Which lottery has the best odds?
If you buy lottery tickets on a daily basis, it is important to know which lottery has the best odds. It is simply a matter of how to spend your lotto money wisely, and getting a fair shake for your investment. No two lotteries are exactly the same.
What are the important factors to calculate the odds?
Obviously, your odds of winning the lottery depend on how many lotto numbers are in the draw and how many numbers will be drawn. A lottery with 5 numbers to be drawn from 45 possibilites is easier to win than a 6 out of 49 numbers. But there are other factors to be taken into consideration when in comes to lottery odds.
For example, how many winning tiers are there? Is it enough to have 2 correct numbers on your ticket, or do you need at least 3? Do you need to have an additional number right, on top of the 5 or 6 basic numbers, in order to win the jackpot? If you google "lotto odds calculator", you will easily find a couple of sites where all you have to do is enter the basic info for your lottery to find out what the probability is to win the main prize.
Should I just look for the odds to win the jackpot?
Although most people play the lottery to win a jackpot, you must not disregard the "smaller" prize money tiers. But at this point, the calculation gets really complicated. To calculate your winning chances here, you must look at a different number - your mathematical "expected winnings". This would be the amount which, on average, you can expect to win when you invest $1 or 1 € or GBP. This number takes everything into consideration: the odds to win a 1st, 2nd, 3rd etc. tier prize, each multiplicated with the average amount paid out in that tier, and the price for a lotto ticket.
Sounds complicated? Yes, and it is a long mathematical formula to calculate all that. But there is one way to look at it which makes it easy to compare your odds and the expected winning per $ invested. You just have to look at the percentage of the total ticket sales that actually is being paid out to winners by the lottery. Logically, your chances in the lottery are better when the payout quota is 80%, compared to a lottery that pays out only 60%.
And then, there is that last important factor - the size of the jackpot! That is why so many people prefer to play lotteries online at TheLotter: at any time, you can simply choose to spend your money on a ticket for the highest jackpot. Click here to visit TheLotter and see which one is the biggest lottery jackpot currently.
When you are considering a fixed amount as your investment in lottery ticket, it is a no-brainer that a higher jackpot offers better odds to win money at the lottery.
Why do some lotteries have better payouts than others?
There are three factors here: purpose of the lottery, taxes and overheads. Some lotteries are specifically meant to raise money for a project or purpose. Some national lotteries simply take a huge percentages of the incoming money and spend it on welfare, infrastructure or other things. Others are private companies - those are often happy to make a 5% profit on every sold ticket (those are actually the ones with the best lotto odds!). Some lotteries deduct due taxes from the winnings right away, while other lotteries winnings are tax-free.
And finally, many lottery companies have a huge bureaucratic organization, often with former politicians in well-paid positions running the show. Some lotteries even are nothing but "tax-collecting" games, adding money to the coffers of their nation or state, and paying out only a minimum required to make it interesting for the would-be "tax payers" to even buy a ticket..