Gambling on Lottery

mike65

Anyone done this? One euro buys you a line and you get a payout on every number so even one correct pick will get you something back.

Labrokes Irish Lotto return start at 6.50 and reach 100,000 for match 5. I did a little research using the lotto.ie number search, they only publish results where at least 3 numbers came up but putting in a "random cluster" of 5 number between 28-39 with the 6th number being 1 (you can only bet using 5 numbers but need 6 to check on lotto.ie of course)

Disregarding the number 1, I would have won 3 matches 3s and 1 match 2 this year which is a win of €1700 for an outlay of 1 euro x 104 draws.

2006 would have netted €1800
2005 would have returned only €106.
2004 would have been €1100
2003 would bring €8000 etc etc.

Remember all the match 1 wins would also add up.

There is money to be made I think.

Mike.

thewools

i won €53 on wed night there, just wondering how much i would have won in the bookies??

i matched 4 numbers??

aphex™

thewools wrote: »

i won €53 on wed night there, just wondering how much i would have won in the bookies??

i matched 4 numbers??

€6,501 according to ladbrokes.

Healio

mike65 wrote: »

Disregarding the number 1, I would have won 3 matches 3s and 1 match 2 this year which is a win of €1700 for an outlay of 1 euro x 104 draws.

The bit in red should read 10 euro x 104 draws, as 5 selections is ten trebles.

mike65

How do you mean? (see screenshot)

http://img.photobucket.com/albums/0903/mike65/Lotto.jpg

Mike.

thewools

aphex™ wrote: »

€6,501 according to ladbrokes.

jesus...bit of a difference there :mad:

thought i was doing well with my €53 lol

Healio

mike65 wrote: »

How do you mean? (see screenshot)

http://img.photobucket.com/albums/0903/mike65/Lotto.jpg

Mike.

The right hand side of your screenshot, in the red writing:

All numbers selected in a bet must be drawn for you to win.

e.g. pick 3 you have to match 3. pick 5 you have to match 5, if you pick 5 and match 3 you are on a loser.

So if you picked 5 numbers, and wanted them in 1 euro trebles it would cost you 10 euro.

lolkelly

If anyone thinks you can make money from the bookies by betting on the lotto then they are obviously a MUG punter! Ladbrokes, and any other betting company have a number of traders who work out the maths/probability of each bet! The lotto is easier for the bookies because its random numbers like roulette for example!

MrJoeSoap

lolkelly wrote: »

If anyone thinks you can make money from the bookies by betting on the lotto then they are obviously a MUG punter! Ladbrokes, and any other betting company have a number of traders who work out the maths/probability of each bet! The lotto is easier for the bookies because its random numbers like roulette for example!

What are you on about? Its a sure thing!

The bookies have gotten so rich that they are complacent now and aren't even bothered checking up on things like this.

twerg_85

mike65 wrote: »

There is money to be made I think.

Mike.

Breakeven returns should be 7 for 1 number, 57.40 for 2 numbers, 574 for 3, 7462 for 4 and 141778 for 5 numbers.

Hmm, if i've got the numbers right, choosing 3 numbers is (minimal) value. Anyone check the calcs ?

Put another way, there are 11,480 combos of 3 numbers from the 42. Every draw will have 20 of these combos. So, if you could put in 11,480 lines, you'd get 20*576 back which is a net profit of 40,or 0.35% which isn't exactly 'money to be made'. All other combos are losing bets.

EDIT : Ignore that. Just realised there are 45 balls in the lotto, not 42, so all bets are losing ones.

iggy

hmmmmmm!

ArmaniJeanss

A new low for this forum.

News Years resolutions for loads of people should be.

a). Accumulators = NO.
b). €5 bets = NO.
c). Its on TV so Have a Bet = NO.

Minimum bet of one Day Wages, Singles only. (And price it up before you even go near a bookies).

dotsflan

ArmaniJeanss wrote: »

A new low for this forum.

News Years resolutions for loads of people should be.

a). Accumulators = NO.
b). €5 bets = NO.
c). Its on TV so Have a Bet = NO.

Minimum bet of one Day Wages, Singles only. (And price it up before you even go near a bookies).

Oh my god ill be bored s**itless if i stick with that new years resolution:p:p

mike65

A days wages?!

Mike.

ArmaniJeanss

mike65 wrote: »

A days wages?!

Mike.

Aye, the theory being that you will have a lot less 'fun' bets, will bet much more selectively and only bet when you are sure that you have an edge.

It was one of the best bits of advice I was ever given, and I just wish that I was sensible enough to follow it.

mike65

I guess there is something in that, trouble is I'd still proberbly have back Newcastle to beat Derby.

Mike.

m.j.w

Didnt read the thread

semibluff

ArmaniJeanss wrote: »

A new low for this forum.

News Years resolutions for loads of people should be.

a). Accumulators = NO.
b). €5 bets = NO.
c). Its on TV so Have a Bet = NO.

Minimum bet of one Day Wages, Singles only. (And price it up before you even go near a bookies).

i agree with most of this - cut out the "fun" bets - they're there for a reason and dey're 76/1 for a reason - they come in one in 76 attempts. yeh its only 5 euro, but the ten times you try it . . . just put that on two "certs" man u, arsenal games and make a small profit . . . denman in the horses, kauto star . . theyre the clever bet IMO, and from talking to a friend who works in a bookies, theyre the only people who actually make a profit (long term)

Also keep to what you know

raheny red

semibluff wrote: »

i agree with most of this - cut out the "fun" bets - they're there for a reason and dey're 76/1 for a reason - they come in one in 76 attempts. yeh its only 5 euro, but the ten times you try it . . . just put that on two "certs" man u, arsenal games and make a small profit . . . denman in the horses, kauto star . . theyre the clever bet IMO, and from talking to a friend who works in a bookies, theyre the only people who actually make a profit (long term)

Also keep to what you know

Disagree with this big time, if this was the case we would all be rich - rich I tell you!

mike65

No horse is a certainty - ever! Unless the race is fixed for course and that never happens.

Mike.

semibluff

really???

ohh stupid me, thanks for the heads up

MrJoeSoap

semibluff wrote: »

they're there for a reason and dey're 76/1 for a reason - they come in one in 76 attempts.

If its a bookmakers you're dealing with, its more like 1 in 79 or 80. Thats how they make money, remember?

The Arsenal/United bets aren't going too well today either. Mugs game.

IrishMike

Betting on the lotto is even too mad for me
Ill stick to sports