Here we will talk about Lotto Odds and Prizes. To win Lotto prizes your selected numbers should match to the winning numbers – there’s millions of pounds of prize money at stake in every draw. The odds of matching all six numbers to win the jackpot are 1 in 45,057,474, and overall the chances of winning a prize are better than 1 in 10. Find out more about the odds of winning Lotto.
Categories of Prize
For the winning of prize your numbers should match at least two of the six main numbers. The value of prizes increase as you match more numbers, culminating in the ‘Match 6’ jackpot award. In the following table you can see the detail of all the Lotto odds, prizes and how to win.
Wednesday Lotto jackpot starts at £2 million and Saturday starts from £3.8 million. It is shared between all players who match six numbers in the same draw, or rolls over to the next draw if there are no winners. Take a look at the biggest Lotto winners of all time.
Other than jackpot all the prizes are fixed for the players, ranging from a free Lucky Dip for matching two numbers to £1 million for matching five main numbers plus the Bonus Ball. The Bonus Ball is only relevant if you match five of the main balls.
The jackpot can only roll over for a maximum of five consecutive draws. A Must Be Won draw will then be held in the following draw, which guarantees that the jackpot money will be given away even if there are no Match 6 winners. If a rolldown occurs, lower prizes can be boosted significantly.
If the number of jackpot winners in a certain draw means that the individual prize amounts fall below £1 million, the jackpot will be topped up so that each player receives £1 million. The amount of money that can be added to the jackpot in this way is capped at £7 million, so in very rare cases, it may be that jackpot winners receive less than £1 million each.
All other cash awards – from Match 3 to Match 5 + Bonus – can also be capped in very rare circumstances when winners cannot be paid the standard prize. The total capped prize fund equates to 35.82 percent of ticket sales, plus £35 million. If prizes do have to be capped, all winners below the jackpot will receive at least £2 or a Lucky Dip.
Reserve Prize Fund
Half of the money raised from ticket sales is put towards Lotto prizes. A small portion of that revenue – 8.78% – is kept in a reserve fund that can be used to bolster prize amounts when special promotions take place.
Improving Your Lotto Odds
While playing Lotto Lottery you should keep in mind that Each line of Lotto numbers has an identical chance of winning. If you want to increase the chance of winning the lottery then there is the only way is to get more entries. An affordable way to do this is to play in a syndicate so that you split the cost with others and boost your odds at the same time. Go to the Syndicates section for more information.
Taxes on Winnings
The Lottery Prizes of UK are free of taxes. You just have to pay the tax on the prize just like normal income tax. In the case of death within seven years of the winner then the share transfer to the new person have also to pay the Inheritance. If you play from overseas, you may be liable for withholdings in your own country. You should check with a financial expert if you have queries about tax as it is a complex issue that does depend on individual circumstances.