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Epacris

Odds of winning the lottery: I like to distinguish between "lottery" and what's called "Lotto" (that's a trade name, I think a portmanteau of lottery and Keno), here.

To me, a lottery has a certain fixed number of tickets/entries, one of which is drawn as the winner and gets the full first prize, which is a known fixed sum. Lotto is based on the old UK "Pools" where any number can enter into one draw, and more than one entry can get whatever the winning combination of numbers is; often the overall prize amount varies depending on receipts from the number of entries.

The odds of winning a Lotto-style competition are usually vastly higher against than a lottery.

In New South Wales the Lottery Office used to sell 100,000 tickets in each draw of its most popular version ($2 ticket/$100,000 prize). Now it's 150,000, so you know the odds are 150,000 to 1. When Lotto started you picked 6 numbers from 36 choices. Now it's 6 from 44. I've seen a calculation that puts the odds at around 37,000,000 to 1; or it could have been 3.7 million to 1. Lots more than 0.15 million to 1, anyway. And when a popular combination of numbers wins, the prize gets split among quite a few winners.

My mother bought a lottery ticket every pay day for maybe 50 years, and did win a number of minor prizes, ranging from say $10 to $100 over that time (overall not at a profit). I've actually worked with someone who won first prize - it wasn't enough to retire on at her age, but she'd set herself up well. Now I know lots of people who've got payouts from Lotto at the $5-$20 level, but don't know anyone with more than that.

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