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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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July 18, 2011
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 Posted: July 19, 2011, 2:06 pm - IP Logged

Anyone good at working out prize pools?

Damione

New Jersey
United States
Member #17843
June 28, 2005
51029 Posts
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 Posted: July 19, 2011, 3:23 pm - IP Logged

Anyone good at working out prize pools?

Damione

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

New Member
St. George's
Member #113842
July 18, 2011
6 Posts
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 Posted: July 20, 2011, 3:12 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.?

Kentucky
United States
Member #32652
February 14, 2006
7341 Posts
Online
 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.

New Member
St. George's
Member #113842
July 18, 2011
6 Posts
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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?

NY
United States
Member #23835
October 16, 2005
3502 Posts
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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?

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