Welcome Guest
Log In | Register )
You last visited December 9, 2016, 6:13 pm
All times shown are
Eastern Time (GMT-5:00)

Scratcher Payouts

Topic closed. 4 replies. Last post 12 years ago by qutgnt.

Page 1 of 1
PrintE-mailLink

United States
Member #3778
February 20, 2004
7 Posts
Offline
Posted: January 23, 2005, 5:01 pm - IP Logged

I have a question regarding the payout percentages of scratchers.

Below is the payout table of a California $1 Easy 10 scratcher:

How do I figure out the actual payout as a percentage?  Do I multiply the amount won by the odds of winning that prize and sum all the numbers?  I took 1/10+2/31+3/71+...+1000/480000.  When I do that, I get a payout of 58.5% (I counted the free ticket prize as $1).  This seems really low to me.  May someone please correct me if I am wrong?

Also, does anyone know what is a good payout to play for scratchers.  I used the same method to calculate the payout for a $3 California scratcher and received a larger payout.  Is it true that the more expensive tickets will yield a larger payout?

    johnph77's avatar - avatar
    CA
    United States
    Member #2987
    December 10, 2003
    832 Posts
    Offline
    Posted: January 24, 2005, 12:49 am - IP Logged

    You're pretty close to being spot on - the payout percentage sounds about right for scratcher tickets. In any dvent, in order to obtain an exact percentage, one would have to know exactly how many tickets are being printed. Then you would know just how many winners in each category there would be and be better able to translate the odds down into probable decimals to determine how many winning tickets there actually are at each payout level.

    Regular California lottery game payouts are all pari-mutuel and set at around 50% of gross receipts. Exceptions are the choice of the cash option for jackpot wins, which lowers payout and percentage.

    gl

    john

    Blessed Saint Leibowitz, keep 'em dreamin' down there..... 

    Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.

     =^.^=


      United States
      Member #379
      June 5, 2002
      11296 Posts
      Offline
      Posted: January 24, 2005, 7:47 pm - IP Logged

      John:

      I don't think CA cash option winners get less than of those who chose annuity.

        johnph77's avatar - avatar
        CA
        United States
        Member #2987
        December 10, 2003
        832 Posts
        Offline
        Posted: January 25, 2005, 5:39 pm - IP Logged

        Source: California Lottery website

        Address: http://www.calottery.com/games/superlottoplus/howtoplay/SLPpaymentOption.aspx

        Quote:

        What is the Cash Value option?

        If you mark the Cash Value box, and you win, you will receive the present cash value of the announced jackpot in one lump sum. This amount will be less than the announced jackpot.  For example, if the announced jackpot is $7 million, the winner would receive about 52.008% or $3.64 million in one lump sum (less tax withholding). This example is based on average market costs, as of Jan 2005, of 26 annual payments funded by the U.S. Treasury Zero Coupon Bonds.

        Endquote

        But I guess what irks me about this and any other jackpot lottery with a reduced payout for a lump sum is that they're already into the player for 50% - taking the lump sum option increases the take for the state because otherwise they can defer payments over a long period and normal inflation of the dollar will reduce the liability.

         

        Blessed Saint Leibowitz, keep 'em dreamin' down there..... 

        Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.

         =^.^=


          United States
          Member #3676
          February 10, 2004
          425 Posts
          Offline
          Posted: January 25, 2005, 6:06 pm - IP Logged

          Does anyone know the scratch off ticket that has the highest payback % of them all. Do any reach 80%?