Different Types Of Lottery

• Different Types Of Lottery Tickets
• Different Types Of Lottery Tickets
• Different Types Of Lottery Scratch Cards

While you can guarantee a lottery jackpot given enough money, it rarely works in your favor. And the chance of a lottery jackpot getting big enough to ensure a good return on your investment is slim. When the $1.5 billion Powerball jackpot was won, lottery fever was so high that 89 percent of all possible combinations had been purchased. Although cash is the top prize desired by most lottery players, some may want the opportunity to win these types of prizes as well. Current players may want the opportunity to win something different, potential players may want to play the lottery for the first time now that prizes are being offered.

When anyone thinks of lottery prizes they automatically think of cash, as that is the traditional prize lotteries are known for.

But many lottery operators, and regulators, are realizing that the offering of other types of prizes, especially as done with slot machines, may be the new way to keep players playing, and increase participation and income.

Attarcting a New Generation

The realization that the younger population is not as much gamblers as their parents and grandparents are is causing many jurisdictions to panic slightly.

If the current generation is not going to buy lottery tickets because the prize money is not something that titillates their thrill or pleasure areas of the brain, then their children will be even less inclined to gamble.

This is not to say that the gaming industry is trying to coerce or “get” anyone addicted to gambling.

On the contrary, it is about simply doing business, like any other business; keeping loyal customers loyal and building and increasing the customer base.

As with other businesses it is about offering prodcuts or services that current customers may like to try or are looking for, and that potential new customers might find attractive to keep them engaged and playing.

Young people today, and some older ones at that, are more interested in things other than money.

What's on Offer?

Unique experiences, the latest electronics, music, meeting celebrities, and other similar types of products or excitement.

This has translated well in the slot machine gaming sector.

Slot carosels (round or oval sections of a number of slot machines surrounding a product itself or media about the product) that have a top prize other than money, are extremely popular.

Operators and regulators are looking to see if that type of lottery could bring in the younger player and keep them engaged.

Some of the top prizes or jackposts that the lottery industry is looking at include:

• Trips/Vacations – Players would be able to win trips or vacations to specific places such as Italy, France, Moscow, Vienna, and such, or themed trips such as European tours, whale or dolphin watching, family/seniors/couples/singles types of vacations, beach parties, ship cruises, exotic locations, and other such places or themes.
• Cars – Winners could play for the chance of winning a full out ownership, or specific date-length lease, of a luxury vehicle either chosen by the operator, or as chosen by the winner.
• Motorcycles – Any type of high-end motorcycle could be offered to winners. Motorcycles such as custom made choppers, specifically designed touring or cruising models, or racing bikes could be very coveted top prizes.
• Concerts – Everything from front row seats, seats to a sold out performance, tickets to a specific artist or location, exclusive backstage passes, photo ops, and possibly even dinner or one-on-one time with the performer.
• Special events –Anything could be a top prize here from plays and concerts, to tours, wine tastings, or food festivals.
• Electronics – Think brand new top of the line smartphones, tablets, computers, laptops, gaming systems, home offices, routers, printers, speakers, tv’s, and much more.
• Hotels – Awesome luxury stay packages in top rated hotels either near the winner’s home or in a faraway beautiful location, including meals, spas, shopping, and other amenities.
• Restaurants – Winners could play for multiple meals at a high end restaurant, for two or four or for a whole bunch of friends and family.

Although cash is the top prize desired by most lottery players, some may want the opportunity to win these types of prizes as well.

Current players may want the opportunity to win something different, potential players may want to play the lottery for the first time now that prizes are being offered.

With the option of taking the prize or a cash equivalent, operators and regulators may see more income from lottery play that can go towards charitable benefactors, and more younger people playing the lottery.

Many dream of winning the lottery, but there are several methods that individuals have used in order to win. Is it coincidence or a method to the madness?

The lottery ticket types with the best chances of winning. Picture: The LottSource:Supplied

Almost half of all Australian adults are expected to have a ticket for tonight’s record-breaking Powerball draw.

But while the odds of pocketing the lot aren’t exactly in your favour, it turns out there are ways to dramatically boost your chances of winning.

According to The Lott spokeswoman Bronwyn Spencer, the key could come down to understanding the different lottery ticket types that are available to punters.

For example, the chance of winning tonight’s $150 million prize — the largest sum ever offered by a lottery game in this country — is around 1-in-134 million if you buy a single-game entry.

Meanwhile, the chance of winning Powerball with a 12-game entry — which costs $14.50 and is the cost popular option — is about 1-in-11 million.

It was also the ticket type used by Australia’s current record-holding lottery winner, a Sydney mum who scored $107 million in January.

Ms Spencer said one of the best ways of increasing your odds was to buy more games.

The smallest entry you can get in Powerball is a four-game entry — but more than a third of this year’s division one winning entries have been 25-game entries.

And while many lottery players agonise over whether they should choose their own numbers or have them randomly selected for them, it turns out there has been an even split of winners between the two options so far this year.

Should you bother buying a ticket for tonight’s draw? Picture: The LottSource:Supplied

POWERHIT

But Ms Spencer said one key strategy was to opt for PowerHit entries, which at $24 costs $9.50 more than the most popular 12-game entry.

However, it means that if all your numbers are drawn, the all-important Powerball is also guaranteed.

“During the past eight weeks, we’ve had 46 division two winners. These players had all the winning numbers but not the Powerball number. If just one of these players had purchased a PowerHit entry, they would be multi-millionaires,” Ms Spencer explained.

“While the PowerHit entry may only look like one line on your ticket, players should remember that this type of entry is actually 20 games which consist of the same seven numbers but each game has a different Powerball number from one to 20.

“This means if you do score the division one prize, you will also snag division two a massive 19 times which would bolster your prize dramatically.”

She said a quarter of Powerball division one winners this year held PowerHit entries.

Different Types Of Lottery Tickets

OTHER TYPES

Other types that could increase your chance of wining include System and Pick entries.

“A System entry allows you to pick more numbers from the main barrel of 1 to 35. For example, a System 10 entry gives you every seven-number combination of those 10 numbers. There’s even a PowerHit System entry that not only allows you to pick more numbers from the main barrel but also guarantees the Powerball number,” Ms Spencer said.

“Another entry people may not be aware of is the Pick entry, which guarantees you either one or two of the winning numbers.”

Ms Spencer said these types were popular choices for syndicates among family, friends and colleagues.

BUT SHOULD YOU BOTHER?

Different Types Of Lottery Tickets

According to financial adviser Kyle Frost from Millenial Indpenedent Advice, lottery tickets are on the “low end of the gambling scale” and unlikely to have a serious impact on your financial future — in moderation.

Different Types Of Lottery Scratch Cards

“I don’t see an issue with buying lottery tickets as long as they are budgeted for and you know the implications and that the odds are stacked against you — there’s a really small chance of winning a life-changing amount and you would be better off to save those lotto expenses or invest them,” he said.

Mr Frost said as long as your lottery habit wasn’t affecting your ability to pay your bills, it was probably relatively harmless — but he said most people would be better off investing the cash and getting smaller but more guaranteed financial “wins” that way.

He also warned of many cases of lucky lottery winners who ended up frittering away their fortunes because they weren’t used to handling that much cash instantly.

“A lot of winners aren’t used to managing wealth and within a few years they lose it all because of frivolous spending and family expectations, so is it really as life-changing as you think it was going to be?” he said.

And according to Foster Ramsay Finance principal Chris Foster-Ramsay, a regular lottery habit could even impact your chances of securing a home loan or how much you could ultimately be allowed to borrow.

He told news.com.au a $20 ticket once a month would be unlikely to raise red flags but that larger, regular expenses could come back to bite you.

“We’re required to ask questions about (spending) and pick up patterns, so while the Powerball tonight is not an issue, or even tickets bought once a month, where a lender can draw the line is in terms of regular behaviour,” he said.

“It’s not so much about ‘does this person have a problem?’ but … it means that because your living expenses are higher, your potential borrowing capacity is less and you may not be able to buy the home or get the amount you need to borrow.”