Why not a lottery that goes "wide"?

Reply #18

Coin Toss — Mon, 17 Apr 2006 23:50:31 GMT

From the book Infinite Financial Freedom

What To Do Before And After You Win The Lottery

Rob Sanford CFP

p 10

The World's Largest Lottery

By far the World's largest single lottery evebt is Spain's so-called Navidad (El Gordo).

As you might suspect from its name, this lottery is held a few days prior to Christmas every year in Madrid, Spain.

Over the span of just a few days, Spain awards over, $1,000,000,000 (in U.S. dollars) in prizes.

Over 90 individual prizes... [ More ]

Reply #17

Rick G — Sun, 16 Apr 2006 17:53:22 GMT

I agree with Coin Toss. I don't play MM or PB for all the reasons mentioned above, so their marketing scheme of advertising a huge jackpot doesn't work for me. If the second and third tier prizes were substantially higher I might consider playing those games.

As a potential customer their present payout structure is not appealing and therefore they don't get my money. I don't care if the jackpot goes to one billion dollars I still wouldn't play the game.

As RJOh said, the sales are from... [ More ]

Reply #16

dvdiva — Sun, 16 Apr 2006 16:49:07 GMT

Yes, you are talking about a jackpotless game. Again there is no interest. El Gordo is only popular because it procedes modern lotteries and it's popularity is declining in the face of Euro millions. Just because YOU don't want someone to win a jackpot or get rich doesn't mean that it's a popular idea. The fact of life is that many in the US are rich and for the lower to middle class the lottery is your only chance of getting there. Powerball makes a focus on the second place but their sales ref... [ More ]

Reply #15

Coin Toss — Sun, 16 Apr 2006 16:39:24 GMT

dvdiva

Very true, but we're talking 20,000,000 (six number games), and 575,000 to one odds (5 /39) to one odds as oppossed to 176,000,000 to one odds.

I'm saying just increase the potential number of winners.

Reply #14

dvdiva — Sun, 16 Apr 2006 16:19:43 GMT

That's because there isn't that much interest. People playing jackpot games want a large jackpot for themselves. Most don't want a socialist ideal of no one being rich.

I also play for smaller jackpots. In WA state the pick 5 here is Quinto and when it breaks 2 million or so I start buying tickets. I am also playing for a jackpot but a smaller jackpot with better odds. If people want to play for smaller pots state games offer that but with much better odds than the multi-state games.... [ More ]

Reply #13

Coin Toss — Sun, 16 Apr 2006 15:47:19 GMT

We're our own worst enemies...if a lottery commission was looking at this thread (I'm sure they read this board) they'd say, See, there's not that much interest in that kind of game.

So on it goes and they pay one or a few winners (group play) maybe, and consider everybody else marks .

(A mark is the victim in a con game).

Reply #12

Coin Toss — Sat, 15 Apr 2006 23:52:24 GMT

I've read that people who normally don't play and don't even know how it works will blow a few bucks on a huge jackpot, which makes no sense to me at all.

justxploring

Brings the Super bowl to mind. People, millions of people make heart bets (their favoritre team, the home town team, etc...). This is a bookie's dream.

Reply #11

justxploring — Sat, 15 Apr 2006 23:45:54 GMT

For those players who think winning $100M or more is ridiculous, there are the local lotteries with better odds and smaller jackpots. States use multi-state games with big jackpots to attract more players to all their games because it works. RJOh

I've read that people who normally don't play and don't even know how it works will blow a few bucks on a huge jackpot, which makes no sense to me at all. I've also read that the much higher jackpots attract wealthier people who wouldn't nece... [ More ]

Reply #10

Coin Toss — Sat, 15 Apr 2006 23:32:00 GMT

There's been conversations here on the site about Lotto USA . If that happens that would be an ideal time to try something like that again, a broad base of big winners, instead of one mega, mega winner in a population of 290,000,000 (or whatever the latest number is).

Reply #9

ryanm — Sat, 15 Apr 2006 20:27:27 GMT

Quote: Originally posted by RJOh on April 15, 2006For those players who think winning $100M or more is ridiculous, there are the local lotteries with better odds and smaller jackpots. States use multi-state games with big jackpots to attract more players to all their games because it works.

PowerBall has a cap that goes into effect when its jackpot reaches a record amount and then more money is put in the prize pool for the 2nd place winners. I think it only happened once.

Actually, th... [ More ]

Reply #8

Coin Toss — Sat, 15 Apr 2006 18:18:12 GMT

California once had a $193,000,000 jackpot on the state lottery if I read their website right. Of course, they have the population, so.

OK, before Vegas went corporate it was nothing for people to go out and everybody win $100 by lining up three bar bar bars on a slot. But $100 was the top prize on those slots. Nowadays it's the electronic slots (not mechanical wheels) and there's opne big mega -winner and thousands of losers.

RJOh

Competition always benefits the consumer. Maybe so... [ More ]

Reply #7

RJOh — Sat, 15 Apr 2006 17:15:58 GMT

For those players who think winning $100M or more is ridiculous, there are the local lotteries with better odds and smaller jackpots. States use multi-state games with big jackpots to attract more players to all their games because it works.

PowerBall has a cap that goes into effect when its jackpot reaches a record amount and then more money is put in the prize pool for the 2nd place winners. I think it only happened once.

Reply #6

Tony10 — Sat, 15 Apr 2006 16:41:08 GMT

Hi There,

Agree, there should be more for the lower prizes. I know I would buy more tickets if they gave more money to the lower numbers. To give 100mil to one winner is ridiculous. But the people who decide how the awards should be handed out do not consider that they may make more money if there were more substantial awards.

Reply #5

RJOh — Sat, 15 Apr 2006 15:40:36 GMT

Ohio tried that years ago before the multi-state games when its state lottery was the most popular one in the area. It had several big winners from Pennsylvania and Indiana and some people thought too many players were winning big and not sharing so a limit of $20M per ticket regardless of the jackpot size was tried. They found out that advertising a $60M jackpot with a limit of $20M per ticket didn't attract any more players than advertising a $20M jackpot and the rule was eliminated after th... [ More ]

Reply #4

Coin Toss — Sat, 15 Apr 2006 15:24:51 GMT

I'm thinking that such a lottery may not get a lot of play at first, but instead of a lottery, state lottery, multi-state lottery, even national lottery announcing one 200 million dollar winner, let 100 people win two million and see what happens after that.

Reply #3

LOTTOMIKE — Sat, 15 Apr 2006 06:35:35 GMT

interesting thought coin toss......

Reply #2

Coin Toss — Sat, 15 Apr 2006 06:23:19 GMT

Thanks for replying!

El Gordo does very well in Spain.

Reply #1

ryanm — Sat, 15 Apr 2006 05:38:08 GMT

That would not work because such a game probably wouldn't get high enough sales to support that.

Why not a lottery that goes "wide"?

Coin Toss — Fri, 14 Apr 2006 21:47:45 GMT

Instead of Powerball and Mega Millions jackpots of hundreds of millions of dollars for one winning ticket, why not have a payout table that puts more money into the lower prizes- say put a ceiling on the jackpot at $50,000,000 abd after that put more money into 5 of 5 and no PB or MM number, or draw an additional set or two of numbers for the same tickets people are holding? Kind of a new "second chance" approach.

In other words, with a jackpot of over $50,000,000, an additional set of numbe... [ More ]