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Definition of a "win"

  • 25-02-2020 9:30am
    #1
    Registered Users Posts: 548 ✭✭✭ slipperyox


    Hi.
    If you purchase a lotto ticket for €6, and then, as they say, you "win" €3.

    How is this a win?

    you just lost €3


Comments

  • Registered Users Posts: 1,074 ✭✭✭ Uncle Pierre


    It’s not a win and would only be described as a “win” by people who don’t understand these things.

    Am reminded of an incident with my father from a few years ago. He had €80 of vouchers for the local bookie left over from Christmas and birthday presents when the Aintree Grand National came round. With 40 runners there, and just to do something different, he decided to have €1 e/w on all of them, to see what would happen and in the hope of a big price winner and few big price places too.

    His return was somewhere around €45.

    As I got back to work on Monday and was talking to the one-race-a-year crowd who were looking to see who’d won the sweepstake, I told them about the bet he had, and the general reaction was “wow, how much did he win?”

    A little later though, I was talking separately to the one real racing guy there. His reaction straight away was “how much did he lose?”

    And therein lies the difference…


  • Registered Users Posts: 684 ✭✭✭ ianburke


    the scratch cards are the biggest scam. it says 1 in 4.2 or something wins. but anytime i win it is always the ticket price e.g 3 euro ticket 3 euro "win". I would love to know what the stats are for how many tickets actually show a profit. wouldn't surprise me if they even recorded 3 stars as a win for their figures

    i never play them myself just get them for birthdays from family or christmas. same with the lotto. the lotto prizes are a joke. match 4 and a bonus in the main draw and you would do well to get more than 50 quid. they must be laughing their way to the bank.


  • Registered Users Posts: 9,521 ✭✭✭ Dodge


    Wins and losses don’t matter

    Profit is the only way to measure anything


  • Registered Users Posts: 1,074 ✭✭✭ Uncle Pierre


    ianburke wrote: »
    wouldn't surprise me if they even recorded 3 stars as a win for their figures

    They do. It's crazy stuff.


  • Registered Users Posts: 548 ✭✭✭ slipperyox


    Its misleading.

    What state quango do I annoy about this?
    :)


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  • Registered Users Posts: 10,423 ✭✭✭✭ Outlaw Pete


    ianburke wrote: »
    I would love to know what the stats are for how many tickets actually show a profit. wouldn't surprise me if they even recorded 3 stars as a win for their figures

    They're all on the Lottery.ie website ... just click the 'Game Number' next to any Scratch Card:

    https://www.lottery.ie/content/pli/en/scratch-cards/game-end-announcements.html

    Here's the stats for the All Cash Platinum card as an example:

    image.png


  • Closed Accounts Posts: 9,586 ✭✭✭ Chaim Loose Violist


    Don't forget some top scratchie prizes went 'missing'

    National Lottery scratch cards were missing €180,000 in prizes
    Operator apologises for error and says funds will be added to special draw held in January
    (Not that you'll get a refund or anything, just keep buying 'em)

    https://www.irishtimes.com/news/ireland/irish-news/national-lottery-scratch-cards-were-missing-180-000-in-prizes-1.4112014

    Scratch yourself, all those lucky dip scratches are a nonsense.
    At least with any futures market events you can apply a level of real-world calculated risk v reward.
    Even the lotto may offer P+0.5 when done properly.


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