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Branson U-turn On Jackpot Pledge5 September 2000LONDON, ENGLAND –Sept. 5, 2000 – As reported by The London Observer: "…The concession came after a senior lottery expert with close links to the National Lottery Commission said the People's Lottery could end up bankrupting the game, potentially to the tune of billions. "His explosive charge is the latest blow to the Virgin tycoon and comes as further doubts are raised over whether AWI, the US company in charge of implementing the gaming technology for Branson's consortium, can deliver the system in time. "Branson has proposed that his Millionaires game will guarantee winners a million pounds each. But informed sources say the move could backfire because too many people could end up claiming the jackpot, meaning ruinous payouts. "…For the Millionaires game, players select six balls from 53 in the main lottery and buy an additional number for £1 in a supplementary draw. Anyone matching five numbers from six in the main draw and then selecting the correct ball from the additional draw is guaranteed a £1m prize. "…But the lottery expert said, 'I find it a remarkably risky strategy. It's no longer about winners dividing the pot. Once you start guaranteeing things, somebody has to be the guarantor.' "…It is extremely unlikely that as many people will choose to spend an additional pound and play the Millionaires game, thus reducing the potential demand for a massive payout. And the People's Lottery Consortium has pledged to find £50m to cover up any shortfall in cash prizes…" |