Quote:
Originally Posted by White Out 403
The dude won 3 times in January, in 12 games. And there were other multiple winners this season, including one guy winning the early bird and the main draw.
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I get what you're saying, but those jackpots were small, it is still in the realm of possibility that someone could buy enough tickets to make a win a high probability....
the Jackpots were $5,000-$11,000, so for the $5,000 the total brought in from tickets was $10,000 presumably. If they sell the tickets like here in Calgary:
1 Raffle Ticket for $5
10 Raffle Tickets for $10
80 Raffle Tickets for $20
300 Raffle Tickets for $50
If they were all single ticket purchases that is 2000 tickets, the guy could break even buying 1000 tickets at $5 each with 50% of the tickets.
If he spent that same $5,000 on 100 packs of 300, he'd have 30,000 tickets against possibly 1000 single tickets giving him a 96.77% of the tickets.
Now breaking even isn't the point, so he likely would pick somewhere in between, to hopefully cover the few times he'd lose as well.
For instance, buying just 25 packs of 300 tickets would cost $1,250, and give him 7500 tickets, to still reach $10,000 total, an additional 1750 tickets would be sold at the single ticket price to give him 81% of the tickets, but the profit margin for a win would be 4X, so he could lose 3 times and still break even on the fourth.
Now if for instance, buying just 10 packs of 300 tickets would cost $500, and give him 3000 tickets, to still reach the $10,000 total, an additional 1900 tickets would be sold at the single ticket price to give him 61% of the tickets sold, but a 10X profit margin with a win, so he could lose 9 times and still break even!
If the jackpot is small, it would be easy to buy enough to make it worth while to have the odds to win multiple jackpots...of course the odds won't be this easy, since others will buy the other ticket packs too (not just singles) but that wont skew it too much I don't think with this small of a pot.