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Florida Holiday Millionaire Raffle 2016

83 replies. Last post 1 day ago by Sum Buddy.

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Sum Buddy's avatar - AVATAR1 zps193xol4h.jpg

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Posted: October 24, 2016, 1:53 pm - IP Logged

I guess that even with the failure to sell out last year's Raffle tickets, the Florida Lottery turned enough of a profit to offer a raffle again this year.

 

What's the same:

  Sales capped at 750,000 tickets

  7 top prizes of $1,000,000 (at odds of 1/ 107,143.)

  Five weekly  drawings with two $10,000 winners per draw.

 

What's changed:

  Longer sales period-- last year the Raffle ran from Nov. 15th to Dec. 30th.  This year it runs from Oct. 31st to Jan. 2nd.

  The first "weekly" sales period is from Oct. 31st to Nov. 28th.  That's one long-@$$ week! 

  Instead of an online-entry drawing (last year was the football drawing, with $500 cash prizes) this year will feature Early Bird Instant Win prizes.  From the first 100,000 tickets sold, 2,500 people will win $50 (odds of 1/40.)

  Last year in the grand prize drawing, the lower-tier prizes were (15) $50,000 prizes, (25) $5,000 prizes, and (500) $500 prizes.  This year it's (7)  $50,000 prizes, (20) $5,000 prizes, and (200) $500 prizes.

 

The longer sales period and Early Bird prizes are obviously a play aimed at selling out.

I'll be getting a few tickets...

 

Thumbs Up

    Sum Buddy's avatar - AVATAR1 zps193xol4h.jpg

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    Posted: October 24, 2016, 8:03 pm - IP Logged

    I was curious about the total prize payout for the Raffle, so I got out my trusty calculator.  The top prize for both the 2015 Florida Raffle and the 2016 Florida Raffle is the same: seven  $1,000,000 top prizes.

    On the lower-tier prizes, however, the 2015 Raffle paid out a total of $1,125,000 to the second through fourth-tier winners in the grand prize drawing, plus football tickets and paraphernalia, plus I don't know how many $500 cash prizes in the online-entry game.

    The 2016 Raffle is paying a total of $550,000 to the second through fourth-tier winners in the grand prize drawing, plus $125,000 to the Early Bird Instant Win winners, for a total of $675,000.  Hmmm...

    $1,125,000

    -  $675000

    = $450,000

    That's $450,000 less for players in the 2016 Raffle.  And since I didn't add any dollar value to the 2015 prize pool for the online Football prizes, well, heck, I'm going to call it a half a million dollars less.

    Shorting lower-tier winners to pump up the jackpot (and maximize profit and cover for any sales shortfall) is par for the course with lotteries. 

    I'm still gonna play, but I'm rethinking how many tickets I'll get.

      Tatototman65's avatar - Lottery-009.jpg

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      Posted: October 24, 2016, 9:26 pm - IP Logged

      Good luck to all players!!!

      Smile

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        Sum Buddy's avatar - AVATAR1 zps193xol4h.jpg

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        Posted: October 25, 2016, 12:59 pm - IP Logged

        I was curious about the total prize payout for the Raffle, so I got out my trusty calculator.  The top prize for both the 2015 Florida Raffle and the 2016 Florida Raffle is the same: seven  $1,000,000 top prizes.

        On the lower-tier prizes, however, the 2015 Raffle paid out a total of $1,125,000 to the second through fourth-tier winners in the grand prize drawing, plus football tickets and paraphernalia, plus I don't know how many $500 cash prizes in the online-entry game.

        The 2016 Raffle is paying a total of $550,000 to the second through fourth-tier winners in the grand prize drawing, plus $125,000 to the Early Bird Instant Win winners, for a total of $675,000.  Hmmm...

        $1,125,000

        -  $675000

        = $450,000

        That's $450,000 less for players in the 2016 Raffle.  And since I didn't add any dollar value to the 2015 prize pool for the online Football prizes, well, heck, I'm going to call it a half a million dollars less.

        Shorting lower-tier winners to pump up the jackpot (and maximize profit and cover for any sales shortfall) is par for the course with lotteries. 

        I'm still gonna play, but I'm rethinking how many tickets I'll get.

        OK, an amendment to these figures.  I didn't include the weekly drawing prizes in the above calculations, because I didn't have 2015's weekly prize amounts.  Amazingly enough, I found them right here on Lottery Post!      Hurray!

        So the sum total of 2015's weekly drawing prizes was $550,000.  The sum total of this year's raffle weekly drawing prizes is $760,000, so $210,000 more than last year.

        If I add the weekly drawing figure to the overall game prize totals (excluding the grand prizes, as they are identical,) we get this:

        2015:  $1,675,000

        2016:  $1,435,000

                     $240,000

         

        So this year's total prize package is still at least $240,000 less than last year.  Not as bad a shortfall as I first thought.  But the 2015 Football prize package is not included in this figure, as I have no definite value of those prizes.  But you could probably easily add another $20,000 to $50,000 to that $240,000.  Still less prize money for the players.

          sandollar's avatar - Lottery-015.jpg
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          new port richey florida
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          Posted: October 28, 2016, 9:05 am - IP Logged

          Don't waste your money

            LottoAce's avatar - WWI Flying_Ace.gif
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            Posted: October 29, 2016, 7:06 pm - IP Logged

            Don't waste your money

            Is it not worth it?..just asking I don't know.

            "know your limitations, but excede your expectations"

              Sum Buddy's avatar - AVATAR1 zps193xol4h.jpg

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              Posted: October 29, 2016, 9:19 pm - IP Logged

              Is it not worth it?..just asking I don't know.

              Well, the odds of winning $1,000,000 in the raffle is 1/107,000.  The odds of winning $1,000,000 in the Gold Rush Doubler scratch-off (for example) is 1/1,680,000.  These games are both $20 per ticket.

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                Naples, Florida
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                Posted: October 30, 2016, 3:06 pm - IP Logged

                I am happy they brought this back last year, it something fun to do during the holiday season. Hopefully I win something this go round, didn't win a single penny last time lol. I'll be buying a couple of tickets again, why not, the odds are better than every other game out there in Florida lol. I did notice that they extended the time to buy by quite a bit, we'll see if they sell out this time. First ticket goes on sale tomorrow!

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                  Jacksonville
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                  Posted: October 30, 2016, 3:16 pm - IP Logged

                  Well, the odds of winning $1,000,000 in the raffle is 1/107,000.  The odds of winning $1,000,000 in the Gold Rush Doubler scratch-off (for example) is 1/1,680,000.  These games are both $20 per ticket.

                  You are correct on the top prize.  In fairness, the lower tier $500 prizes are easier to win on the new GR game.  But the $1M Raffle prize has one huge advantage, the $1M is $1M lump sum.  The GR is a 25 year annuity or a lump sum of $745,000.  That means that the Raffle is worth $255,000 more than the GR $1M prize.

                    Sum Buddy's avatar - AVATAR1 zps193xol4h.jpg

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                    Posted: October 30, 2016, 4:13 pm - IP Logged

                    You are correct on the top prize.  In fairness, the lower tier $500 prizes are easier to win on the new GR game.  But the $1M Raffle prize has one huge advantage, the $1M is $1M lump sum.  The GR is a 25 year annuity or a lump sum of $745,000.  That means that the Raffle is worth $255,000 more than the GR $1M prize.

                    Yeah, I realize that comparing the two games is like comparing artichokes to kiwi fruit.  I was mainly pointing out the difference in the odds at winning $1,000,000.  As a matter of fact, we'll probably be seeing some Lottery Raffle advertising stating "best odds of winning $1,000,000," which it is.

                    Wow, I didn't realize there was such a big bite put on the GR cash option.  And then, of course, there's always taxes...  But I see some of you Florida scratch-off players are doing verrry well indeed!

                     

                    ION, I was looking over last year's raffle thread and found these nuggets:

                    duckman said:  "All 7 of the $1,000,000 prizes were in cities whose names started with an "O" or a "P"...

                    Sumbuddy said:  "Six of the $1,000,000 winners were in cities that starts with a "P."  That does seem skewed statistically".

                    GiveFive said: "Judging from the ticket numbers , five of the seven million dollar winning ticket numbers were sold LATE in the sales cycle.

                    "Big deal" you say?   Well, consider this;  the same phenomenon has been occurring regularly in The Pennsylvania Millionaire Raffle.  Why?  Who knows!!!  But it does.  Don't believe it?  Google Pennsylvania lottery and go to the PA Lottery's website.  They have the  winning numbers posted back to 2005.  See what you see and then tell me I'm crazy!"

                      Sum Buddy's avatar - AVATAR1 zps193xol4h.jpg

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                      Posted: October 31, 2016, 2:16 pm - IP Logged

                      "As a matter of fact, we'll probably be seeing some Lottery Raffle advertising stating "best odds of winning $1,000,000," which it is."

                       

                      LOL!  I'm on Florida Lottery's e-mail list, and just received an e-mail with the header "Your best odds to win $1 million are here!"  (raffle sales begin today.)  So predictable!

                      Pumpkin

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                        Posted: October 31, 2016, 5:32 pm - IP Logged

                        A guy I know who lives in Florida bought 10 of those tickets last year and didn't have a single winner. He claims he won't fall for the bait again this year especially since the prizes are much less.

                        $20 per ticket is too rich for my blood so I won't bother having anybody get me a raffle ticket.

                        Never attempt to maintain a lifestyle you can't afford.

                          Sum Buddy's avatar - AVATAR1 zps193xol4h.jpg

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                          Posted: October 31, 2016, 6:14 pm - IP Logged

                          A guy I know who lives in Florida bought 10 of those tickets last year and didn't have a single winner. He claims he won't fall for the bait again this year especially since the prizes are much less.

                          $20 per ticket is too rich for my blood so I won't bother having anybody get me a raffle ticket.

                          Yes, I think the $20 price deters a lot of people.  Plus, the only variable you can control with the Raffle is when and where you buy your ticket.

                          Last year, I think I got a ticket for each weekly drawing, didn't win anything.  I was thinking of doing the same this year.  Now, however, I think I will buy my tickets late in the sales cycle.  In a city that begins with the letter "P."

                          Thinking of...                                 Stretch

                            Drenick1's avatar - villiarna
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                            Posted: November 1, 2016, 3:20 pm - IP Logged

                            A guy I know who lives in Florida bought 10 of those tickets last year and didn't have a single winner. He claims he won't fall for the bait again this year especially since the prizes are much less.

                            $20 per ticket is too rich for my blood so I won't bother having anybody get me a raffle ticket.

                            I have a friend in Orlando who bought a bunch as well and came up empty handed. Perhaps not buying them in a city that begins with a "P" was the factor? I can think of Ponte Vedra, Palm Beach or Punta Gorda but I won't be traveling to Florida anytime soon.

                              helpmewin's avatar - dandy
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                              Posted: November 3, 2016, 9:29 am - IP Logged

                              Don't waste your money

                              I never had any Luck the last raffle i played cancels not good here.Thumbs Down

                              Let it Snow Snowman