Prize pool Structure

Reply #5

KY Floyd — Thu, 21 Jul 2011 16:27:49 GMT

The odds are 1 in 52 of picking the winning card, and 3 in 52 of picking the right value in the wrong suit. 75% for 1st prize and 25% for 2nd prize would make the prizes proportional to the chances of winning.

What's the point of a lottery with odds of 1 in 52 for winning the grand prize? If you charge $1 and put 50 cents into the prize pool, you should collect $52 for every grand prize winner. The grand prize winner would get a whopping $19.50 and 3 2nd prize winners would get $6.50 each. Wh... [ More ]

Reply #4

Damione — Thu, 21 Jul 2011 12:56:27 GMT

How can a prize payout pool be formulated in terms of you winning what would be a fair payou

Reply #3

Stack47 — Wed, 20 Jul 2011 22:35:46 GMT

The odds against picking the correct card is 51 to 1 and 16 to 1 against picking any Ace.

Reply #2

Damione — Wed, 20 Jul 2011 19:12:31 GMT

Its a local game we want to turn into a lottery pick one (1) game.

A person will pick(play) one card e.g. ace of spades and we will draw one out of fifty-two (52) cards if that drawn card is ace of spades the person will win a top tier prize and if another ace example ace of hearts is drawn then they will win the bottom tier prize.

I need to know how the prize pool will work out?

what will be the value of different prize amounts?

etc.

Reply #1

Raven62 — Tue, 19 Jul 2011 19:23:33 GMT

For what Game: Please Explain

Prize pool Structure

Damione — Tue, 19 Jul 2011 18:06:47 GMT

Anyone good at working out prize pools?

Damione