LOTTO: WIN £10k A MONTH FOR 30YRS
Set for Life with new game aimed at millennials
LOTTO bosses are launching a game that will pay winners £10,000 a month for 30 years – in a bid to pull in more young players.
Set for Life, which begins on March 15, will cost £1.50 a line – £1 cheaper than a EuroMillions ticket and 50p less than a line on the Lotto.
And although the odds of winning are still pretty steep at 15million to one, that’s a lot better than Euromillions’ 140million to one or Lotto’s 45million to one.
Nigel Railton, boss of lottery operators Camelot, said the game will meet “a different set of consumer needs, especially among younger people”.
Camelot said their research showed millennials would rather have dream “life experiences”, such as travelling the world or jetting off to top restaurants, than splash out on cars and mansions.
A spokesman added: “Younger people have a bucket list of experiences and the monthly sum can upgrade their lifestyle in a way to which they can relate.”
Players in the Monday and Thursday draws will pick five main numbers from 1 to 47 and one Life Ball from 1 to 10.
The top prize will go to those matching all six balls.
Winners will be able to insure their windfall – worth a
total of £3.6million – so that the outstanding balance is paid to their estate if they die before the 30 years are up.
Anyone who matches the five main balls but not the Life Ball will win £10,000 a month for a year.
And the game will offer smaller prizes of between £5 and £250 for players matching two to four balls.
Railton added: “Annuity games really appeal to a growing number of people who like the idea of winning a prize paid out in regular instalments over the long term.”
The £10,000-a-month prize will not be inflation linked.
After 30 years, the monthly sum would almost halve to £5455 in real terms if inflation remains at the Government’s target rate.