When you are new in the lottery world, you might think that all the lotteries are the same. The whole for you might be to buy a ticket and wait for a draw to win a jackpot. While the basic idea of picking numbers and winning jackpots as a result of draws remains the same but there are many other subtleties within these things. When you are looking for a lottery to play, you can compare these things to know which lottery will suit your playing the style the most. Let’s take a look at these differences.
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Factors that Differentiate Lotteries
The Jackpot Sizes
Of course, the biggest and most prominent difference between lotteries is of the jackpot sizes. Jackpot sizes depend on a lot of things. First, it depends on the number of people who can participate in the lottery. Secondly, it depends on the frequency of the draws. It also depends on whether the jackpot can roll over or not. Lotteries in which a lot of people participate have huge jackpots. The biggest lotteries often have only one or two draws every week. However, a big jackpot also means high odds, which translates to difficulty of winning.
The way you pick numbers in a lottery can also be different. In some lotteries, you have to pick six numbers and in others you have to pick seven. There are lotteries that require you to pick eight numbers as well. The more numbers you have to pick the more difficult it becomes for you to win the jackpot because your chance of winning the lottery is decreasing with every additional number. Secondly, you have to look at the number range as well. The numbers you pick have to be from a specified range.
The range can be different for different lotteries. For example, the main five numbers you have to pick in Powerball lottery have to be from a range of 1 to 69. You also have to pick a Power ball which has to be from a range of 1 to 26. On the other hand, you have to pick your five main numbers from 1 to 70 when you are playing MegaMillions. In a similar way, other lotteries can have different number ranges as well.
In some instances, you have to pick a bonus number as well. Some lotteries require you to pick a separate bonus number. The bonus number is there to increase the size of your win in secondary and lower tier prize winning categories. In some lotteries, there is a bonus number but you don’t have to pick it separately. If you pick seven numbers, one of these numbers can end up being the bonus number.
You will be surprised to know that in some lotteries, you cannot pick your numbers yourself. In these lotteries, the numbers are printed on your tickets as you purchase them. There was a time when these lotteries used to be quite common. However, lotteries with pre-selected numbers are very rare these days
Frequency of Draws
As stated earlier, the frequency of draws can be different for different lotteries. Some lotteries are drawn on every day of the week whereas others are drawn on only one day of the week. There are so many lotteries in the world that you can say that every possible combination is present. For example, there are lotteries that are drawn only on six days of the week, three days of the week, etc. The thing with frequency of draws is that frequent draws are loved by people who are impatient. However, frequent draws can often mean a small jackpot because no lottery can collect hundreds of millions of dollar every day.
Ways of Winning
Another thing you will have to notice is the way you can win a lottery. Number of ways tells you how many chances you have of winning the lottery if you don’t match the jackpot number. Some lotteries offer you more number of ways of winning than other lotteries. In the case of Powerball, you win a prize even if you match only the Powerball. In some other lotteries, you might have to match at least two or three numbers to win the last prize. The more number of ways there are of winning, the higher your chances are of winning at least something from the lottery.
In addition to winning the lottery in the main draw, some lotteries can offer you separate draws as well. Canada 649 is the best example of such a system. In this lottery, every ticket you purchase comes with an additional 10-digit number. A separate draw that’s held after the main draw announces a winner for matching this 10-digit number. The prize money is a huge $1 million even for this bonus prize.
Lotteries can differ on the basic of payout as well. When you play lotteries, you have two major ways of receiving your winnings. You can either accept the lump sum prize money or choose to divide it in payments that are delivered to you every month. In countries like the US, you have to pay a lot of tax upfront when you choose to accept the prize money lump sum. On the other hand, you can get all the money you have won if you choose to go with the monthly payment method. In addition to that, some lotteries don’t have the option for lump sum payment.
For example, you have a lottery that’s called set for life. In this lottery, you get a fixed monthly payment for the rest of your life if you end up winning the jackpot.
How to Pick the Best Lottery
There is no worst or best lottery as you can tell from the information above. The lottery you pick depends entirely on your requirements. If you want higher chances of winning, you will go for a lottery with lower odds. When you go for lower odds, your jackpot size reduces. If you wish to win a huge jackpot, you will have to fight against high odds. Frequently drawn lotteries require you to buy the tickets frequently as well. What that means is that you can end up spending a lot of money every week. So, every lottery has its pros and cons. You just have to pick the lottery that best fits your needs.