|Posted: Wed Oct 13, 2004 6:52 pm - How to calculate the $ value of your Credits!
|Update: The draw used to be for $25 a week but is now $10 daily and so the calculations below aren't correct any more.
As you know, the number of entries in each Prize Draw varies. On average, in the last couple of months, it is just over 500 entries in each draw. Since each draw is worth $25 and a Prize Draw entry costs 25 Credits, it works out that the number of entries in the draw equals the amount of Credits for $1 in average value.
How it works out: Multiply the prize value for each draw by the average number of Credits needed to cover all the entries. This gives you the Credits cost for winning $25. To get the value of $1 instead, divide this again by 25. This works out to be the same as the number of entries in the draw!
The equation for the number of credits equivalent to $1 is: (number of entries) multiplied by (the cost of an entry in Credits) divided by (value of prize) = 500 x 25 / 25= 500!!
To improve the value of your Credits, you can choose to only enter draws where the number of entries is below average! A few months ago it only averaged 300, so the value of your Credits will also likely go down over time as the number of entries increases, if you don't use the Credits in the draw.
Over the last couple of months, every 500 Credits has been worth $1 !!