A former Wells Fargo banker who gave up the city to create a ‘lottery algorithm’ has revealed the top ten $20 scratch-off tickets with the best odds of winning this month.
Jared James set up Lotto Edge back in 2019 – a website which helps ardent players identify their chances of winning on different scratch cards and games.
James, from South Carolina, came up with the idea after realizing that vendors continue to sell scratch cards even after the main prize has already been won.
He then used his background in banking and finance to develop an algorithm which attempts to predict which cards and tickets offer players the highest chance of winning at any given time.
And to help boost users’ luck, he has compiled the ten luckiest $20 scratch-off tickets nationwide with the best overall odds of winning a prize in May.
Former Wells Fargo banker Jared James set up Lotto Edge back in 2019 – an algorithm which helps ardent players identify their chances of winning on different scratch cards and games
James used his background in banking and finance to develop an algorithm which attempts to predict which cards and tickets offer players the highest chance of winning at any given time
The card that came out top was the ‘Extreme Crossword’ card which is sold in Kansas and offers players the chance to win up to $150,000.
According to James’s algorithm, they offer a one in 2.34 chance of winning.
It was followed by the ‘Xtreme Cash’ card and the ‘Lucky Numbers Game Book’ which are both sold in Iowa and offer up to $100,000 prizes.
The cards carry a one in 2.4 and one in 2.51 chance of winning.
A ‘Break the Bank’ card – sold in Oklahoma – and a ‘Gold Rush Limited’ – in Florida – ranked fourth and fifth respectively, with the former offering a $250,000 prize and the latter $500,000.
The rankings assess the overall odds of winning any prize from the ticket – not necessarily the jackpot.
Cards in Oklahoma made up three of the top ten cards while Iowa sells two of the cards listed.
James said he was always interested in the lottery from a young age and later used his background in banking and finance to develop his business.
His site runs ‘thousands of calculations’ to rank the best scratchers based on data over how many people have already bought tickets.
His business exploded in popularity during the Covid-19 pandemic when workers were spending more time at home.
And lottery fever has only intensified in recent months amidst a spate of headlines of mega jackpots.
In February player Edwin Castro collected a record-breaking $2billion jackpot and a already he has splashed out on two California mansions and a vintage Porsche.
But James says winners should be cautious about splurging too soon.
In February player Edwin Castro collected a record-breaking $2billion jackpot
‘When people win the lottery they obviously have this temptation to spend it all,’ he told Dailymail.com.
‘And what we encourage winners to do is scratch that urge at first. We advise that people allocate a small slice of their winnings – maybe around 5 percent – and use that as their splurge money.
‘After that it’s then time to think about savings and investments.’
In the US, lottery winners are given the option of either receiving their jackpot in a lump sum or through ‘annuities’ – annual payments spread out over a set period of time.
For winners of the Powerball and Mega Millions, this period is usually 29 years.
The lump sum options often end up being less money in the long run and can have more hefty tax implications.
On Monday single mother Lerynne West hit headlines after revealing how taking the lump sum option shaved half the value of her $343.9 million jackpot. She ended up with $140.6 million.
And that’s why James often advises people to take the annuity option.
‘Lots of people just want to take out the money in one lump sum as they can put it into their own investments and make more money in the long run,’ he said.
‘But actually what people underestimate is the value of having those regular payments over 30 years.
‘There’s a lot of stability in having that kind of consistent cashflow.
‘The number one worry people have with that option is – what happens if I die? But the lottery will keep paying the money into your estate so it will go to your loved ones.’
TOP TEN SCRATCH-OFF CARDS TO BUY THIS MONTH
Extreme Crossword, Kansas – 1 in 2.34 chance of winning
Xtreme Cash, Iowa – 2 in 2.4 chance of winning
Lucky Numbers Game Book, Iowa – 1 in 2.51 chance of winning
Break the Bank, Oklahoma – 1 in 2.63 chance of winning
Gold Rush Limited, Florida – 1 in 2.65 chance of winning
Big Money, Oklahoma – 1 in 2.68 chance of winning
Colossal Cash, Oregon – 1 in 2.72 chance of winning
100X The Cash, Oklahoma – 1 in 2.74 chance of winning
The Crown Jewels, Oregon – 1 in 2.75 chance of winning
$50,000 Payday, Maine – 1 in 2.80 chance of winning
Source: | This article originally belongs to Dailymail.co.uk