Price Of UK Lottery Ticket to Double
The price of the UK lottery ticket will double after its first price increase in 1994. Today, it will cost £2 from the original price of £1. The 100% increase will surely cause a lot of dismay for many households in the UK but authorities explained that the increase will be offset by the increase in prize money too.
According to the company who facilitates the draw of the lottery, the ticket increase will definitely increase the payout too since the jackpot that is from £4.1m will become £5m. In addition, they say that many will benefit from this price increase such as the government coffers, retailers, selling tickets and charities. There will also be an increase of prize money for matching three numbers that will go up to £25 from £10 and the matching four numbers will become £100 from £60.
However, with some increase in prize payouts, there are some that will decrease like matching five numbers, from £1,500 it will go down to Ј1,000 and the bonus number will be halved to £50,000. With this, many players were saddened.
In the UK, about 60% of the adults are playing Lotto regularly contributing to an annual sale of more than £6 billion each year. The high patronage of lottery can benefit different stakeholders where 28% goes to good causes and charities, 12% is going to the Treasury while the small shops selling lottery tickets have 5% share.
Generally, half of the losing Lotto players are those using the same numbers in every draw like their birthdays or their family members and other important dates but it will give them a huge win if the numbers come out. On the average, a household spends £208 annually if they play the weekly draws.
Camelot added that only the lottery tickets will increase and does not include EuroMillions, Thunderball and scratch cards.
These are the effects of the increase in lottery tickets.