Popular tickets will likely sell out in just 10 days
If you play by the odds, check these out: The Michigan Lottery is offering a 1 in 100,000 chance to become a millionaire.
That's better than your shot at winning Classic Lotto (1 in 10.7 million) and way better than your chance of taking home the Mega Millions jackpot (1 in 175 million).
Heck, it's better than the odds of being struck by lightning next year (1 in 400,000).
"These are the best odds we've ever offered on any lottery game to win $1 million," said Lottery Commissioner Gary Peters.
The Millionaire Raffle works like this: Only 500,000 tickets will be sold, costing $20 each. The drawing is Jan. 3, 2007, for five $1 million prizes, 10 prizes of $100,000 each and 750 prizes of $1,000 each.
Sales started Sunday and have been brisk. As of early Tuesday afternoon, 85,000 tickets had been sold. Peters said the raffle, the first ever for the lottery, is expected to sell out in about 10 days, well ahead of the three to four weeks lottery officials expected.
Tickets can be purchased at any Lotto outlet, but, instead of choosing your numbers, each ticket is sold in sequence. If you're the 120th ticket buyer, your number is 120.
At Happy 4 Party Store near downtown Detroit, owner Jack Saad said Tuesday sales were good, with about 70 tickets sold.
Detroit teacher Joann Olivache was buying tickets Tuesday night at Saad's store — but they were for the $75-million Mega Millions jackpot.
"Sure, I know about it," she said of the raffle. "I'll probably buy a ticket later. I'm a gambler."
Detroiter Cookie Jones figured she wouldn't be buying any raffle tickets, however.
"For $20?" she said. "For that, I can get 20 chances to win the Daily 3."
Quote: Originally posted by DoubleDown on Nov 15, 2006
Georgia is doing the same game starting this Sunday the 19th...But I think that the number of prizes are less in Ga that Michigan.
This is an interesting game, in the sense we can do some math and see what the lottery's profit will be from it.
Looks like over 3 million..
not bad.... for them.
DD
It does sound like an interesting game. I'd buy a ticket. This is a good game for a pool to play. That's probably one of the reasons the tickets are selling so fast.
These are interesting games. I was the one the told the Michigan Lottery (sent them an e-mail) to get this game and they did. Since PA started this last year it has been a hit. Now states all over are having games like this. But did you see Florida's version. I wouldn't recommend that one. They are selling 1.25 million tickets. That is double what most states usually have but their lowest prize is $10,000 with overall odds of winning about 1 in 10,000. For a $20 ticket those odds are just a little to high for my taste. In Michigan the odds of winning a prize are 1 in 650 something. These raffles are the newest craze in the lottery world.
Quote: Originally posted by Bradly_60 on Nov 15, 2006
These are interesting games. I was the one the told the Michigan Lottery (sent them an e-mail) to get this game and they did. Since PA started this last year it has been a hit. Now states all over are having games like this. But did you see Florida's version. I wouldn't recommend that one. They are selling 1.25 million tickets. That is double what most states usually have but their lowest prize is $10,000 with overall odds of winning about 1 in 10,000. For a $20 ticket those odds are just a little to high for my taste. In Michigan the odds of winning a prize are 1 in 650 something. These raffles are the newest craze in the lottery world.
B-rad
I agree...100,000 to1 odds is much more appealing. I wouldn't play for 20 bucks at any higher odds than that. I'm hoping IL gets into this ballgame under the same parameters as MI. A 5/39 game is 575,000 to 1 and I'm spending a buck a day on it. I'd play the raffle and suspend my 5/39 betting for 20 days.
Georgia is doing the same game starting this Sunday the 19th...But I think that the number of prizes are less in Ga that Michigan.
This is an interesting game, in the sense we can do some math and see what the lottery's profit will be from it.
Looks like over 3 million..
not bad.... for them.
DD
It does sound like an interesting game. I'd buy a ticket. This is a good game for a pool to play. That's probably one of the reasons the tickets are selling so fast.
These are interesting games. I was the one the told the Michigan Lottery (sent them an e-mail) to get this game and they did. Since PA started this last year it has been a hit. Now states all over are having games like this. But did you see Florida's version. I wouldn't recommend that one. They are selling 1.25 million tickets. That is double what most states usually have but their lowest prize is $10,000 with overall odds of winning about 1 in 10,000. For a $20 ticket those odds are just a little to high for my taste. In Michigan the odds of winning a prize are 1 in 650 something. These raffles are the newest craze in the lottery world.
B-rad
I agree...100,000 to1 odds is much more appealing. I wouldn't play for 20 bucks at any higher odds than that. I'm hoping IL gets into this ballgame under the same parameters as MI. A 5/39 game is 575,000 to 1 and I'm spending a buck a day on it. I'd play the raffle and suspend my 5/39 betting for 20 days.
Alright now we are talking, a 67% payback. PA should be ashamed. Hopefully I can get 5 of them when I go to Mich for TG.
Oh by the way it is an annuitized prize of a million so the true payback percentage is horrendous more like 50% ish. Unreal.