Understanding the Odds of an Online Contest

When you understand the odds of winning an online sweepstakes or other statistical online contest prize program, you may not to waste your time completing all of those online contest entries.

Online contests, prize giveaways and online sweepstakes are tempting but they rarely pay off. If the online contest prize offer costs you more in magazine subscription or travel club fees than the return, if there ever is one, you might be better served to save your money. 

When you find the online contest site and see the glossy pictures of vacation homes and new cars, take a moment to find the page on the web site that defines the statistical probability of the win, the nature of the prizes and any requirements for winning the online contest. Then you can make a decision about whether you want to enter the online contest. Remember, there is usually only one grand prize winner! 

Sometimes, an online contest prize will have better odds. For example, you might have to write an essay to endorse a product or talk about how the product has changed your life! Because many people are unwilling to take the time to endorse the product, the number of online contest entries may be lower and your chances of winning the online contest may be greater.  Understanding the odds is a good way to protect yourself from an unreasonable gamble. The more heavily promoted and accessible the online contest, the less chance you are likely to win.

All of us would like the cash, car or trip promised on the web site for the online contest, but it is always wise to understand your obligations before you join. Do you have to endure a sales pitch for a time share, sign up for a magazine subscription or join a travel club and pay an annual fee?  

If you don’t want to make that investment, you can find free online contests as well. These free online contests usually require you to complete online forms and include personal information but you may be willing to endure the flood of ads and marketing email in exchange for a chance to win $10,000!