Lottery Set For Life

[Gromit]

I have given up on the Lotto and I have been playing Set for Life games.
I have noticed that most weeks no one actually wins.
Of the last 11 games, it has been won once. It doesn’t roll over, so Camelot keeps the money when there is no pay out.
Lesson quickly learnt. This is the more scammy game.

[ToraToraTora]

well done gromit, you finally sussed that these lottery games etc are a voluntary tax on the poor, welcome on board!

[ToraToraTora]

surely gromit with your age and wisdom you are already "set for life".

[THECORBYLOON]

The fact it's not rolled over is not a secret, is it?

[dannyk13]

Mahybe there are lees people playing it.

[aelmpvw]

ten grand a month for thirty years doesn't appeal to me considering i'm in my seventies :-)

[ToraToraTora]

The thing is it's based on actuarial calculations for an annuity. So if it's not won and they know how many times to infinity it wont be then that money is used to pay prizes when it is won. So to pay £10000 per month for 30 years will basically be time limited annuity and to actually buy that at current rates they'd have to shell out at least £4m. Now assuming they don't actually buy an annuity and insure it themselves then the money goes into the pot to pay for the winners they have and will have.

[ToraToraTora]

....and that's why there's no "rollover".

[THECORBYLOON]

Its been won eight times since the start of this April.

[Gromit]

I wonder how many people play it ?
There were 160,000+ prizes last night. Entry is £1.50 so that is roughly a quarter of a million quid. The top prize yesterday was £250 won by 24 people.

[teacake44]

Hots picks to me is a better punt, won a few times since playing the biggest was £450 but that was a time back for 3 numbers. 3 numbers is now about £800.

[Gromit]

Thanks TCL

54 games in 6 months and not won 46 times.

[Ken4155]

ael; I play SFL and if i was lucky enough to win the £10k a month for the rest of my life (i'm 66), i'd be giving a grand a month to each of my 4 children.

[THECORBYLOON]

There was £1,092,340 paid out in prizes for last night's game.

[evadora]

If a winner dies once the annuity policy paying out the monthly payments has started, the winner’s estate will receive a lump sum payment equal to the cost of the policy paid by Camelot, less any payments already made under the policy. If the winner dies after he or she has already received the full cost of the policy in monthly payments, no payment will be made to the estate.

If a winner dies before the monthly payments have started, the winner’s estate will receive a lump sum payment equal to the price Camelot would have paid for the annuity policy, plus the initial validation payment of £10,000 that would have been paid by Camelot.