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The concept behind the Postcode Lottery is a simple one - you sign up with your postcode, there are daily draws, if your postcode is drawn you win some money. What’s more opaque and slightly confusing is what your chance of winning is and what size your jackpot is likely to be.
CompareTheLotto.com has done an in-depth review to simplify the Postcode Lottery for you. Let’s get started:
When Is It Drawn?
Monday - Sunday: £1,000 Draw
Saturday: £30,000 Draw + £10 Draw
Sunday: £30,000 Draw + £20 Draw
Once per month: £3,000,000 Draw
How Much Can I Win?
Per £10 monthly subscription you have the following chances of winning:
* This number will vary slightly by the number of days in the month
How Many People Play The Postcode Lottery?
There are 1,800,000 postcodes in the UK. According to the Postcode Lottery website, 60% of UK postcodes play the Postcode Lottery. This equals 1,080,000 monthly postcodes playing. Obviously, we don't know how many players there are per postcode - the more players in your postcode the more people to share the jackpot if you win.
Postcode Lottery Odds
Based on a 1 month subscription of £10 - the minimum required to play. The odds of winning the postcode lottery are:
* Approximate odds. See calculation below.
Compare Against Other Lottos
|Average Jackpot||Odds Of Winning Jackpot||Value|
|£300K*||1 in 1M||Low|
|£10M*||1 in 45M||Average|
|£5M*||1 in 10M||Good|
* Approximate jackpots based on previous six months.
Want to understand how we calculate 'Value'? Read More
The value ratio shows the value for money you are getting. The lower the value ratio the better value for money it is. The calculation is:
(Odds of Winning ÷ (Average Jackpot ÷ Stake))
Based on the calculation above we got the following figures:
Read the full blog post and explanation here: Lotto Value Ratio Calculation