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Sweepstakes

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  • #12721
    parlo
    Member
    • Total Posts 196

    I found this

    http://newspapers.nla.gov.au/ndp/del/ar … s+devon%22

    but I don’t really understand, how these lotteries worked.

    Please can you explain the rules? Thank you!

    #250015
    carvillshill
    Participant
    • Total Posts 2778

    Basically you buy a ticket, all the tickets go into a draw, the lucky ones draw a horse in a forthcoming race and win prizes according to where their horse finishes.
    The Irish Hospitals Sweepstakes was one of the world’s most successful lotteries before the National Lottery was ever thought of being played all over the world and it gave racing great exposure.

    #250044
    parlo
    Member
    • Total Posts 196

    Thank you! After reading that article I have understood the process of the lottery as this:

    – People can buy as many tickets they like out of a limited quantity of tickets available (f.e. 2,000,000 tickets @ 10 sh = 1 million pounds in the pool before deductions).

    – As many tickets are publicly drawn as horses will be running in the race. After that draw of the tickets certain horses are allocated to the drawn tickets in a second draw. Now the holder of the drawn ticket knows "his" horse and the amount of money he would win from this sweepstake if "his" horse will win the race or will be placed..

    – After that each drawn ticket has a market-price which is backed by the odds of the allocated horse in the betting-market. The holder of the ticket can sell his ticket now or can sell shares in this ticket (all this may happen before the race is run)

    – Now the race is run: those tickets will win money out of the sweepstake-pool whose allocated horses run in in the first 3 or 5 places according to rules of the sweeostake that say how many winning tickets will be there finally.

    #250051
    carvillshill
    Participant
    • Total Posts 2778

    That’s just about it Parlo, except to say that the trading in tickets was unofficial and had nothing to do with the draw organisers- the value of a ticket or part of a ticket was decided between a buyer and the ticket holder, much as you could sell a Jackpot ticket to a bookie if you got through to the last leg.

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