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Lottery Glossary

Lottery Glossary

This article is a continuation of our exposition on all the common lottery terms starting from 'O' to 'Q'. These lottery terms are necessary things freshers in the lottery world need to know. As you continue to read and learn, be sure to follow up on our subsequent sequel articles for all the other terms in the remaining alphabets.

O

Odds:

his is the ratio between the probabilities of winning a prize and not winning. The odds are fixed as the chances of winning a certain prize is unchanged for every drawing.

Office Pool:

This is a lottery pool that is operated within a group of co- workers. These types of pools have special legal considerations.

P

Pari-mutuel:

Pari mutuel is a game in which jackpots prizes are shared equally and given to a large number of players with winning tickets. Take the power ball game for an example; it is a Pari- mutuel game so if there are two winning tickets for a jackpot prize for the same drawing, the total jackpot prize(amount) will be equally shared between the two winning tickets.

Player:

This is simply a person who buys or owns a lottery ticket.

Progressive Jackpot:

Progressive jackpot is a jackpot that increases when there is no winning ticket. Progressive jackpots usually have a low value that the jackpot is reset to immediately the jackpot is won.

Pay out table:

This is a list of prizes related to each winning condition for a certain lottery.

Payback Rate:

Usually, Payback rates for numbers games are 50-60%. It refers to the percentage of gross lottery revenue that is paid back on average.

Primary game:

This is the normal wager offered in a lottery. Usually, the primary game must be bought before a player is allowed to buy any extra options.

Prize:

This refers to any gift or valuable award that a winner is given in a lottery game. Such awards may include vacations, free tickets and cash prizes.

Passive game:

This is a game in which decisions are not needed by the players of this game. All they need is to buy a ticket.

Play slip:

A play slip is a form which a player fills to pick their play alternative, additional features and numbers. It is typically scanned into a retail lottery terminal which consequently generates a ticket.

Pool:

These are group of lottery players who contribute funds to buy tickets which are owned by the contributors. The winnings are usually divided within the group of players agreed on a convention.

Pay-out option:

These are alternatives in which a lottery winner chooses how they want to receive their prize. The common pay-out options are lump-sum pay-out and annuity pay-out.

Q

Quick Pick:

This is a situation where the lottery kiosk or terminal chooses the numbers randomly for a player.