Xzotto, the lottery pool that isn’t, have launched a new website (still badly explained) and a new feature – called ‘Floating 5’.
Glimmer Of Hope..?
To be fair this is the first glimmer of any sense from Xzotto. But I do just mean glimmer so don’t get excited yet folks. On the face of it you would be forgiven for thinking it’s a cool idea.
So What is Floating 5
Well the deal is you pay $30 to join, plus $25 per month – same as before. Plus $4 or $5 per month ticket costs as you have to buy tickets to be included in Floating 5.
Now if a Xzotto members ticket wins, they get to keep 50% of the prize (I know, but stay with me here…). Then 35% goes to the 7 people above them.
Finally three lots of 5% are randomly given to someone else. The 5% bits are Floating 5.
Somewhat Confusing, So Is That Good Then..?
Well, this now makes it a lottery within a lottery (still not a lottery pool!). So if someone else wins, now you play another lottery to see if you win any of their prize money.
So if (as I’m told) there are 3,000 members, that means if one of them wins, then you have a 3-in-3000 chance of getting 5% of their prize. Because there are 3 of those 5% bits and 3000 members who could be chosen. Which is the same as a 1-in-1000 chance.
Just a Bit More Mega Millions Maths…
Now normally the Mega Millions jackpot is odds of 1-in-175 million (so not a good game to choose anyway). And my calculator says that the chances of both a Xzotto Member hitting the jackpot AND you then getting a 5% share of it is therefore 1-in-60 Million.
Which is actually the same increase in chances as buying 3 tickets yourself…
Except 3 tickets per draw would cost you half as much. And you’d get to keep all of the prize instead of just 5%…
[Now before some bright spark says “but as more members join the chances of one of them winning the lottery increases…” – maybe so, BUT the chances of you actually getting a 5% share get worse at the same time as there are more members it could go to! So overall it doesn’t improve.]
Is Floating 5 the genius it claims to be? Does it revolutionise Xzotto and make it a superb lottery pool?
Answers on a postcard to:- Why Does Xzotto Still Suck, Xzotto, Cloud Cuckoo Land, USA.