Mini Millions
people have won jackpots of millions of dollars with the Mega Millions lottery. not like they got paid all of it but that's beside the point.
tickets cost $1 and the jackpot starts at 15 million. as people continue playing, a percentage of the revenue goes back into the jackpot, which increases in size until someone eventually buys the winning ticket.
it has been going on for a number of years now, but a cursory glance at the last three years shows how big the jackpot can get.
2016
January 8, 169 million
March 8, 157 million
July 8, 536 million
July 19, 25 million
July 22, 15 million
September 16, 134 million
October 11, 49 million
November 18, 83 million
2017
January 27, 191 million
March 31, 177 million
April 28, 61 million
August 11, 393 million
September 22, 105 million
October 13, 42 million
2018
January 5, 451 million
March 30, 533 million
May 4, 142 million
July 24, 543 million
several of those had been won by groups of people who buy tickets collectively and share the winnings.
with the current jackpot a staggering One Billion Dollars (1,000 millions of dollars), attention is brought to the fact that the same $1 ticket brings more now than when it started. lately, 67 times as much.
therefore, instead of a group of people buying gobs of tickets at regular price like everyone else, why not use the increased size of the jackpot to reduce the price of tickets.
here's how.
say there is a club buying tickets. how many people in the club is irrelevant.
the club sets the "share price" of a ticket at 1 cent. for each penny you spend, you get 1/100 of a ticket and get 1/100 of the jackpot. (since an actual ticket cost $1.00)
so with the current jackpot at 1,000 million dollars, that penny you spent could win you 10 million dollars.
remember that when this run of the lottery started, you had to pay $1 for a ticket that got you 15 million.
better odds, no? and you can get as much or as little action as you want for 1c a shot.
tickets cost $1 and the jackpot starts at 15 million. as people continue playing, a percentage of the revenue goes back into the jackpot, which increases in size until someone eventually buys the winning ticket.
it has been going on for a number of years now, but a cursory glance at the last three years shows how big the jackpot can get.
2016
January 8, 169 million
March 8, 157 million
July 8, 536 million
July 19, 25 million
July 22, 15 million
September 16, 134 million
October 11, 49 million
November 18, 83 million
2017
January 27, 191 million
March 31, 177 million
April 28, 61 million
August 11, 393 million
September 22, 105 million
October 13, 42 million
2018
January 5, 451 million
March 30, 533 million
May 4, 142 million
July 24, 543 million
several of those had been won by groups of people who buy tickets collectively and share the winnings.
with the current jackpot a staggering One Billion Dollars (1,000 millions of dollars), attention is brought to the fact that the same $1 ticket brings more now than when it started. lately, 67 times as much.
therefore, instead of a group of people buying gobs of tickets at regular price like everyone else, why not use the increased size of the jackpot to reduce the price of tickets.
here's how.
say there is a club buying tickets. how many people in the club is irrelevant.
the club sets the "share price" of a ticket at 1 cent. for each penny you spend, you get 1/100 of a ticket and get 1/100 of the jackpot. (since an actual ticket cost $1.00)
so with the current jackpot at 1,000 million dollars, that penny you spent could win you 10 million dollars.
remember that when this run of the lottery started, you had to pay $1 for a ticket that got you 15 million.
better odds, no? and you can get as much or as little action as you want for 1c a shot.
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Tickets are 2$. There are lottery clubs, but the way tickets must be bought it restricts these clubs ability to buy the amount of tickets they wish they could buy. Tickets must be bought from a retail vendor by an actual person. 0 -
i think 500 $1M prizes beats one $500M prize ..affects a lot more people and gets more money in circulation 0 -
quote:Originally posted by spasmcreek
i think 500 $1M prizes beats one $500M prize ..affects a lot more people and gets more money in circulation
I agree but 1m doesn?t see as many tickets as 1B0 -
quote:Originally posted by SCOUT5
Tickets are 2$. There are lottery clubs, but the way tickets must be bought it restricts these clubs ability to buy the amount of tickets they wish they could buy. Tickets must be bought from a retail vendor by an actual person.
okay, 1c gets you 1/200 of a ticket. your share of the jackpot is 5 million for each 1c you spend.0 -
quote:Originally posted by spasmcreek
i think 500 $1M prizes beats one $500M prize ..affects a lot more people and gets more money in circulation
I'd disagree, when one person wins it all he can "blow it faster".
500 persons who only get a million might be more conservative with a smaller amount of money. Some might actually NOT blow it all.
Odds are the winner will NOT be the brightest bulb in the pack. Let it be one winner takes all.
https://www.youtube.com/watch?v=Eub8dMd2pxw0 -
"A lottery is a salutary instrument and a tax laid on the willing only, that is to say, on those who can risk the price of a ticket without sensible injury for the possibility of a higher prize."
Thomas Jefferson0 -
Lottery= tax on folks with poor math skills. 0
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