When playing a lottery, players keep a check on the price of the ticket. Recently in 2013, many lottery ticket prices were revised. For example lotto ticket price increased from £1 to £2. It was a 100% rise. But did players stop playing the lottery game? Does the price of a lottery tickets actually affect sales of the ticket? Let us see in detail the importance of price of tickets in gambling.
There are few things that cannot be kept constant in lottery games. One of such factors is price. Factors like inflation, deflation, and dip in economy cannot be governed by the lottery association. With economical changes and change in value of money, the lottery changes the price of the lottery tickets. People may think that increased value of lottery tickets can dip in the sales. But, the truth is with the increase in value of money, the price of every item in the market is increasing.
If you pay attention the value of a loaf of bread or the value of one litre petrol has increased tremendously over time. You can do the maths; the price of a loaf of bread in 1993 and 2013 is way too different, the price of petrol in the beginning of last year and the end of last year were different. When economy can affect the value of edibles and fuel then why not lottery ticket! But, do people stop eating meals or driving cars with increased prices? No they do not! Then why would people stop playing lottery games. The potential buyers of lottery tickets are people who play for fun, entertainment or play for need.
For them even a 100% increase in price does not matter much. With bi-weekly draws the lottery offers better chances of winning. Moreover if they increase the price of tickets they also increase prize pool for their loyal customers. Thus people who love playing lottery do not mind paying a little extra as the winnings are better.