theLotter offers more than 50 international lotteries . Each has its own specificities: Some offer huge jackpots, others offer better odds of winning, and some offer daily draws … Each player is certain to find the lottery that suits him on theLotter! While all the lotteries on the site are different, they all have one thing in common: They offer jackpots that players want to win! The question then becomes: How are jackpot jackpots calculated? Check out this lottery jackpot guide to find out how these are defined, calculated and evolve. Better understanding is better playing, better odds of winnings and hopefully … win!
Guide to Lottery Jackpots
Lottery Jackpot Guide – Lotteries at Guaranteed Prices
Most of the biggest and most famous lotteries on the Lotter have a guaranteed price. Take the example of the famous American Powerball lottery . The baseball Powerball jackpot is set at $ 40 million, which means there is a $ 40 million guaranteed jackpot. As for the Mega Millions USA , its guaranteed minimum jackpot is $ 15 million. For the EuroMillions , the guaranteed minimum jackpot is 17 million euros, and so on … A minimum jackpot is simply a way to guarantee that a winner will win, at least , a certain amount.
Many lotteries, including the US Powerball and Mega Millions, also offer guaranteed secondary prizes. Regardless of the amount of the jackpot, secondary prizes always remain the same.
As you will see in the Powerball guide and in the Mega Millions guide , these two US lotteries offer price of second category of $ 1 million. Other price categories are also guaranteed. In both Powerball and Mega Millions, it is possible to add a multiplication option that varies depending on the draw and sale of tickets, although it is always fair to say that secondary prizes are guaranteed because minimum winnings are established.
It is also important to note that, no matter how many people win a guaranteed prize, they will receive this pre-established amount. For example, if five people win the $ 1 million US Powerball prize, they will each receive $ 1 million, without having to share that win.
Mutual Bet Jackpots
If you have never seen the lottery footnotes, chances are you do not know what these words mean. Hence the interest of this guide to lottery jackpots! The Pari Mutuel is a concept that appeared in France in the 1870s to bet on horse racing and other sports, but it also applies to the lottery.
In a Pari Mutuel lottery system, revenue from the sale of tickets is divided among the price categories. Thus, there are no lump sums. EuroMillions is an example of a lottery at Pari Mutuel. Each prize category, starting from the minimum jackpot, receives a percentage of the overall sale of tickets. There are no lump sums, except for the initial guaranteed jackpot of 17 million euros.
Another important feature of lotteries at Pari Mutuel is that the winners of a prize category divide the prize. If five people win a 3rd prize worth $ 50,000, each person will win $ 10,000. This concept is totally opposed to the guaranteed price system because the amount won by the winner depends on the number of other winners. There is no guarantee in short!
Mutual Betting vs. Guaranteed Prize
What is the best system? The Mutual Bet or the Guaranteed Prize? There is no real answer. A guaranteed prize is, as its name indicates, a safe win, regardless of the number of players or winners.
The Pari Mutuel system has many more fluctuations, both in terms of prize amounts and the number of winners, or the sale of tickets and the amount won by the winners.
Sometimes Pari Mutuel provides a better guarantee, but sometimes it is not. However, because of the variability inherent in the Pari Mutuel system, it leaves lottery players on alert. It’s worth taking a close look at the price amounts.
A progressive jackpot is a jackpot that increases until it is won. Most lotteries have a progressive jackpot and sometimes secondary prizes.
The $ 1.6 billion Powerball Jackpot , the biggest jackpot of all time, is a perfect example of a progressive jackpot. It was long put into play, until three lucky winners won.
The EuroMillions, on the other hand, has a maximum jackpot of 190 million euros. Once the jackpot reaches this milestone, it can not increase further and money from ticket sales that should be added to the jackpot is added to the second prize category. However, until the EuroMillions jackpot has reached its limit, it remains a progressive jackpot.
The exciting daily lottery New York Take 5 is an example of a lottery using the Pari Mutuel system with a non-progressive jackpot. If no one wins the jackpot in a given draw, it is not called into play and does not increase. Instead, the jackpot amount is added to the next prize category with a winner. The winner (s) in this category share (s) the total amount – the original amount plus the jackpot amount – equally.