Christmas Millionaire Draw 2010

ButtersSuki

Just heard the ad for the November Draw. Anyone else think it would be better to give 25 x €10,000 prizes instead of 1 x €250,000? Esp. considering "the current economic climate" (apologies for use of those words in that order!)? Ok, I know this was probably set well before they started selling tickets but might make it more attractive for future draws....

todolist

If they offered smaller prizes to more winners nobody would buy tickets.People want the mega pay off.Incidentally,the odds on winning anything in that draw are 00.1% per cent or something like that.Wouldn't touch it with a bargepole.

seamus

todolist wrote: »

If they offered smaller prizes to more winners nobody would buy tickets.People want the mega pay off.Incidentally,the odds on winning anything in that draw are 00.1% per cent or something like that.Wouldn't touch it with a bargepole.

0.228% actually.

It's not *that* bad. The odds of receiving back at least five times your original stake are between 1 in 400 and 1 in 500.

For comparison, the odds of at least tripling your money on the lotto are about 1 in 33.

In effect, the odds of a return on your cash are more-or-less the same as the lotto, in terms of multiples of your initial investment.

The only major difference is in the main prize. It's a guaranteed winner, with a 1 in 225,000 chance of €1m. Which are the best odds available on any lotto game. Hence the inital large outlay.

todolist

Thanks Seamus.€20 a ticket for such a minuscule chance of winning is terrible.I believe it's those that can least afford it who'll be exploited with this ludicrous raffle.

ButtersSuki

I was just asking did anyone think 25 x €10k would be better than 1 x €250k, I agree on most of your points re. odds etc. but I was simply asking would 25 winners winning €10k not be better than 1 person winning €250k........

todolist - I think €10k is a big prize!! Wouldn't say no!

Mellor

seamus wrote: »

0.228% actually.

It's not *that* bad. The odds of receiving back at least five times your original stake are between 1 in 400 and 1 in 500.

For comparison, the odds of at least tripling your money on the lotto are about 1 in 33.

In effect, the odds of a return on your cash are more-or-less the same as the lotto, in terms of multiples of your initial investment.

The only major difference is in the main prize. It's a guaranteed winner, with a 1 in 225,000 chance of €1m. Which are the best odds available on any lotto game. Hence the inital large outlay.

Lol at thinkign its not that bad, its terrible. comparing it to the lotto are a benchmark for good odds is pretty dumb.

It's terrible odds, as always,

supremenovice

They never sell all the tickets so the odds are better than that.
I was in a syndicate last Christmas and we got 12 tickets for it. We worked out we had a 14/1 chance of getting a prize.
Sadly, like all 14/1 chances I back, we didnt win.:(

Jesus Wept

You have no gamble mellor. Knitting forum is over there

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JONJO THE MISER

I would prefer to poke my eyes out before i would buy a ticket for this sham, you know what i will give €20 tomorrow to a cancer charity.

Mellor

The-Rigger wrote: »

You have no gamble mellor. Knitting forum is over there

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haha lottie,

I only play the lotto when I know what numbers are coming up. The 8 ball is due next mid-week btw
But the damn aul one in the shop won't let me pick the ticket I want for the millionaire draw. Either 105781 coming up.
Qucik pick only, 'koff

Jesus Wept

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iMax

Before you buy a ticket for this, I called Lottery headquarters to qualify a rumour I heard before about it, it was this:

Prior to the actual prizewinners draw, they have another draw where they eliminate 92% of the tickets which are in the prizewinners draw.

Turns out it's true, Call them yourself to verify.

Mellor

iMax wrote: »

Before you buy a ticket for this, I called Lottery headquarters to qualify a rumour I heard before about it, it was this:

Prior to the actual prizewinners draw, they have another draw where they eliminate 92% of the tickets which are in the prizewinners draw.

Turns out it's true, Call them yourself to verify.

What difference would that make?