'm sure they post the odds online in that way to fool people into thinking their odds of winning per $5 is actually better than 1 in 10,000,000.

The lottery has always been a shitty deal. Maybe even predatory in nature. You're getting less than 50 cents on the dollar of proceeds going into the prize pool. People play because of that small hope of incredible riches. Personally, I only play when 649 is over $30M, and Lottomax over $60M, because I can't stomach the poor payout otherwise.

 

[probyn]

Yep, many aren't aware of that. That's why I said "per play" rather than "per line". I'm sure they post the odds online in that way to fool people into thinking their odds of winning per $5 is actually better than 1 in 10,000,000.

The lottery has always been a shitty deal. Maybe even predatory in nature. You're getting less than 50 cents on the dollar of proceeds going into the prize pool. People play because of that small hope of incredible riches. Personally, I only play when 649 is over $30M, and Lottomax over $60M, because I can't stomach the poor payout otherwise.

Another example of a crappy deal: The jackpot for the Pick 4 use to be about $50,000. Now it has been lowered to $5,000.

 

[Toke]

Yep, many aren't aware of that. That's why I said "per play" rather than "per line". I'm sure they post the odds online in that way to fool people into thinking their odds of winning per $5 is actually better than 1 in 10,000,000.

The lottery has always been a shitty deal. Maybe even predatory in nature. You're getting less than 50 cents on the dollar of proceeds going into the prize pool. People play because of that small hope of incredible riches. Personally, I only play when 649 is over $30M, and Lottomax over $60M, because I can't stomach the poor payout otherwise.

Well I play 649 and Maxx every draw, but how much differs. I put more toward 649 because the overall payouts are better (amount and odds). Maxx on;y gets one play from me in order to simply, 'be in the game'.

 

[rhuarc29]

Another example of a crappy deal: The jackpot for the Pick 4 use to be about $50,000. Now it has been lowered to $5,000.

They decreased it by a factor of 10?! I'm not familiar with Pick 4...did they increase payouts on non-jackpot prizes?

 

[1HandInMyPocket]

Another example of a crappy deal: The jackpot for the Pick 4 use to be about $50,000. Now it has been lowered to $5,000.

This doesn't make sense. Pick 4 you have 10,000 combinations, so at $2 a piece, you could play every possible combinations for a cost of $20,000 and you are saying that people could win $50,000??? for a $30,000 guaranteed profit?