There is such a big promotion for New Years Jumbo, etc, a national lottery which only pays out 100,000,000 yen(<$1 million) . Even the smallest lotteries in the U.S. pay out $3 million to start and then grow if noone wins. Does anyone know the actual payout ratio? Seems like another situation where Japanese consumers get overcharged.
2007-12-28 00:41:15 · 8 answers · asked by shazam 6 in Travel ➔ Asia Pacific ➔ Japan
guitargu... lotteries in the U.S. are at the state or multi-state level, so the relevant population number is smaller than the Japanese population, also ticket prices in the U.S.are generally 50 cents or $1, much less than the 200 yen for each Japanese ticket. Anybody have info on the Japanese ticket odds of winning, etc.
2007-12-28 02:06:25 · update #1
In the u.s. not all money is paid out... In New Jersey in 2006, 36% returned to the State for a total of $866 million for local financing of community colleges, Department of Human Services, Department of Military and Veterans Affairs, Department of Agriculture, etc. - Wouldnt a larger lottery also mean more money for more social activitie.
2007-12-28 10:02:32 · update #2
ken-y, How can there be winners of the jumbo main prize when the numbers are preselected on the tickets. In the U.S. there are frequently multiple winners who each chose the same numbers
2007-12-28 10:04:18 · update #3
also the 36% is probably higher as the winner must pay state and federal taxes of about 40% on winnings.
2007-12-28 10:05:22 · update #4
There's just not that much competition for gamblers money in Japan. Obviously there's pachinko and the four kinds of racing, but the potential payouts there are limited. Therefore it's another situation where Japanese consumers get overcharged courtesy of their paternalistic government.
2007-12-28 01:07:04 · answer #1 · answered by michinoku2001 7 · 0⤊ 1⤋
Unfortunately, a page with a lot of good info recently disappeared, so I'll have to work from memory.
First, the New Year Jumbo pays out 300,000,000 yen as the top prize.
Second, the end-of-year lottery has a fixed number of ticket sales, and a fixed payout, as one buys a numbered ticket rather than selecting numbers. This year, there will have been 220,000,000,000 yen of ticket sales (nearly 2 billion US dollars), and a payout of 81,392,600,000 yen, or around 36.7% of the ticket sales.
Next, rather than have one huge winner there will be a lot of $3 million and $1 million winners - I think 75 in total, although since the page has disappeared. There probably is some good reason for limiting the payout this way, but I don't know what it is.
2007-12-28 10:30:40 · answer #2 · answered by Ken Y-N 4 · 3⤊ 0⤋
The "lottery" you mention is western term and concept.
Old Japanese "Takarakuji" aimed to collect the money for repairs of Shrine and Temples which were burnt down or crumbled by quakes (which set off a fire always) in Edo era. The aim as a form of amusement is placed at a second.
Even today, 50% of the money is used for the local government finances and for building infrastructures (tax is not included).
Japanese one, which has the history of the nation where lots city disasters occurred, has different history from the western lotteries.
Conversely saying, if there were no such aim, nobody can issue the Takarakuji (confined by the law).
2007-12-28 10:28:03 · answer #3 · answered by Joriental 6 · 0⤊ 2⤋
It certainly has to do with the amount of tickets purchased for the lottery. In the US, we have a far greater number of citizens that play the lottery, so the jackpots are much higher.
2007-12-28 08:45:49 · answer #4 · answered by Anonymous · 0⤊ 1⤋
mixture of a few reasons..
1 there aren`t many Japanese compared to Americans
2 Japanese are over charged all the time,but the think that is because of Japanese quality(even though everything is really made in China..
3 greedy companies
2007-12-28 08:54:47 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Because Japanese society is NOT so greedy / winner-take-all mentality as U.S. Why make one person "happy" (with more money than they can even spend in their lifetime) when you can make 100 people happy (with enough money that they CAN spend in their lifetime). It's also a factor that Americans are too stupid to understand the actual value of numbers with so many zeroes.
2007-12-28 11:15:07 · answer #6 · answered by martinthurn 6 · 2⤊ 2⤋
As every Japanese woman will learn on their honeymoon night, there really is no such thing as the Japanese jackpot.
2007-12-28 08:48:51 · answer #7 · answered by Anonymous · 2⤊ 0⤋
isn't it in agreement with the condition of the japanese society in general?
level of the living standard?
2007-12-28 09:36:16 · answer #8 · answered by vw 2 · 2⤊ 0⤋