Just Vent | Just Venting

Canada has a new lottery called Lotto Max where each ticket costs $5.00 and has 7 numbers. Chances of winning the jackpot are 1 in 28,636,000 million.

How much of ticket sales goes to the prize pool? Only 48%. So if you pay $5.00 for a ticket, only $2.40 ends up in the prize fund.

Forty-eight per cent of LOTTO MAX draw sales is dedicated to the Prize Fund.

This 48% also includes all the non-jackpot prizes. So the jackpot is never going to be more than 35 to 40%.

And remember, if you do win the jackpot, THAT is the amount they payout over the next 20 years. If you want a one-time payout, you only receive half. (BTW, everyone chooses the one-time payout. Because when invested, the compound interest in 20 years is way bigger than taking the 20 year option).

So from all those $5.00 tickets, only 18.75% of the total money collected by the gaming commission will ever be given to a jackpot winner. A little bit goes to paying for the small prizes. And the rest - lining the pockets of your fellow politicians and government officials.

"You give me $5.00, and I will give you 94 cents. Deal?"

Yeah, no thanks, Lotto Max!