Lotto Six numbers are drawn from a set
of individually numbered balls with numbers in the range 1–49, as
well as a further bonus ball. Balls, once drawn, are not returned
to the draw machine, therefore each ball (including the bonus ball)
can only be drawn once per Lotto draw. Players choose six different
numbers by a method of their own choosing at the time they purchase
a ticket. Ticket issuing machines can generate a random set of play
numbers as a so–called Lucky Dip. Prizes are awarded to players
who match at least three of the six drawn numbers with increasing
prize value for matching more of the drawn numbers. In addition
to the six drawn numbers, an additional number is drawn as the Bonus
Ball. The bonus ball is only relevant to those players who match
five of the six drawn numbers, whereby those players matching exactly
five of the drawn numbers who also match the bonus ball receive
a larger prize than those matching just 5 of the drawn numbers.
Anyone matching all six drawn numbers wins a share of the jackpot;
the chance of doing so is 1 in 13,983,816. For players matching
at least four of the drawn balls the prize value is dependent on
the total number of players also matching the same number of balls
in that the prize fund is divided equally between all players matching
that number of drawn numbers. In the event that no player matches
all six of the drawn numbers the jackpot is accumulated into the
next Lotto draw, a so–called Rollover. This accumulation is limited
to three consecutive draws. Rollover is a common occurrence, happening
once every few draws, though a three week roll-over is a rather
less common occurrence having happened only twice to date.
The price of entry to Lotto is £1 per set of six chosen numbers.
From Wikipedia, the free encyclopedia |
Lottery A lottery is a popular form of
gambling which involves the drawing of lots for a prize. Some governments
forbid it, while others endorse it to the extent of organizing a
national lottery. It is common to find some degree of regulation
of lottery by governments.
The first signs of a lottery trace
back the Han Dynasty between 205 and 187 B.C., where ancient Keno
slips were discovered. The lottery has helped finance major governmental
projects like the Great Wall of China.
Lotteries come in
many formats. The prize can be fixed cash or goods. In this format
there is risk to the organizer if insufficient tickets are sold.
The prize can be a fixed percentage of the receipts. A popular form
of this is the "50-50" draw where the organizers promise that the
prize will be 50% of the revenue. The prize may be guaranteed to
be unique where each ticket sold has a unique number. Many recent
lotteries allow purchasers to select the numbers on the lottery
ticket resulting in the possibility of multiple winners. Lotteries
are most often run by governments or local states and are sometimes
described as a regressive tax, since those most likely to buy tickets
will typically be the less affluent members of a society. The astronomically
high odds against winning have also led to the epithets of a "tax
on stupidity", "math tax" or the oxymoron "voluntary tax" (playing
the lottery is voluntary; taxes are not). They are intended to suggest
that lotteries are governmental revenue-raising mechanisms that
will attract only those consumers who fail to see that the game
is a very bad deal. Indeed, the desire of lottery operators to guarantee
themselves a profit requires that a lottery ticket be worth substantially
less than what it costs to buy. After taking into account the present
value of the lottery prize as a single lump sum cash payment, the
impact of any taxes that might apply, and the likelihood of having
to share the prize with other winners, it is not uncommon to find
that a ticket for a typical major lottery is worth less than one
third of its purchase price.
From
Wikipedia, the free encyclopedia |
The fact that lotteries are commonly played leads
to some contradictions against standard models of economic rationality.
However, the expectations of some players may not be to win the
game, but the thrill and indulgence in a fantasy of possibly becoming
wealthy become the goal. Even ignoring the thrill factor, there
is the theoretical possibility that the purchase of a lottery ticket
could represent a gain in expected utility, even though it represents
a loss in expected monetary value, thus making the purchase a rational
decision. Insurance, for instance, represents negative expected
monetary value but is not considered to be a tax on stupidity because
it is generally believed to deliver positive expected utility to
the individual.
Lottery tickets are usually scanned in big
numbers using marksense-technology.
From
Wikipedia, the free encyclopedia

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