
Ask HN: 7K now or a chance to play for £1MM? - mikejharrison
Heart Radio in the UK are running a competition whereby they give you an opportunity to take an amount of money now (minimum £500, but so far has ranged from £2,000 to £7,000) or forfeit the money to accept entry into a £1,000,000 draw to be held in the first week of May (7th). One person will win the full amount.<p>They randomly select an entrant every weekday morning, and it costs each entrant £2 to enter. The number of rounds played each day is flexible upto a maximum of 8 rounds.<p>The more people that forfeit the money and enter the £1MM draw, the less the odds of taking the pot (to date 7 people are in the draw). A total of 9 people will be selected from this group, 1 more round will be played, bringing the total to 10, and then 1 lucky winner will be selected.<p>Each morning on the drive in to work I&#x27;ve been thinking about the odds, and a logical way to play for someone with low, medium, and high net worth. The more I think about the problem, the more complicated it becomes.<p>Today, you can win £7,000 now, or forfeit for the chance of £1MM. I don&#x27;t like the jackpot odds, so I&#x27;d be inclined to take the money today. But I&#x27;m interested in the thought process of the rest of HN.
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shuwusxuu2he
Take the gurantee, the whole point of these sorts of things is to cash in on
the people who risk choosing number 2.

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mytailorisrich
From the description they are limiting the number of people in the draw to 10.
They won't be cashing in anything by collecting £20 in total...

So it's £7,000 or 10% chance of winning £1 million.

