I've been kicking this around and wonder if many raffle players would like a change with a chance to win more larger prizes over $1,000.
Instead of four chances to win $1 Million Dollars there would be two ... the $100,000 prize would stay the same with four chances.
The total prize amount would still be the same ... $5,089,200.
Here's my chart ...
2 - $1 Million Prizes = $2,000,000
4 - $100,000 Prizes = $400,000
12 - $50,000 Prizes = $600,000
150 - $10,000 Prizes = $1,500,000
200 - $1,000 Prizes = $200,000
3892 - $100 Prizes = $389,200
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Total prize winnings = $5,089,200
This is the current setup below ... the $100 and $1000 prizes don't mean much to me but the $10,000 and $50,000 prize would still give a person some money left after paying taxes.
You win $1,000 now and really only get about $600 to $800 + after taxes, depending on your tax rate ...
$1 million (4).. $4,000,000
$100,000 (4)...... $400,000
$1000 x 1000...... $100,000
$100 x 5,892...... $589,200
Total prize winnings = $5,089,200
Just an idea ... maybe most people would prefer no changes to the current game. Maybe more people would be inclined to buy a $20 ticket with more chances to win a $10,000 and $50,000 prize and still have a shot at the larger prizes.
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