Florida In The 60's (As In 60%)Prev Topic Next Topic

New Topic New Poll

JimmySand9

United States
Member #1,826
July 11, 2003
2,645 Posts
Offline

Jul 12, 2005, 4:03 am
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.
(insert signature here)
CASH Only

United States
Member #379
June 5, 2002
11,296 Posts
Offline

Jul 12, 2005, 12:10 pm

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

Morrison, IL
United States
Member #4,657
May 13, 2004
1,885 Posts
Offline

Jul 12, 2005, 4:17 pm

Florida going pari-mutuel if they join Powerball would probably make sense if Powerball was willing to bend the rules.
Tnplayer805

North Dakota
United States
Member #13,397
April 5, 2005
1,623 Posts
Offline

Jul 12, 2005, 11:59 pm

Quote: Originally posted by ryanm on July 12, 2005

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?
JimmySand9

United States
Member #1,826
July 11, 2003
2,645 Posts
Offline

Jul 30, 2005, 10:31 pm

Quote: Originally posted by CASH Only on July 12, 2005

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)
PrisonerSix

Baton Rouge, LA
United States
Member #4,602
May 7, 2004
1,192 Posts
Offline

Jul 31, 2005, 10:26 am
Quote: Originally posted by JimmySand9 on July 12, 2005
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
JimmySand9

United States
Member #1,826
July 11, 2003
2,645 Posts
Offline

Jul 31, 2005, 2:57 pm
Quote: Originally posted by PrisonerSix on July 31, 2005
Quote: Originally posted by JimmySand9 on July 12, 2005

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
(insert signature here)

New Topic New Poll

Subscribe to this topic

Florida In The 60's (As In 60%)Prev TopicNext Topic

Florida In The 60's (As In 60%)Prev Topic Next Topic