Premium bonds reduced payout

moonrakerz

Aegis wrote: »

Sorry to be pedantic, but I like number games.

You didn't serve in submarines some years back did you ?

Every trip I did we had a raffle with cash prizes, drawn just before we got home.
One trip the First Lieutenant decided, that to keep the 'excitement' going a bit longer, the draw would be done in reverse order, with the big prize being drawn last.
Then somebody pointed out to him that before the draw commenced every ticket had an equal chance of winning the big prize. If the draw was done in reverse order then the smaller prize winners did not have the same chance of winning the big prize, as they were out of the raffle for the big prize once their ticket won a small prize.

The winners were drawn in correct order - then announced in reverse order !

I hope ERNIE does the big ones first !

InMyDreams

moonrakerz wrote: »

Then somebody pointed out to him that before the draw commenced every ticket had an equal chance of winning the big prize. If the draw was done in reverse order then the smaller prize winners did not have the same chance of winning the big prize, as they were out of the raffle for the big prize once their ticket won a small prize.

The winners were drawn in correct order - then announced in reverse order !

moonrakerz wrote: »

This is a joke, right? LOL! Love it! :rotfl:

moonrakerz wrote: »

I hope ERNIE does the big ones first !

I could be wrong, but I thought ERNIE could, in theory, pick your number twice. If you win twice with the same number you just get the bigger prize and the smaller is reallocated. Not sure where I got that idea from though, so I'm happy to stand corrected.

baldbloke_2

[quote=I_could_be_wrong,_but_I_thought_ERNIE_could,_in_theory,_pick_your_number_twice.__If_you_win_twice_with_the_same_number_you_just_get_the_bigger_prize_and_the_smaller_is_reallocated.__Not_sure_where_I_got_that_idea_from_though,_so_I'm_happy_to_stand_corrected.[/quote]

True. ERNIE is only choosing the numbers/letters that make up a bond number and not the bond itself - so it is quite possible for the same combination to be selected more than one time in a single draw.

Aegis

moonrakerz wrote: »

You didn't serve in submarines some years back did you ?

To be honest I don't think I've ever even seen a submarine outside movies and the internet...


I just got curious as to the maths of the situation, and was quite surprised at the difference in probabilities at the higher numbers! I thought others might appreciate the information too