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Florida In The 60's (As In 60%)

Topic closed. 6 replies. Last post 11 years ago by JimmySand9.

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United States
Member #1826
July 11, 2003
2645 Posts
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Posted: July 12, 2005, 4:03 am - IP Logged

As we all know, Jeb Bush, apparently redeeming himself from rejecting Powerball, passed a LAW requiring the Florida Lottery to pay 60% on all games. Now for Instant Tickets that may not be a huge deal (as most games pay around 60% anyway), but it's huge for on-line games. It's hard to find a single game that pays more than 50%, now we get an entire state that pay at least 60%! But the big question remains, how will the new payouts affect the games? Will we see no distribution changes at all? Will there be a rearranging of prize pools? Or could some of the games change completely? A few scenarios for good ol' Lotto:

Should they simply raise the overall payout, and not change the distribution, prizes may look like this:

  •    
  •    Match 6 - JACKPOT! (63.5%)
       
  •    
  • Match 5 - Avg. $6,000 (up from $5,000) (12.5%)
       
  •    
  • Match 4 - Avg. $85 (up from $70) (10%)
  •    
  • Match 3 - Avg. $6 (up from $5) (14%)

Or they could keep the preportion of sales to the jackpot the same, and use the extra money to fund bigger payouts WHAT I RECOMMEND:

  •    
  •    Match 6 - JACKPOT! (52%)
  •    
  • Match 5 - Avg. $7,800 (16%)
  •    
  • Match 4 - Avg. $115 (14%)
  •    
  • Match 3 - Avg. $7.50 (18%)

Or, they could devise a distribution that would keep the prizes about the same while facilitating a Free Ticket prize for 2/6 (thereby lowering the overall odds to 1 in 7 from 1 in 57).

Now, I'll figure out some formulas for Fantasy 5 and Mega Money later on, but the big question is what they will do when they join Powerball (which may be what some Florida players are saving their money for). Powerball pays 50%, and that would be illegal under the new law. So where would the other 10% go? Would they do a pari-mutuel payout like CA Mega Millions so they can pay out the required amount? Or would they use the extra 10% to put in a reserve fund for future promotions (like a PowerPlay doubler, 2x becomes 4x, 4x becomes 8x, and so on). That my two cents.

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    United States
    Member #379
    June 5, 2002
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    Posted: July 12, 2005, 12:10 pm - IP Logged

    The extra 10pp allocated to Florida Lotto should go into the jackpot (start at $4 million?)

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      Morrison, IL
      United States
      Member #4657
      May 13, 2004
      1884 Posts
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      Posted: July 12, 2005, 4:17 pm - IP Logged

       Florida going pari-mutuel if they join Powerball would probably make sense if Powerball was willing to bend the rules.

        Tnplayer805's avatar - G 14_v78828750_Small.JPG
        North Dakota
        United States
        Member #13397
        April 5, 2005
        1623 Posts
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        Posted: July 12, 2005, 11:59 pm - IP Logged

         Florida going pari-mutuel if they join Powerball would probably make sense if Powerball was willing to bend the rules.

        To compete with MM, PB I think would bend the rules a hair.

        How are you going to win if you don't play?

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          United States
          Member #1826
          July 11, 2003
          2645 Posts
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          Posted: July 30, 2005, 10:31 pm - IP Logged

          The extra 10pp allocated to Florida Lotto should go into the jackpot (start at $4 million?)

          Huh? You, want it in the, jackpot? This from the guy who rails on NY Lotto because of their "awful" lower-tier prizes, doesn't want "fantastic" lower-tier prizes?

          (insert signature here)

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            Baton Rouge, LA
            United States
            Member #4602
            May 7, 2004
            700 Posts
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            Posted: July 31, 2005, 10:26 am - IP Logged

            As we all know, Jeb Bush, apparently redeeming himself from rejecting Powerball, passed a LAW requiring the Florida Lottery to pay 60% on all games. Now for Instant Tickets that may not be a huge deal (as most games pay around 60% anyway), but it's huge for on-line games. It's hard to find a single game that pays more than 50%, now we get an entire state that pay at least 60%! But the big question remains, how will the new payouts affect the games? Will we see no distribution changes at all? Will there be a rearranging of prize pools? Or could some of the games change completely? A few scenarios for good ol' Lotto:

            Should they simply raise the overall payout, and not change the distribution, prizes may look like this:

            •    
            •    Match 6 - JACKPOT! (63.5%)
                 
            •    
            • Match 5 - Avg. $6,000 (up from $5,000) (12.5%)
                 
            •    
            • Match 4 - Avg. $85 (up from $70) (10%)
            •    
            • Match 3 - Avg. $6 (up from $5) (14%)

            Or they could keep the preportion of sales to the jackpot the same, and use the extra money to fund bigger payouts WHAT I RECOMMEND:

            •    
            •    Match 6 - JACKPOT! (52%)
            •    
            • Match 5 - Avg. $7,800 (16%)
            •    
            • Match 4 - Avg. $115 (14%)
            •    
            • Match 3 - Avg. $7.50 (18%)

            Or, they could devise a distribution that would keep the prizes about the same while facilitating a Free Ticket prize for 2/6 (thereby lowering the overall odds to 1 in 7 from 1 in 57).

            Now, I'll figure out some formulas for Fantasy 5 and Mega Money later on, but the big question is what they will do when they join Powerball (which may be what some Florida players are saving their money for). Powerball pays 50%, and that would be illegal under the new law. So where would the other 10% go? Would they do a pari-mutuel payout like CA Mega Millions so they can pay out the required amount? Or would they use the extra 10% to put in a reserve fund for future promotions (like a PowerPlay doubler, 2x becomes 4x, 4x becomes 8x, and so on). That my two cents.

            Rejecting Powerball is one thing, but a 60% payout?  Can a lottery continue to make money on that kind of payout?

            I wonder if Jeb Bush is pushing an anti-gambling agenda.  If he can't get the state to outright shutdown the lottery, chipping away at it with legislation that will make it harder to operate is another way to get rid of it.

            Makes you go hmmmm.

             

            PrisonerSix 

              Avatar

              United States
              Member #1826
              July 11, 2003
              2645 Posts
              Offline
              Posted: July 31, 2005, 2:57 pm - IP Logged

              As we all know, Jeb Bush, apparently redeeming himself from rejecting Powerball, passed a LAW requiring the Florida Lottery to pay 60% on all games. Now for Instant Tickets that may not be a huge deal (as most games pay around 60% anyway), but it's huge for on-line games. It's hard to find a single game that pays more than 50%, now we get an entire state that pay at least 60%! But the big question remains, how will the new payouts affect the games? Will we see no distribution changes at all? Will there be a rearranging of prize pools? Or could some of the games change completely? A few scenarios for good ol' Lotto:

              Should they simply raise the overall payout, and not change the distribution, prizes may look like this:

              •    
              •    Match 6 - JACKPOT! (63.5%)
                   
              •    
              • Match 5 - Avg. $6,000 (up from $5,000) (12.5%)
                   
              •    
              • Match 4 - Avg. $85 (up from $70) (10%)
              •    
              • Match 3 - Avg. $6 (up from $5) (14%)

              Or they could keep the preportion of sales to the jackpot the same, and use the extra money to fund bigger payouts WHAT I RECOMMEND:

              •    
              •    Match 6 - JACKPOT! (52%)
              •    
              • Match 5 - Avg. $7,800 (16%)
              •    
              • Match 4 - Avg. $115 (14%)
              •    
              • Match 3 - Avg. $7.50 (18%)

              Or, they could devise a distribution that would keep the prizes about the same while facilitating a Free Ticket prize for 2/6 (thereby lowering the overall odds to 1 in 7 from 1 in 57).

              Now, I'll figure out some formulas for Fantasy 5 and Mega Money later on, but the big question is what they will do when they join Powerball (which may be what some Florida players are saving their money for). Powerball pays 50%, and that would be illegal under the new law. So where would the other 10% go? Would they do a pari-mutuel payout like CA Mega Millions so they can pay out the required amount? Or would they use the extra 10% to put in a reserve fund for future promotions (like a PowerPlay doubler, 2x becomes 4x, 4x becomes 8x, and so on). That my two cents.

              Rejecting Powerball is one thing, but a 60% payout?  Can a lottery continue to make money on that kind of payout?

              I wonder if Jeb Bush is pushing an anti-gambling agenda.  If he can't get the state to outright shutdown the lottery, chipping away at it with legislation that will make it harder to operate is another way to get rid of it.

              Makes you go hmmmm.

               

              PrisonerSix 

              There are a number of games that have 60% payouts.

              •    
              • MA Cash Winfall
              •    
              • MA Numbers Game
              •    
              • KY Pick 3
              •    
              • MO Pick 3
              •    
              • MO Pick 4 

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