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Prize pool Structure

Topic closed. 5 replies. Last post 5 years ago by KY Floyd.

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St. George's
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Posted: July 19, 2011, 2:06 pm - IP Logged

Anyone good at working out prize pools?

 

Damione

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    New Jersey
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    Posted: July 19, 2011, 3:23 pm - IP Logged

    Anyone good at working out prize pools?

     

    Damione

    For what Game: Please Explain!

    A mind once stretched by a new idea never returns to its original dimensions!

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      Posted: July 20, 2011, 3:12 pm - IP Logged

      For what Game: Please Explain!

      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.?

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        Kentucky
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        February 14, 2006
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        Posted: July 20, 2011, 6:35 pm - IP Logged

        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.?

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

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          St. George's
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          Posted: July 21, 2011, 8:56 am - IP Logged

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

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

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            NY
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            October 16, 2005
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            Posted: July 21, 2011, 12:27 pm - IP Logged

            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. Who would play a game with a 92% chance of losing their money and a 2% chance of getting just under $20?