Lottery Moments

The game of lottery can be played in many different ways though the most popular and most common format involves the random selection of numbers – with bettors holding tickets with the same numerals declared as winners. However, there are other forms of lotteries being played. These come in different formats and the prizes vary as well.

Apart from the standard “drawing the numbers from a basket” kind of lottery, where the bettors select their numbers; there are lotteries that use scratch cards. The consumers buy special cards and scratch off portions on it. If the exposed portion reveals a pre-specified code, a combination of images, a specific image, a name, a word – whatever; then the holder of the scratch card either claims a (consolation) prize or is declared the winner.

The prizes given out during lotteries vary as well and these could either be in the form of a fixed amount of money or goods or products. Lotteries that give out fixed cash are risky for the organizer as they may not be able to recoup their investment if not enough tickets were sold. For organizers, the “50-50” type of lottery is much preferred. This type of lottery is the most commonly and widely used format because, instead of a fixed amount, the prize can be just a percentage of the total receipts or ticket sales. As the name itself implies, half of the total revenue generated will be given as the prize money. In lotteries such as this, there could be a predetermined number of winners, as is the case when each ticket sold corresponds to a unique lottery ticket; or have several people winning (or none at all), as is what normally occurs when consumers are allowed to select a number or a combination of numbers.

For percentage based lotteries, in most cases, if the jackpot prize is not won, the said amount is set aside and whatever is earned in the succeeding ticket sales that lead up to the next lottery draw is added to the old prize money thus making the pot that will be up for grabs even bigger. Since the prize money gets larger and larger every time it is not won, the organizers are assured that more people will be enticed to buy not just one but several lottery tickets for the succeeding draws.

Incidentally, usually, there are no limits to the number of lottery tickets you can buy.