Posted on 08/09/2009 6:44:25 AM PDT by Daffynition
(ANSA) - Ficarra, August 3 - This small Sicilian town has decided to take its chances and shoot for the record jackpot of Italy's SuperEnalotto game rather than wait for the state to fill its empty coffers.
The jackpot has reached an astronomical 115.9 million euros, its highest ever, and for many weeks has been the biggest prize of any game worldwide.
Since the town is out of petty cash, Ficarra Mayor Basilio Ridolfo took 115 euros from the salaries of town council members to bet on a series of numbers which he hopes will include the winning six-number combination in Tuesday's draw.
''We chose numbers which were connected with the town's patron saint, the Virgin Mary of the Assumption, whose name day is today (Monday). It is our hope that, with her blessing, we will hit the jackpot,'' Ridolfo explained.
''Right now we think we have a better chance of winning SuperEnalotto than getting funds owed to us from the state,'' he added.
In the event the town does get lucky, the major said that half of the whopping sum will go into municipal projects while the other half will be split up evenly between the town's residents, less than 2,000 people.
Ficarra is located in the hills overlooking Sicily's northern coast between Messina and Palermo.
SUPERENALOTTO A BOON FOR THE STATE.
SuperEnalotto, which made its debut in December 1997, has been a boon for Italy's state coffers which receive 49.5% of all bets made, far more than other national betting games which pay the Treasury between 20% and 25%. The pool itself receives 38% of bets, slip vendors receive 8% and game organizers Sisal take a 4.4% cut. In the first seven months of the year, the game raked in more than 1.7 billion euros, which meant the state earned some 850 million euros, far more than the 500 million euros it received in 2008.
The SuperEnalotto jackpot broke its previous record of 100.7 million euros - won in October 2008 in Catania, Sicily - last month and has continued to climb since then.
The close to 116 million euros up from grabs in Tuesday's draw far outdistances the world's second richest game, USA Power Ball, which is offering a pot of 'only' just under 96.4 million euros.
However, the Italian game has a big advantage over the American one because it pays out the full prize almost immediately, while in US winners receive the pot in long-term instalments or a single, reduced prize. Furthermore, SuperEnalotto winners also receive interest on their winnings from the time they redeem their slips to when they receive full payment, which usually takes two months for big payouts.
In order to win at SuperEnalotto betters must choose the correct six numbers drawn from one to 90. Draws are held three times a week: Tuesdays, Thursdays and Saturdays.
The game also offers a big payout for a so-called 5+1 win in which an extra, seventh number is drawn and can be matched up with any five of the six winning numbers. SuperEnalotto also pays out minor prizes for five, four and three correct guesses. Each six-number combination costs 50 euro cents with a minimum two combination or one euro bet.
A 38% payout? The city would make more money and have a better chance at winning if the mayor just took the 115 euros to Monte Carlo, put all of it on one number at the roulette table and then let it ride if he won. Do that four times in a row and you win 193,155,840 euros with a 1 in 1,874,161 chance to win. As opposed to the big prize in the SuperEnalotto where you have a 1 in 5.4 million chance to win 116 million euros (possibly split among multiple winners).
Either would be stupid to do with tax money.
That assumed a 115 tickets at 1 euro each.
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