October 10th, 2005 No Comments » | POSTED BY ROB

Odds of Winning The Lottery

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…


Related Posts

Tags: ,



Leave a Comment | Discuss On Facebook

Updates

Get regular, free updates direct to your inbox:



Personal Finance iPhone Apps

Recent Money Watch Articles

  1. TransferWise Redesigns & Relaunches
  2. Video: Apple Pay In Action
  3. MoneyDashboard Adds New Functionality
  4. goHenry vs Osper
  5. Osper: Debit Card For Kids, Managed By Parents
  6. Mobile Cheque Deposits Coming To The UK
  7. Coming Soon: Scan Credit Cards With Your iPhone
  8. 2014 Budget Calculator

Money Watch Categories

banking Banks Business Children Credit Credit Cards Debt Economy google Insurance Interest Rates Investments iphone Links Loans mobile Money Saving Mortgages New Products payments Pensions Property Savings security shopping Stocks and Shares Students Tax Tips Tools


Subscribe to Money Watch Email Updates

Email Format
Close