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What if the PA Raffle Prize Structure Was Changed ?

Topic closed. 7 replies. Last post 1 year ago by Crazy Wombat.

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United States
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December 3, 2014
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Posted: August 16, 2015, 11:18 am - IP Logged

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

---------------------------------------------

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.

...

    LottoLucy's avatar - hereslucy header.jpg

    United States
    Member #131594
    August 14, 2012
    171 Posts
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    Posted: August 18, 2015, 11:34 pm - IP Logged

    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

    ---------------------------------------------

    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.

    ...

    I wonder how many people pay attention to anything on the chart beyond the million dollars.  Obviously most of the people here would but I am constantly amazed at how many people I know who play who can't tell you anything about the games they play beyond the current jackpot.  No knowledge of the odds, second prize, etc. 

    My point being that the PA lottery attracts more casual players by being able to advertise with 4 chances to win a million than 2.

    I also think I have read (although I can't cite it) that the lotteries have tried something similar to what you are suggesting  (more lesser prizes fewer big prizes) because people often requested something like that but when push came to shove those games were not as popular.  I don't think those were raffle style games, though.

    I think I would rather have the 4 chances to win a million mostly because that larger amount would allow instant retirement while the smaller amount wouldn't help much.

    Lotto Lucy

      maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
      Massachusetts
      United States
      Member #37433
      April 14, 2006
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      Posted: August 19, 2015, 6:55 am - IP Logged

      I think I would rather have the 4 chances to win a million mostly because that larger amount would allow instant retirement while the smaller amount wouldn't help much.

      Jester now thats wassup except that I wouldn't retire but splurge on things like superbowl

      That money's gone fo ever

        RedStang's avatar - tallman zps6gf4inoc.jpg
        NY
        United States
        Member #121961
        January 21, 2012
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        Posted: August 19, 2015, 10:55 am - IP Logged

        I wouldn't play using your chart.

          GiveFive's avatar - Lottery-026.jpg
          NY State
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          June 10, 2010
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          Posted: August 22, 2015, 8:34 am - IP Logged

          I wonder how many people pay attention to anything on the chart beyond the million dollars.  Obviously most of the people here would but I am constantly amazed at how many people I know who play who can't tell you anything about the games they play beyond the current jackpot.  No knowledge of the odds, second prize, etc. 

          My point being that the PA lottery attracts more casual players by being able to advertise with 4 chances to win a million than 2.

          I also think I have read (although I can't cite it) that the lotteries have tried something similar to what you are suggesting  (more lesser prizes fewer big prizes) because people often requested something like that but when push came to shove those games were not as popular.  I don't think those were raffle style games, though.

          I think I would rather have the 4 chances to win a million mostly because that larger amount would allow instant retirement while the smaller amount wouldn't help much.

          I Agree! 

          I too am "amazed at how many people I know who play who can't tell you anything about the games they play beyond the current jackpot.  No knowledge of the odds, second prize, etc"  People have actually said to me "You're a Lottery Guru" because I'm aware of the odds and lower tier prizes and they aren't. 

          I appreciate the fact that it's a hobby for me and not for them. (That's why I think I'm aware of odds and lower tier prizes - it's my hobby.) It just seems to me that if you're going to play the lottery, you ought to know a lot about it given the degree of difficulty to win a significant prize.  I've often said in different forums here at The LP that the lottery is a sucker bet.  Let's face it, if you play regularly, you're going to lose money more often than you're going to win money.  And the only way you'll ever see the money you lost again is if you win a significant prize.  Even then you may not recover all the money you've lost over the years.  So I think all players should completely understand what it is that they're most likely throwing their money away on!   

          As for me, I'm inclined not to vote for more lower tier prizes. Winning $100,000 would be great, and I'd certainly take it, but in all honesty it wouldn't be as much of a game changer as winning a million minus taxes.  After I paid off my kid's college loans, what'd be left from a $100,000 win wouldn't be a huge pile of money for my wife and I to enjoy in our golden years.  If I won a top prize, and paid off my kids loans, there'd still be enough money left for my wife and I to enjoy our retirement more.  Maybe our kids would get to enjoy some more of it after we've left this world!  But that is a "definite maybe"!  G5

          About playing the lottery --  You will lose more than you win. Until you hit a jackpot.  Then everything changes!

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            December 3, 2014
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            Posted: August 22, 2015, 10:33 am - IP Logged

            Actually since I started or posted this thread ... I have also changed my thoughts on more lower tier prizes.

            Even if some $50,000 prizes were created ... they would still be almost impossible to win anyway with a person having a few tickets out of 500,000.

            Since it's almost already impossible to win a large prize with the raffle ... might as well leave things the way they currently are. There is always that one "slim" chance that a person might actually get lucky and win a large prize one day.

            If that were to happen ... $1 million would be much better than $50,000.

            As for players not knowing the odds and such ... probably correct. I personally do not know anyone in PA that actually buys a $20 raffle ticket. I really don't !

            I know many people and see many people buying $20 scratch offs and all the other lottery games ... when I ask them if they ever buy a $20 raffle ticket, they always say "no".

            I have never had one person say "yes" to actually buying a $20 raffle ticket ... the only person that I know who does buy some raffle tickets is GiveFive making his trips from New York.

            I wonder what the future will be for the PA Raffle.

            ...

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              Wyomissing, PA
              United States
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              November 15, 2014
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              Posted: August 27, 2015, 11:27 am - IP Logged

              Changing the prize structure might help a little, but the main issue with the PA raffle is poor marketing. Sure, it's widely advertised and easy to play, but for many players, it doesn't seem compelling enough. A bright, colorful $20 instant ticket touting zillions of dollars in prizes seems more exciting and worthwhile than a piece of paper coming out of the terminal.

              Also, relating to that is the extended time between play and drawing. While many players are ok waiting a few days to a week tops for a drawing (PB, MM, etc), many aren't too keen to put down a $20 bet on a raffle draw in the distant future.

              Adding an instant component to the raffle game would likely help sales. For example, printing a bonus number sequence (ie. 05 17 22 25 32) at the top and have a drawing once a week. Seems overly involved, but might work. A simpler approach would be adding an instant win - say 1 out of every 1000 tickets sold wins $500. Bundling raffle with other games could help too.

              As for changing the prize structure, they should consider making it more similar to that of high denomination instants that often feature some large top prizes with little in between. It's often why many have better success with $5 instant tickets than $20s. Look at the prize table, and it's understandable why that is.

              An example PA raffle prize matrix that could improve sales:

              4 x $1 Million top prize (same as now)

              40 x $10,000 prize

              200 x $500 prize

              1000 x $100 prize

              4000 x $50 prize

              14460 x $20 prize (break-even; free play)

              Total winning tickets: 19,704 (over triple)

              Overall odds of winning any prize: 1 in ~25  (verses 1 in ~83 now)

              Prize liability $5,089,200 (same as now)

              Be interesting to see how well PA raffle sells being it's more frequent. I sat the last draw out and played very light in the ones before that, but will give it another go and will buy several tickets over the next couple of months. Maybe I'll finally hit at least $100, though winning $1 million would be super!

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                Member #161539
                December 3, 2014
                328 Posts
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                Posted: August 27, 2015, 1:39 pm - IP Logged

                Changing the prize structure might help a little, but the main issue with the PA raffle is poor marketing. Sure, it's widely advertised and easy to play, but for many players, it doesn't seem compelling enough. A bright, colorful $20 instant ticket touting zillions of dollars in prizes seems more exciting and worthwhile than a piece of paper coming out of the terminal.

                Also, relating to that is the extended time between play and drawing. While many players are ok waiting a few days to a week tops for a drawing (PB, MM, etc), many aren't too keen to put down a $20 bet on a raffle draw in the distant future.

                Adding an instant component to the raffle game would likely help sales. For example, printing a bonus number sequence (ie. 05 17 22 25 32) at the top and have a drawing once a week. Seems overly involved, but might work. A simpler approach would be adding an instant win - say 1 out of every 1000 tickets sold wins $500. Bundling raffle with other games could help too.

                As for changing the prize structure, they should consider making it more similar to that of high denomination instants that often feature some large top prizes with little in between. It's often why many have better success with $5 instant tickets than $20s. Look at the prize table, and it's understandable why that is.

                An example PA raffle prize matrix that could improve sales:

                4 x $1 Million top prize (same as now)

                40 x $10,000 prize

                200 x $500 prize

                1000 x $100 prize

                4000 x $50 prize

                14460 x $20 prize (break-even; free play)

                Total winning tickets: 19,704 (over triple)

                Overall odds of winning any prize: 1 in ~25  (verses 1 in ~83 now)

                Prize liability $5,089,200 (same as now)

                Be interesting to see how well PA raffle sells being it's more frequent. I sat the last draw out and played very light in the ones before that, but will give it another go and will buy several tickets over the next couple of months. Maybe I'll finally hit at least $100, though winning $1 million would be super!

                Ron ... those are some good ideas and you leave the four million dollar prizes intact. For the player that only buys one ticket, then having a chance to get your $20 back might be attractive.

                For someone like myself ... buying three to five tickets, probably wouldn't be that lucky getting all my money back ... but I can see the appeal to a single ticket buyer.

                I'm going on the assumption that the Lottery will be happy if at least 300,000 or more tickets are sold every drawing. They have all the prize money covered and make some money four times a year.

                Just have to wait and see how it all plays out.

                ...