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Nov 18, 2006, 11:39 am (7 comments)
The Florida Lottery's newest game could be just the ticket to brighten up someone's holiday season, but the game won't be for everyone. That's because if you wait too long to buy a ticket, you could be shut out of the game.
This week, the Florida Lottery unveiled its new "Holiday Millionaire Raffle" game, but it's only selling 1.25 million tickets — so when they're gone, they're gone.
The $20 tickets go on sale Monday, and will be sold through Dec. 30. But if they sell out before then — which Lottery officials expect — then no more will be sold.
On New Year's Day, 130 winners will be drawn to collect a total more than $13 million.
This is how it breaks down:
The odds of winning a million dollars will be 1-in-125,000, which officials say is the best ever in Florida Lottery history.
Lottery Post Staff
Interesting - coincidentally I was going to ask you how to post this article!
Members - please comment on the odds here. I have a 7:30am meeting Monday and was going to buy a ticket after the meeting. I have a feeling they'll be sold within the first few days, unless the holiday has an effect on ticket sales. $20 is an awful lot of money to me for a ticket, but for many people it's that proverbial drop in the bucket. I'd be thrilled winning $10,000 right now.
(I believe there was another thread about this game earlier & some members disagreed about the odds.)
This is a good deal, IMHO.
The big holiday ticket here in Texas is one that costs $30. There are 2 $3 million prizes. A total of 3,084,000 tickets are being sold. The next lower prize is $10,000. A typical Texas rip-off, IMHO.
That Texas game is a scratch-off. The game reffered to in the article is a raffle-style game sold through the lottery computer.
And in any case, the scratch-ff is a much better deal than any "baffle".
Compared to the odds on the other big games, this is pretty good. I'm going to cut back on my Pcik3/4's and invest in a few of these.
Dear All:
The odds computation will come out sounding funky because the purchase price is 20 times the amount of a standard $1 play. But the odds of winning a million are the best I've ever seen - you just have to plunk down $20 to get them
This game strikes me as odd. In an instant ticket game you would never get away with a payout of 52%. I'm amazed they are trying this for an online game at such a low payout. The main reason is that with these big prizes you simply wouldn't have enough $$$ left to fund lower odds prizes - so it looks like they decided not to try.
However there may be some other industry "wisdom" that driving this. First - even though the concept has been tried (and failed) many people still like the idea of a lot of $1 million prizes instead of one "many" million dollar prize. Making it a holiday raffle will help - a lot of folks will buy them as gifts, etc.
To sum up, I like the idea of a "raffle" type online game. We'll have to ait and see if this approach works.
DDB
hey i know im gonna buy three of them one for me one for mum and one for my son, if something happens it happens, if not then im out of 60$, but its gonna be very interesting, ,,,, i wish good luck to all those persons who purchase tickets,,,,,,
Can't find a post. I should have copied it first as Todd suggests. Think it's my DSL connection. Happened when I got a PM and then "poof!"
Anyway, this is sort of what I said:
Does anyone know how many Fant 5 tickets are sold daily (or any pick-5 game) The reason I am asking is because the odds are 1:376,000 according to the FL web site. I know many people who have played that game for years and never won anything.
Okay, so now we have a raffle for more money that costs $20 times the $1 bet for the other lottery games. The odds for winning a million are $1:125,000 which are very good, right? However, what does this mean? Tell me if I am looking at this all wrong:
I have a very slight chance of living until the ripe old age of 120. I have a better chance of living to age 110, but still that's probably never going to happen. I might make it to 100, but most people (average nationwide) have a life expectancy of 78 to 82, although that's affected by many factors. So let's say I bet money on making it until age 99. My odds are much, much better than betting on age 120, but do I really have a good shot at winning?
(sorry...I expressed myself better the first time around, but it's the same idea. comments appreciated as always)