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Is Lotto Max A Good Buy?
August 20, 2009
The best way to determine if a lottery game is a good buy is to compare the game’s payout (expected value) to other games. In fact this rule applies to all types of gambling. The Lotto Max game has not launched yet and therefore the payout cannot be calculated. The jackpot size and ticket sales information is needed to calculate the payout. Ticket sales information is used to calculate the probability of shared jackpots.
The new Lotto Max game can be compared though, to the other jackpot games from a cost perspective. When comparing costs, the game odds should also be taken into consideration.
This is easy to do because the money spent on a game is inversely proportional to the odds. For example, spending $2 on Lotto 649 gives odds of approximately 1 in 14 million of hitting the jackpot. Spending $4 on the same game (twice as much), reduces the odds by half, to approximately 1 in 7 million.
So the question is, “how do the jackpot games Lotto 649, Super 7 and Lotto Max compare cost wise when trying to hit the jackpot?”
Starting with Lotto 649 as the base, $2 gives odds of 1 in 14 million of hitting the jackpot. For every $2 spent on Lotto 649, one would have to send $3 on Super 7 to give the same odds. This makes Super 7, 50% more expensive then Lotto 649. In the case for Lotto Max, one has to spend $10 to get the same odds of 1 in 14 million. This makes Lotto Max 5 times more expensive than Lotto 649. Another way of putting it, Lotto Max is 400% more expensive than Lotto 649.
This comparison does not take into consideration the possible size of the jackpot for each game. But assuming one’s goal is to win lots of money and anything over $3 million is lots of money, then why bother with a game like Lotto Max where the cost is 5 times more than Lotto 649.
The above comparison also does not take into consideration the various lower prizes for each game and their respective odds. All these factors are taken into consideration when calculating the payout to compare the games. The payout for Lotto Max will be calculated and posted on the site once the game has launched and run for a number of draws.
In the meantime, the new Lotto Max is an expensive replacement for Super 7 and a very expensive alternative to Lotto 649.