Search the Internet          Tips  Sites: Finance, Investment

Playwin jackpot odds 1 in 14 million

Anusha Subramanian

The inaugural draw of Super Lotto -- India's first online lottery -- (promoted by the Sikkim government) was held at Gangtok, Sikkim, on March 29. 30 players have won Rs 91,042 each in match 5, 2,555 players won Rs 555 in match 4 and over 48,000 players won Rs 50 each in match 3.

The six lucky numbers in the first draw were 39, 43, 22, 21, 29, 14 and these numbers were drawn via the specially imported draw machine, thus ensuring complete transparency.

Since there was no winner for the Rs 20-million jackpot, the amount was rolled over to the next week's draw (held on April 5) taking the jackpot to Rs 40 million.

The winning numbers for the second draw which opened on April 5 were 27, 07, 47, 29, 24, 28. The second draw created 37 winners of Match 5 numbers across the country, each winning Rs 69,750, in addition to 2,858 players winning Rs 469 each for Match 4 numbers and 54,361 players winning Rs 50 each for Match 3. Thus, the total prize money for the second draw was over Rs 6.6 million.

Well, now one and all would be also interested in knowing as to how the entire game works and how is the prize money calculated.

"The wins are based on odds. The odds are defined as the probability of hitting six of six. The odds are based on the game matrix. The current game matrix for Playwin's Super Lotto is based on a 6 on 49 plan," said Sanjay Gaikwad, director-technology and new projects, Playwin Infrawest.

The odds for the jackpot (getting all six numbers right) is 1 in 14,000,000. This, means that one in 14 million will win the jackpot. For Match 5 (that is five numbers match the six numbers drawn), the odds are one in 54,201. For Match 4 the odds are one in 1,032 and for Match 3, it is a more manageable one in 57. The odds remain constant for all draws.

The jackpot in the first draw was Rs 20 million and for the second draw it was Rs 40 million as the Rs 20 million from the first draw were rolled over. The third draw which will open on April 11 has a jackpot of Rs 50 million.

The jackpot is calculated based on number of bets (collections). For every draw, the number of bets change.

The total prize pool is 45 per cent of the total revenues. On an average, so far the Super Lotto is getting revenues to the tune of Rs 50 million.

The prize pool break up: Match 6 (jackpot) - 50.25 per cent of the 45 per cent. Match 5 - 19.75 per cent, Match 4 - 10.25 per cent, Match 3 - 19.75 per cent (depending on the number of people hitting Match 3).

The minimum guaranteed amount for the jackpot is Rs 20 million, it can be more if the collections are higher (50.25 per cent of the collections). Match 5 - 45 per cent x 19.75 per cent x odds x ticket price = Rs 48,171 (or around Rs 50,000).

However, this prize denomination can be higher or lower, depending on whether the number of people hitting Match 5 is greater or smaller.

Match 4 - 45 per cent x 10.25 per cent x odds x ticket price = Rs 476 (or around Rs 500).

However, this prize denomination can be higher or lower, depending on whether the number of people hitting Match 5 is greater or smaller. Match 3 - Rs 50. All these calculations are purely statistical.

Gaikwad said, "If in the third draw there is no jackpot winner, the prize money of Rs 50 million will be rolled down to Match 5. This is because we want to push the money out in the market. With this the Match 5 winners will get 1-1.2 million more thereby making it more attractive."

The company is seeing a 30-35 per cent growth in the sale of collections on a continuous basis. Currently, close to 2,000 terminals have been installed across the country. On a daily basis about 40-50 terminals get added.

In Mumbai alone, the company is expecting to put another 600-700 terminals.

Powered by

ALSO READ:
The Rediff Budget Special
The Rediff-Business Standard Special
Money

Tell us what you think of this report