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Gambling on Lottery

  • 23-12-2007 12:33PM
    #1
    mike65
    Closed Accounts Posts: 88,968 ✭✭✭✭


    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.


Comments

  • #2
    thewools
    Registered Users, Registered Users 2 Posts: 3,568 ✭✭✭thewools


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

    i matched 4 numbers??


  • #3
    aphex™
    Closed Accounts Posts: 2,337 ✭✭✭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.


  • #4
    Healio
    Registered Users, Registered Users 2 Posts: 2,831 ✭✭✭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.


  • #5
    mike65
    Closed Accounts Posts: 88,968 ✭✭✭✭mike65


    How do you mean? (see screenshot)

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

    Mike.


  • #6
    thewools
    Registered Users, Registered Users 2 Posts: 3,568 ✭✭✭thewools


    aphex™ wrote: »
    €6,501 according to ladbrokes.

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

    thought i was doing well with my €53 lol


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  • #7
    Healio
    Registered Users, Registered Users 2 Posts: 2,831 ✭✭✭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.


  • #8
    lolkelly
    Closed Accounts Posts: 183 ✭✭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!


  • #9
    MrJoeSoap
    Registered Users, Registered Users 2 Posts: 15,117 ✭✭✭✭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! :D

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


  • #10
    twerg_85
    Registered Users, Registered Users 2 Posts: 391 ✭✭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.


  • #11
    iggy
    Registered Users, Registered Users 2 Posts: 1,995 ✭✭✭iggy


    hmmmmmm!


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  • #12
    ArmaniJeanss
    Registered Users, Registered Users 2 Posts: 13,946 ✭✭✭✭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).


  • #13
    dotsflan
    Registered Users, Registered Users 2 Posts: 1,014 ✭✭✭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


  • #14
    mike65
    Closed Accounts Posts: 88,968 ✭✭✭✭mike65


    A days wages?!

    Mike.


  • #15
    ArmaniJeanss
    Registered Users, Registered Users 2 Posts: 13,946 ✭✭✭✭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.


  • #16
    mike65
    Closed Accounts Posts: 88,968 ✭✭✭✭mike65


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

    Mike.


  • #17
    m.j.w
    Registered Users, Registered Users 2 Posts: 1,494 ✭✭✭m.j.w


    Didnt read the thread


  • #18
    semibluff
    Closed Accounts Posts: 1,698 ✭✭✭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


  • #19
    raheny red
    Registered Users, Registered Users 2 Posts: 2,645 ✭✭✭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!


  • #20
    mike65
    Closed Accounts Posts: 88,968 ✭✭✭✭mike65


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

    Mike.


  • #21
    semibluff
    Closed Accounts Posts: 1,698 ✭✭✭semibluff


    really???

    ohh stupid me, thanks for the heads up


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  • #22
    MrJoeSoap
    Registered Users, Registered Users 2 Posts: 15,117 ✭✭✭✭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.


  • #23
    IrishMike
    Closed Accounts Posts: 2,698 ✭✭✭IrishMike


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


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