Seems very strange ... since they struggled to sell all the tickets for the July 2015 raffle ... which of course they did not ... but they did sell more than 300,000 tickets, so they still made a profit.
This is from the PA Lottery site:
More Millionaire Raffle, More Often
Millionaire Raffle has gone quarterly! After being offered twice per-year for the past 10 years, Millionaire Raffle has evolved into a seasonal game. The first fall drawing of Millionaire Raffle will be October 31. Everything about the game remains the same - it’s still a $20 ticket that offers 6,000 cash prizes totaling more than $5 million, including four $1 million top prizes.
More Millionaire Raffle, More Often !
I posted this in the other PA Raffle post about only selling 300,000 tickets.
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Last week I was figuring this out ... they really need to sell 300,000 tickets to cover all the prizes and have a small profit ...
Here are the figures ... I think I am accurate:
$100 x 5,892...... $589,200
$1000 x 1000...... $100,000
$100,000 (4)...... $400,000
$1 million (4).. $4,000,000
Total prize money awarded = $5,089,200 + $22,000 for retailers selling winning tickets.
$5,089,200 + $22,000 = $5,111,200 ...
So 300,000 tickets at $20 = $6,000,000 - $5,111,200 = $888,800 Profit and any tickets sold over 300,000 all gravy and more profit.
There is no reason for them not to keep having a raffle drawing ... when they can't sell at least 300,000 total tickets ... then they would have a problem.
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When the raffle first started, I was hoping it would be four times a year.
However, they are not saying exactly how many tickets will be sold ... if they sell enough (300,000) to make a profit and the raffle is held then this might make the "new" raffle a better deal ... if less than 500,000 tickets are sold but more than 300,000 are sold for the PA Lottery to be happy ... then this would make it a better raffle for the players ... much better odds to win a million dollars and the PA Lottery is also happy.
So they make less money on a raffle drawing but they are having four drawings now instead of two. The players don't have to wait for a drawing every six months ... every three months will come fast.
It's got my interest since the prizes are still the same ... will be interesting to see how this all works out in October.
It's a shame they did not do this earlier ... 5 or 6 years ago.
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