Posted: Monday, Jul 26,2021 | Time: 05:59 am | Edited by: The Lottery Lab Staff
Lotteries are known around the world as games of chance and not about skill. The outcomes are sheerly random and are designed to be unpredictable. Nonetheless, the game offers opportunities that can be easily exploited with the right knowledge. All you have to do is combine time-tested strategies with data analysis to gain an edge over others and become an advantage lottery player.
Playing a lottery strategically requires recognizing an opportunity that is acceptable for you. Bear in mind that different people view distinct opportunities in different ways. For some players, a certain situation will be a golden opportunity. While for others, the exact same situation won't be worth the effort.
So, how can you find an opportunity?
In lotteries, recognizing opportunity means identifying a “target lottery”. Even though every player assesses opportunities differently, the primary measure of a good target lottery is a “life-changing jackpot” and its “Payback Rate”. A life-changing jackpot might seem easy to locate, but you have to be sure you are putting your efforts into the right lottery. Determining the payback rate can be a bit more tricky.
So, let's deconstruct what a payback rate actually is and how you can identify a “target lottery” with it.
The payback rate is an overall assessment of the portion of lottery revenue that is returned to players. It is a function of the odds of meeting a winning condition and the prize associated with that condition. It is a percentage of the total money bet by all players and can also be viewed as the portion of a bet which will be returned to the player. Simply put, a payback rate measures the percentage of the entry fees that a lottery player can expect to receive back in prizes. This payback measure also helps quantify the amount of the ticket price that the lottery commission expects to collect as revenue.
The payback rate can be easily calculated from the information provided by the lottery commission. According to lottery data, the best payback rates are achieved in lotteries that offer progressive jackpots. A progressive jackpot is one where the jackpot keeps increasing until a player wins. Lottery games with fixed jackpots are far less likely to offer a satisfactory payback rate. However, there are some fixed games where somewhere there might be a different opportunity to crack a win.
Calculating a payback rate for any lottery game requires three elements:
- the winning conditions
- the odds
- the prizes
The winning conditions are the ways that a lottery player can win a prize in a specific game. For a given game, there may be one or multiple winning conditions. The odds of a lottery game are a quantification of the likelihood that a ticket will meet a winning condition. The odds can be calculated by dividing the total number of possible combinations by the number of combinations that match the winning condition.
Prizes, as each of us is aware, are the rewards that a player receives for meeting the winning conditions of a lottery. Many lotteries also provide a free ticket as the lowest tier prize. Here’s a simple formula to calculate the payback rate and pave your way up to hold the lottery jackpot -
Payback Rate = Odds X Prize Value Entry Fee
As an advantage player, you will likely focus on games with progressive jackpots because they can create payback rates greater than 100%. Remember, the key here is - greater than 100%. However, there's can also be opportunities with roll-down jackpot games, because they too can create opportunities by allowing lower-tier prizes to pay back above 100%.
Once you have identified a “target lottery” to play, you have to have a plan for how to select your numbers. The game of chance requires you to take a few reasonable chances, play your strategically selected numbers consistently and wait for the positive outcomes that follow.
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