You are reading a single comment by @frankenbike and its replies.
Click here to read the full conversation.
-
You're right, there'll be a similar effect. With premium bonds this is because the smallest prize is £25. (So if 25 people stick in £100, all expect £1 but only only of them actually gets the £25 prize and median prize is £0.) I thought you could win smaller prizes on the lottery which would reduce the effect. Just had a look and it seems the lowest two prizes are "free lucky dip" and then £30. Does the free lucky dip mean another entry into the same draw? Because that's interesting if so and will make the calculation recursive and horrible.
frankenbike
that's a better way of looking at it - is there a difference in % loss depending on size of Lottery stake or is it directly proportional to outlay - ?
I can't find anything that does the same as the PB calculator/explainer - anyone got any ideas?