I have to admit that since I found out that you can take part in the National Lottery online a few months ago, I’ve been playing every week. It’s far more convenient than having to remember to get a ticket, and I was lucky enough to win twice in a row a couple of weeks back (although only £10 each time).
Many play the lottery in the hope of one day scooping the jacket and instantly becoming a millionaire, others play as they say it is an exciting way to donate money to good causes (although deep down they’re probably yearning for a big win too).
However, the Motley Fool has published Why The Lottery Is Strictly For Mugs, which goes in to the maths of actually winning the damn thing (likelihood: low), where your money actually goes to (hint: the government sees a fair bit) and whether you should in fact put your money elsewhere (verdict: you should).
Here are the probabilities of winning a prize:
|Win||% of pot||Odds|
|Jackpot (all 6 balls)||52%||1 in 13,983,816|
|5 plus bonus ball||16%||1 in 2,330,636|
|5 balls||10%||1 in 55,492|
|4 balls||22%||1 in 1,033|
|3 balls||£10 each||1 in 57|
|Winning any prize||1 in 54|
There’s been much said about the lottery being a tax on the poor, and I would have to agree to a certain extent. But let’s face it, there’s always that nagging thought that maybe, just maybe, one day you will be the lucky one. After all, somebody has got to win it…
- Reminder: Win £100 John Lewis Vouchers (April 23, 2012)
- Skandia Launches Fantasy Fund Football Game (December 8, 2011)
- MoneyVista: First Impressions, Plus Win 12 Month Subscription & £100 Vouchers (April 16, 2012)
- HSBC Giving Away 30 Apple MacBooks (If You Can Login) (September 13, 2011)
- Government Debt Scheme Telephone Scam (March 21, 2011)