(DOWNLOAD) "Dueling Jackpots: Are Competing Lotto Games Complements Or Substitutes?(Author Abstract) (Report)" by Atlantic Economic Journal * eBook PDF Kindle ePub Free

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eBook details

• Title: Dueling Jackpots: Are Competing Lotto Games Complements Or Substitutes?(Author Abstract) (Report)
• Author : Atlantic Economic Journal
• Release Date : January 01, 2006
• Genre: Business & Personal Finance,Books,
• Pages : * pages
• Size : 300 KB

Description

Introduction While national, state, and local governments offer a variety of legalized gambling products through lottery associations, among the most popular, and the focus of this study, is the set of games known as 'lotto,' where players select five or six numbers from among 35 to 55 choices (depending on the structure of the game) and win prizes based on the numbers that are correctly matched in a weekly or bi-weekly drawing. A ticket buyer(s) who matches all of the numbers wins the jackpot prize pool while players matching some but not all of the winning numbers win smaller consolation prizes. In most games, if the jackpot prize is not won in a particular drawing, the money allocated to the jackpot is carried over into the next drawing and is added to funds from ticket sales in the next period. Because the jackpot prize fund is allowed to rollover in this manner, the jackpot prize can become quite large if no one hits the jackpot in a number of successive periods. Indeed, advertised jackpots exceeding $50 million are quite common, and occasionally lotto jackpots have been known to exceed $250 million.

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