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Consumer Deception?

So, if I entered an Australian lottery advertising a $50 million first prize and paid for my entry in today's dollars, I would expect to get $50 million of today's dollars if I won. If the lottery then said, no what you have won is $20 million invested on your behalf over 20 years, I would have a clearcut case of misleading conduct. If it misleads, it must be deceptive. If it is deceptive then it is false.

The value of money only exists at a point in time. One hundred dollars today will buy you $100 in today's value. In one year, that same $100 would only buy say $95 dollars of that point of times value. If, with a time machine, we brought a very rich man with his money from 200 years ago, today he would be poor.

Therefore, when you advertise win $50 million by entering with today's money, the prize should be $50 million in today's money. The courts in a country like Australia would say "you said $50 million, give him $50 million." They would then fine the lottery $250,000 dollars for every breach of the Act. Every one who played could be considered to have been mislead. Say 2 million players. 2 million times $250,000 bucks. Now that's a lot of money. This would be considered so serious a breach of the law that the people who came up with it would be jailed as an example.

The Lottery might say, but it is $50 million over time. In that case, can I pay for my entry in the jackpot week over time? In depreciated dollars? I'll bet $2 million today and pay you over 20 years at the rate of $100,000 a year. Try it, they will look at you like you are an idiot.

It is interesting that a person called a "Lottery Director" in one country would be called "the prisoner" in another.

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