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The Lottery Should Pay More Than 50% In Prizes To Lottery Players.

Topic closed. 41 replies. Last post 2 years ago by THRIFTY.

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THRIFTY's avatar - great seal_obverse.jpg
NEW YORK
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April 29, 2010
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Posted: June 24, 2014, 1:30 pm - IP Logged

THE LOTTERY SHOULD KEEP LESS MONEY.

 

50% PAYBACK RATE IN PRIZES IS NOT ENOUGH.

"Look, the lottery company operates on a 50% payback rate. In other words, for every $100,000 they collect from ticket sales, they only pay out about $50,000 to winning tickets. At a 50% payback rate, no other standard bet on the planet comes even close to being as bad as buying lottery tickets. The lottery is a TAX on the poor and on the ignorant." By PDQ

    RedStang's avatar - tallman zps6gf4inoc.jpg
    NY
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    Member #121961
    January 21, 2012
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    Posted: June 24, 2014, 2:11 pm - IP Logged

    I hope you become lottery President one day so we can all be happy again.

      THRIFTY's avatar - great seal_obverse.jpg
      NEW YORK
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      Posted: June 24, 2014, 2:54 pm - IP Logged

      I hope you become lottery President one day so we can all be happy again.

      HOW TO WIN THE LOTTERY BY NOT PLAYING=SAVE YOUR MONEY TO PLAY THE LOTTERY SOMEDAY.

       

      "Play less often is the BEST strategy for playing the lottery! That includes playing so "less often" that you never play! THAT is the very best strategy." By PDQ

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        Kentucky
        United States
        Member #32652
        February 14, 2006
        7343 Posts
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        Posted: June 24, 2014, 3:43 pm - IP Logged

        THE LOTTERY SHOULD KEEP LESS MONEY.

         

        50% PAYBACK RATE IN PRIZES IS NOT ENOUGH.

        "Look, the lottery company operates on a 50% payback rate. In other words, for every $100,000 they collect from ticket sales, they only pay out about $50,000 to winning tickets. At a 50% payback rate, no other standard bet on the planet comes even close to being as bad as buying lottery tickets. The lottery is a TAX on the poor and on the ignorant." By PDQ

        Even if there was a 100% prize return, only 3.1% of the PB players will win a share of the prize fund. Any straight pick-3 combo still only has a 0.1% chance of winning regardless of the size of the prize. And you really should check the facts before quoting anyone; to my knowledge there is no state lottery paying out less than 60% of their ticket sales in prizes.

          mediabrat's avatar - 18z0typ
          upstate NY
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          March 31, 2011
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          Posted: June 24, 2014, 6:25 pm - IP Logged

          I hope you become lottery President one day so we can all be happy again.

          If Thrifty was in charge of the lottery, he'd see to it that you're only allowed to play once a year.

            mediabrat's avatar - 18z0typ
            upstate NY
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            March 31, 2011
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            Posted: June 24, 2014, 6:36 pm - IP Logged

            Even if there was a 100% prize return, only 3.1% of the PB players will win a share of the prize fund. Any straight pick-3 combo still only has a 0.1% chance of winning regardless of the size of the prize. And you really should check the facts before quoting anyone; to my knowledge there is no state lottery paying out less than 60% of their ticket sales in prizes.

            Maybe I'm misunderstanding you, but both MM and PB only pay out 50% of ticket sales.  In New York, all of the draw games except Lotto pay out 50% of sales except Lotto (40%) and the new Cash4Life game in NY and NJ (55%).  I could go through the entire nation and I'll probably find more games paying 50% than 60%.

              THRIFTY's avatar - great seal_obverse.jpg
              NEW YORK
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              Posted: June 24, 2014, 6:36 pm - IP Logged

              If Thrifty was in charge of the lottery, he'd see to it that you're only allowed to play once a year.

              Playing the lottery is fun, but paying back 50% in prizes to lottery players is not fair.LOL

                THRIFTY's avatar - great seal_obverse.jpg
                NEW YORK
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                Posted: June 24, 2014, 6:39 pm - IP Logged

                Maybe I'm misunderstanding you, but both MM and PB only pay out 50% of ticket sales.  In New York, all of the draw games except Lotto pay out 50% of sales except Lotto (40%) and the new Cash4Life game in NY and NJ (55%).  I could go through the entire nation and I'll probably find more games paying 50% than 60%.

                The lottery should be paying back 80% in prizes to lottery players. 20% is enough for the lottery.

                  THRIFTY's avatar - great seal_obverse.jpg
                  NEW YORK
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                  Posted: June 24, 2014, 6:41 pm - IP Logged

                  Maybe I'm misunderstanding you, but both MM and PB only pay out 50% of ticket sales.  In New York, all of the draw games except Lotto pay out 50% of sales except Lotto (40%) and the new Cash4Life game in NY and NJ (55%).  I could go through the entire nation and I'll probably find more games paying 50% than 60%.

                  Lottery paying back 50% in prizes is what makes lottery games so hard to win.

                    eddessaknight's avatar - nw paladin.jpg
                    LAS VEGAS
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                    November 22, 2006
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                    Posted: June 24, 2014, 6:44 pm - IP Logged

                    The lottery should be paying back 80% in prizes to lottery players. 20% is enough for the lottery.

                    I Agree!

                    50% minimum all lotteries

                    Eddessa_Knight

                      THRIFTY's avatar - great seal_obverse.jpg
                      NEW YORK
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                      Posted: June 24, 2014, 6:44 pm - IP Logged

                      Maybe I'm misunderstanding you, but both MM and PB only pay out 50% of ticket sales.  In New York, all of the draw games except Lotto pay out 50% of sales except Lotto (40%) and the new Cash4Life game in NY and NJ (55%).  I could go through the entire nation and I'll probably find more games paying 50% than 60%.

                      New York lottery is very stingy on the payback rate of its games. It is the reason why Sweet Million failed. 

                      Cash4Life payback rate of 55% is a joke.

                        THRIFTY's avatar - great seal_obverse.jpg
                        NEW YORK
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                        Posted: June 24, 2014, 6:47 pm - IP Logged

                        Even if there was a 100% prize return, only 3.1% of the PB players will win a share of the prize fund. Any straight pick-3 combo still only has a 0.1% chance of winning regardless of the size of the prize. And you really should check the facts before quoting anyone; to my knowledge there is no state lottery paying out less than 60% of their ticket sales in prizes.

                        Lottery players will be very happy with a 70% payback rate on all lottery games. 30% is good for the lottery.

                          THRIFTY's avatar - great seal_obverse.jpg
                          NEW YORK
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                          Posted: June 24, 2014, 6:49 pm - IP Logged

                          I Agree!

                          50% minimum all lotteries

                          Eddessa_Knight

                          50% payback rate is preventing you from winning a lottery jackpot.

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                            Kentucky
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                            February 14, 2006
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                            Posted: June 24, 2014, 11:58 pm - IP Logged

                            Maybe I'm misunderstanding you, but both MM and PB only pay out 50% of ticket sales.  In New York, all of the draw games except Lotto pay out 50% of sales except Lotto (40%) and the new Cash4Life game in NY and NJ (55%).  I could go through the entire nation and I'll probably find more games paying 50% than 60%.

                            I can only speak for the yearly lottery financial reports from a few states, but in each of those states, the majority of ticket sales are scratch-offs. Those average payoffs including free tickets are usually over 60%. The online game payoffs are as you said, around 50%, but after subtracting the jackpot winnings from PB, MM, and lotto sales, the rest of the payoffs are probably less than 40%.

                            http://www.post-gazette.com/news/state/2014/04/30/Pennsylvania-Lottery-gains-in-profit-margin-rule-change-instant-games/stories/201404300117

                            Sales of instant games account for 62.3 percent of total revenues, up from 55.3 percent in 2008 and 24 percent in 1998, according to the Pennsylvania Lottery.

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                              Kentucky
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                              Posted: June 25, 2014, 12:02 am - IP Logged

                              Lottery players will be very happy with a 70% payback rate on all lottery games. 30% is good for the lottery.

                              http://www.lotterypost.com/news/275158?q=Pennsylvania+Lottery