The People's postcode lottery

Flatulentoldgoat

Has anyone participated in this in addition to the usual typical investments, Premium Bonds, savings accounts etc. Any experiences, good or bad? Some of the prizes are pretty impressive.

grumiofoundation

How does someone's experience help?

You are asking if anyone has won a lottery. There are really only 2 responses, you can get. Neither response changes the odds of you winning. 

Why are you trying to compare typical investments (assume meaning shares, bonds, gold etc) or savings accounts with a lottery?

With a savings account (inc. premium bonds) you are guaranteed no capital loss but are almost guaranteed to lose vs inflation in the long term.
In the case of investments you are risking capital loss with an assumption of gains vs inflation in the future.
With a lottery you are expecting complete loss of stake with a small chance of winning big. 
Premium bonds are somewhat a special case where you are effectively gambling the guaranteed interest you could have got in exchange for entry into prize draws. 

Ballard

I haven't entered this one but someone's experience wouldn't be limited to whether or not they'd won. It could be the ease of buying tickets and of any difficulty in claiming a prize.

ratechaser

I was going to ask what relevance a lottery thread has to a savings and investments board.

But then I realised just how many Bitcoin threads we already have on here, so it's probably right at home 

OP - why don't you just stick it all on black... it would be less painful than having to sift through each get rich scheme you come up with. And at (nearly) 50%, your odds will be better too.

Thrugelmir

ratechaser said:

But then I realised just how many Bitcoin threads we already have on here, so it's probably right at home 

Being kicked off other platforms. Wonder why?

Zanderman

Perhaps better asking here:  
https://forums.moneysavingexpert.com/categories/competitions-time
Particularly in the "I won" section:
https://forums.moneysavingexpert.com/categories/i-won-i-won-i-won

eskbanker

Zanderman said:

Particularly in the "I won" section:
https://forums.moneysavingexpert.com/categories/i-won-i-won-i-won

Wow, that board is quite an eye-opener - people have commented on the futility of the premium bond winner thread on here but it doesn't come close to the circle jerk of desperate validation seekers over there!

Flobberchops

I have "played" PPL for about the last year, which is to say, I think I set up a DD for the minimum and forgot about it. I've won nothing yet.

I would seriously advise against considering any kind of lottery as an investment in the same vein as Premium Bonds - PBs have a positive expected return (even if it's only a fraction above breaking even, and slight negative when accounting for inflation). Lotteries are a negative expected return whichever way you square it. Play to scratch an itch, or to eliminate Fear of Missing Out - not as a serious financial strategy.

eskbanker

Flobberchops said:

PBs have a positive expected return (even if it's only a fraction above breaking even, and slight negative when accounting for inflation).

The 'average luck' return on PBs has been above CPI for a year now, although that's not to say that'll continue....

Wotulookinat

We've been 'investing' in the postcode lottery for about two years now at £10 /month and have had two £20 wins, so at the moment we are just over 80% down on our 'investment' - damn ! I wish I'd gone with Woodford now ! 

stephenadarglas

@Wotulookinat that made me laugh !!!!