Detailed Odds

DETAILED ODDS

Detailed odds are the exact chances of winning a specific prize. For example.  If there are 100 tickets printed and 90 of these tickets are not winners, but 5 tickets are $1.00 winners and 3 tickets are $10 winners and 2 tickets are $20 winners, the detailed odds of winning the individual prize is the total number of tickets printed at that prize level divided by the total number of tickets printed.

PRIZE VALUETickets printed for this prizeTotal number of ticketsDETAILED ODDS
 $1.0051005:100 OR 1:20
$10.0031003:100
$20.0021002:100 or 1:50

 

Why does this matter?  With any ONE of the columns missing,  we can ‘solve for X’ (ugh – algebra!)  to find the missing data.    This is particularly useful to find the total number of tickets printed.   If we know the detailed odds of the lowest prize value available to win, simply calculate it out to get to the total number of tickets printed!

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