National Lottery - a scam?

TheFaqqer

JohalaReewi wrote:

On the other hand, the National Lottery is a bit of a scam itself! They pay nowhere near the odds if you win, and you would be better off betting on the horses or playing roulette or even buying premium bonds.

Odds of winning £1 million on the premium bonds is much worse than winning £1 million or more on the lottery - at least that's what Martin says!

jm28cardiff

I had an email saying I had won the online national lottery...it said I had matched 6 numbers plus the bonus ball! Spot the error they made there!

JohalaReewi

TheFaqqer wrote:

Odds of winning £1 million on the premium bonds is much worse than winning £1 million or more on the lottery - at least that's what Martin says!

Martin also says...

Premium Bonds compared to the lottery

The key to Premium Bonds is the only gamble is with the interest you earn. This makes comparisons quite difficult unless you get a wee bit clever….

If a basic rate taxpayer put £1,250 in Premium Bonds, then the average return would be £40 a year. If the same amount of money was put into a savings account, it would generate roughly £52 interest – enough to buy one lottery ticket a week – the average return on this is £26. In other words if you want a little flutter with your cash Premium Bonds beat the lottery.

As a side note if you instead put the whole £1,250 into lottery tickets, on average, you’d get back £625; you’d lose half your cash.

Full article here...
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1161700153,9594,

The odds might be worse for a single draw, but with the Nationery Lottery you have to keep buying your numbers for each draw so over time, the costs build up (and up).

With the premium bonds you just pay once and are automatically entered for all future draws. Also, when you have had enough of trying to win £1million on the premium bonds, you can get your stake back.

Neither are good money saving ideas. Much better to put your Lottery or Premium Bond stake into a cash ISA. You won't win a £1million but you are much more likely to be better off financially.

gyzmo

I got an email saying I had won the Irish Lottery. It even had the address of their head office which ended "Dublin, Northern Ireland".

Now unless someone's been playing around with the boundaries, I think this might be a scam!

chrispyphillips

"YOU GOTTA BE INNIT TO WINNIT!!"

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