Quote from: Never beat the deeler on Today at 01:18:13 AMQuote from: LC on May 28, 2024, 06:55:55 PMThe Armagh draw popped up on my Facebook feed the other day, £25 per ticket for a chance to win a house in Downings is good value compared to regularly paying £20 where max prize is £10k.
Seems to good to be true?
If you're comparing 'value' you need to factor in the total number of tickets sold.
When the prize is $10k and tickets are $20, only 500 tickets need to be sold to break even. So say they sell 600, you pay $20 and your ticket is worth $10k x 1/600 = $16.67
For a $250k prize and $25 tickets, they need to sell 10,000 tickets so the same deal. If they sell 11,000, your ticket is worth $250k x 1/11,000 = $22.72
(obv value of prizes is not always the same as cost of prizes, but for simplicity)