Are Lotteries Required to pay out 80% or more ?

Reply #9

Coin Toss — Wed, 05 Sep 2007 02:17:31 GMT

Just a sidenote about The Stratosphere- it's in a section of town between Fremont St (downtown Vegas) and the north end of the Strip (Shara) that the Vegas cops call Combat Alley and the Naked City.

Be very careful in that area, especially at night.

Reply #8

SirMetro — Tue, 04 Sep 2007 16:55:20 GMT

The pay-outs are as defined by EACH Lottery's Charter

Same applies to Casino's as well as to the various machines.

For the more savy, when in Vegas, one may want to check out the Stratosphere where a few of the machines are tagged for payouts of 110% (at least per the Travel Channel). You will not find many machines like that, but those who hunt around, you can find a few decent deals.

For the facts, you have to look at the Charter that is on file for each state you are interested in. A... [ More ]

Reply #7

computerhead723 — Tue, 04 Sep 2007 06:51:51 GMT

you may be correct but I know not one person so far this year I know-of has hit the NY pick-10 ....and less than 5 in a 5yr. period has ever hit all ten /....somewhere it is written into state law (and well hidden that scratch-offs are paid with 75% loss ) that means 75% of all tickets are a loss and 25% winners ...

(.heck the lottery here is almost a $$ billion a day state wide incuding pick 3 a... [ More ]

Reply #6

Stack47 — Tue, 04 Sep 2007 04:07:59 GMT

Most state lotteries have financial reports on their websites and some break down the win percentage for each game. In Ohio for the fiscal year of 2006, the online games payoff percentage was 49.4%, the payoffs for scratch-offs were 66.2%, and all games included was 59%. The odds in Pick-3 are 1000 to 1 and the payoffs are $500 for $1 so the payoff percentage on one bet would be slightly less than 50%.

are lotteries required to pay out a certain percentage of what they take in

There mig... [ More ]

Reply #5

Coin Toss — Tue, 04 Sep 2007 03:58:08 GMT

CCHS

Just a pure guess, but I'd say casinos. More variety, more games, and a much greater expectation of winning something from the player's standpoint.

In Vegas (or any casino town) a night out just may pay for itself , there's always the chance of coming home with more than you spent (if you win AND you're smart enough to walk).

With lottery it's watch the draw or however you get the results and all too often, Oh well, another lotto success , try again next time.... [ More ]

Reply #4

CCHS13 — Tue, 04 Sep 2007 03:19:47 GMT

Appreciate the info Coin Toss. Who would you say makes more, State Lottery's or Casinos?

I know the state keeps their overhead way down

And JimmySand9 over in Spain, El Gordo may be close to that 80%, from what I hear

Reply #3

JimmySand9 — Mon, 03 Sep 2007 23:04:05 GMT

Most lotteries nowadays are required to pay at least 40-50% of sales. And no state pays any more than 80%.

Reply #2

lotterybraker — Mon, 03 Sep 2007 22:54:44 GMT

Thanks Coin Toss..I live a good Hours Drive from as many Casinos as I would like to go to in one nite..lol..but I dont go that often..when I go I like to play poker at a table..7 card stud..and shoot a little craps which I am not good at but love the game..

Reply #1

Coin Toss — Mon, 03 Sep 2007 22:17:19 GMT

When you see a sign that says Our $1 slots pay 97.4% that means that of every $1000 that goes into a $1 slot in that casino, 974 are paid back out. Don't forget, that's over the long haul- that same slot may not pay a jackpot for days and then pay all day long the next day- over the loing run it will prove to be 97.4% or whatever it is set at.

Each state with casinos has their own standard, but yes, they must pay out a certain amount. I think the lowest legal one is somewhere around 80%.... [ More ]

Are Lotteries Required to pay out 80% or more ?

lotterybraker — Mon, 03 Sep 2007 20:09:04 GMT

I may be wrong but I believe Casinos are required by law to pay out above 80 % of what they take in..is that correct..does anyone know that for sure..if it is true..are lotteries required to pay out a certain percentage of what they take in..and if not why arent they..