Monday, February 3, 2014

$30 Tickets Come to Michigan

The Michigan Lottery's first $30 instant win ticket is just hours away. There will be three top prizes of $2 million and each ticket offers players 30 chances to win. Players will also have a 1 in 25 chance of winning $200.

Michigan Lottery Spokesman, Jeff Holyfield, stated the new tickets are being introduced based on what players said they want. "Were excited about it," Holyfield said. "We're giving them an opportunity to win $2 million."

Tickets go on sale Tuesday and the total prize available prize fund is $80 million, spread over 3.7 million tickets. The overall odds of winning a prize are 1 in 2.68, but the odds of winning a top prize are just 1 in 3.7 million.

The lowest prize available is $30, but getting their stake returned will probably seem pointless to many players so it seems likely that most $30 winners will reinvest their winnings in the hope of a bigger prize.

Players who do pull off a big win will be able to take their $2 million winnings in 30 year annuity payments of about $67,000 a year, or they can choose to take a $1.3 million lump sum.

The Michigan Lottery already has existing $10 and $20 instant tickets that offer $1 million top prizes and these appear to have paved the way for the new game.

"The players like those instant games on that level because of higher overall odds of winning the big prizes, and there is also some good second-tier prizes," Holyfield said.