98Clubs
Joined: Jun 3, 2010
• Posts: 1728
May 1st, 2014 at 12:50:30 PM permalink
CT has a new Lottery offering, and thought to share this so as to confirm the math, and expected payouts per ticket price.

For \$2.00 The Customer receives a Quick-Pick 5-card Poker hand. There are two ways (games) the Customer is participant.

First, is the Instant win portion of the offering. The \$2 purchase price pays as follows;

One Pair of 5's \$2 (Free Ticket)
One Pair of J's - A's \$3
Two Pair \$5
Triples \$10
Straight \$25
Flush \$55
Full House \$75
Straight-Flush \$555
Royal-Straight-Flush \$5,555

Win or lose, the generated ticket participates in a nightly "lotto-style" drawing. Five cards are randomly drawn. The payout
of this offering is as follows;

match all 5 cards \$255,555
match any 4 cards \$555
match any 3 cards \$20

I'm sure my math is not correct on the full payout, because I'm not sure how to include the chance of winning both offerings.
When treated as separate games that total \$2.00, I come up with \$1.49 payout per \$2 (about 75%). The manner of the math
is to take combinations x pay. When I did that I came up with 3,872,120 / 2,598,960 = 1.49 / \$2 price.
Some people need to reimagine their thinking.
tringlomane
Joined: Aug 25, 2012
• Posts: 6272
May 1st, 2014 at 3:04:01 PM permalink
Ignoring prize splitting of the \$255,555 because I have no idea how much this game will sell, I get \$1.4727 per \$2 (73.64%) because a pair of 5s is a free ticket, not \$2. If it was \$2 for a pair of 5s, then I would get \$1.49 per \$2.

Not shabby for a lottery game. Most states are in the 60s for games like this.

Your methodology is the correct way though. You just divide by the price to get the return.
98Clubs
Joined: Jun 3, 2010