NY Lotto: 25 years of ripping off winners

Reply #20

johnph77 — Tue, 13 Jan 2004 02:35:36 GMT

Tables are based on total possibilities of the draw, not on actual ticket sales. In a 6/48 game there are 12,271,512 different 6-number combinations possible. If one of each possible ticket is sold, one ticket will hit the jackpot, which pays $500,000, representing 4.07% of the amount bet. There will be 252 tickets hitting 5 of 6, each paying $957 (on average - these are pari-mutuel payouts, but the numbers come as averages from the Indiana Lottery Commission) giving a total payout of $241,164,

Reply #19

Todd — Tue, 13 Jan 2004 01:09:49 GMT

I'm just confused by your table of numbers and what you're trying to show. Unless you can get the total sales number form the Hoosier Lottery, then your chart won't work. Usually the lotteries release an annual report of some type, so you should probably start by tracking down last year's report.

Reply #18

johnph77 — Tue, 13 Jan 2004 01:01:09 GMT

Basically, the jackpot value would have to reach approximately $3,746,000 to enable a 56% payout percentage.

Reply #17

Todd — Mon, 12 Jan 2004 23:27:05 GMT

Johnph77:You can't go by the annuity value. It is based on fluctuating rates, and has no bearing on the percentage of sales that go to jackpots.

Reply #16

CASH Only — Mon, 12 Jan 2004 13:54:50 GMT

Todd:I suppose that's the best % of any US jackpot game. Guess they can afford free plays for 2-of-6.

Reply #15

Todd — Mon, 12 Jan 2004 13:51:10 GMT

The Hoosier Lottery gives back 56%. Here's the link:http://www.in.gov/hoosierlottery/profit.html

Reply #14

CASH Only — Mon, 12 Jan 2004 13:39:42 GMT

glewsza:You probably didn't read this thread.

Reply #13

CASH Only — Tue, 16 Dec 2003 13:16:37 GMT

johnph77:I doubt Hoosier Lotto is that stingy. Show me proof that its payout is 34%.

Reply #12

johnph77 — Mon, 15 Dec 2003 20:06:01 GMT

CASH Only -The last time I checked the Indiana Hoosier lottery, based on historical information posted by them, only had a payback of 34.46%. I just checked it again, and I stand by that.luckycat -The reference to Blessed Saint Leibowitz comes from a book, Space , written by James Michener in 1982 about the astronaut program as only he could have recorded it. My signature comes from his reference to an earlier book titled A Canticle for Leibowitz by Walter Miller.

Reply #11

CASH Only — Mon, 15 Dec 2003 19:11:31 GMT

johnph77:Whether it's 38% or 40%, NY Lotto has the WORST prize return of any US lottery game. BTW, the 3-of-6 prize has always been $1 since the 6/59 format began-its first drawing was the night after the 9/11 attacks.

Reply #10

luckycat — Mon, 15 Dec 2003 16:52:31 GMT

johnphh7who is Blessed Saint Leibowitz/? just wonderingthanks

Reply #9

johnph77 — Mon, 15 Dec 2003 14:58:55 GMT

Re NY Lotto, reserve fund is still utilized, but the payout is entirely pari-mutuel, so my best guess is that that fund is used only to cover their adzes in case they have to pay out to the next highest dollar, God forbid. At worst, the payout percentage is only 38.00%As far as Ohio is concerned, the only high-payout game not covered by pari-mutuel payouts is the Buckeye 5, and the return there is 54.88%.

Reply #8

CASH Only — Mon, 15 Dec 2003 13:23:28 GMT

Lottoking:You need to read this thread.

Reply #7

CASH Only — Thu, 27 Nov 2003 16:38:56 GMT

Only $7 million after two rollovers. In the early days of the NY Lotto cash option (1996), two rolls meant a jackpot of $15m-$17m.

Reply #6

CASH Only — Tue, 18 Nov 2003 18:02:09 GMT

BfloTG:I wasn't sure if the reserve fund 2% was still being utilized that way. Even with reserves, the prize return is no more than 40%.

Reply #5

RJOh — Mon, 17 Nov 2003 20:04:31 GMT

Those odds don't sound that bad. In OhioSuperLotto,a 6/49+1 game, the overall odds of winning something(a free QP for annuity payments) is 1:54, but the odds of winning the smallest cash amount ($5) is 1:812 for a $1 play, that's about 81 to 1 for a buck per every 50 spent.A few years ago they had a limit on what a single ticket would pay regardless of the jackpot size. That was doing the good old days when jackpots were as high $60M and rollovers were a least $4M. After people stopped playing... [ More ]

Reply #4

BfloTG — Mon, 17 Nov 2003 17:47:05 GMT

Quote: Originally posted by CASH Only on November 14, 2003 Even with its cash option, NY Lotto (now 6/59) just isn't worth playing. Matching three numbers wins $1. Four numbers have paid $15 or $13. The best way to get the NY Legislature to allow the NY Lottery to pay Lotto winners their fair shares is to stop playing NY Lotto.I agree. Odds to win a lousy buck are 96 to 1 for a $.50 play. But I have to correct you Cash. The percentage payout is not 40%, it's even worse. They retain another 2... [ More ]

Reply #3

CASH Only — Mon, 17 Nov 2003 17:12:31 GMT

Twisted:I agree. I'm trying to get all NY Lotto players to switch to MM.

Reply #2

twisted — Fri, 14 Nov 2003 17:37:11 GMT

everything cost more only in New York City. The whole of New York is a different story. But I do believe that the 40% return to the players is unfair and everyone should stop playing NY lotto.

Reply #1

fja — Fri, 14 Nov 2003 17:04:07 GMT

everything cost more in New York

NY Lotto: 25 years of ripping off winners

CASH Only — Fri, 14 Nov 2003 13:17:37 GMT

When NY Lotto began in November 1978, it was a 6/40 game (always two plays for $1 except the 6/51 format February 1999-September 2001). The prize return was 40%, but it was the only such game at the time.NY Lotto has gone through a number of changes in its 25 years. Unfortunately, one thing that has NOT changed is the ridiculously low 40% prize return-the worst of any US lottery game.Even with its cash option, NY Lotto (now 6/59) just isn't worth playing. Matching three numbers wins $1. Four num... [ More ]