|Posted: April 4, 2005, 9:39 pm - IP Logged|
Quote: Originally posted by ryanm on April 4, 2005
I cannot believe they don't sell more than 1 million lotto tickets with a jackpot like this! No wonder it keeps rolling.
I must correct myself. They sold an estimated 3.672 million tickets for last Saturday's drawing. I forgot to multiply by 4 to take into account the 50% prize return rate and the fact that $1 buys two plays.
The way this is estimated:
All second and third place prizes are pari-mutuel
There were 51 second place winners, each receiving $990
$990 * 51 = $50,490 total second place prize pool allocation
5.5% of the prize pool goes to the second place winners
$50,490/0.055 = $918,000 total prize pool allocation
$918,000 * 2 = $1,836,000 estimated sales
$1,836,000 * 2/$1 = 3,672,000 "plays" sold
Still, the odds of a particular combination hitting the jackpot are 1 in 20,358,520, so it's still no wonder the Lotto jackpot keeps rolling.