Set for Life Review
We love lotteries that break the mold and bring something new to the table. Set for Life from Australia is one such lottery. While it is relatively new, Set for Life is definitely worth a try due to the lucrative premise behind the game.
Set for Life: Introduction
Set for Life is a relatively new option that came into existence in August 2015. Players who match all of the winning numbers, get the amazing prize of being paid 20,000 dollars each month for the coming 20 years. Now, that’s a prize to definitely look forward to.
The new game was originally announced in February 2015. The first drawing was held on August 7, 2015.
According to Tatts representatives, Set for Life was especially created to address the needs of a younger audience. It follows the model of several similar lotteries available in other countries. One comparable example is Cash4Life from the US.
Is Set for Life a Scam and Can You Play It Online?
Is Set for Life a scam? The answer is a reassuring no. the game is completely legitimate and it falls under the umbrella of Tatts lotteries in Australia.
Tatts Group Limited is a public company that was founded in 2006. Its net income, as of 2015 financial data, is over 251.96 million Australian dollars. The operations of Tatts extend over all of the Australian states (apart from Western Australia) and in New Zealand.
Currently, the Tatts Group portfolio consists of an array of lotteries like Oz Lotto, the Australian Powerball, Monday and Wednesday Lotto and Lotto.
You can play Set for Life without worries about getting scammed. We’ve also been incapable of finding information about fraudsters using the name of Set for Life to launch their own scam schemes.
Set for Life offers a lot of convenience due to the fact that lottery tickets can be bought via retailers, the official lottery app and online. To buy Set for Life tickets online, however, you will have to meet certain conditions.
How to Play Set for Life?
Playing Set for Life is relatively simple. You have to choose 8 lucky numbers from a pool of 37. A single entry consists of 2 sets and acquiring such a ticket will cost you 8.4 Australian dollars.
At this point, you may worry that Set for Life is too expensive. Hold your horses, we’re not done with the terms and conditions yet! One entry allows a player to win every day for seven days in a row. It doesn’t matter during which day the ticket has been purchased, the rule remains valid. Thus, if you look at things in perspective, Set for Life tickets seem to offer a lot more and they’re less expensive than the entries in other lotteries.
Drawings occur every day of the week, at 9pm AEST. The only condition for getting your ticket is being aged 18 or older.
Prizes and Odds
The biggest and most prominent Set for Life prize is the jackpot. As already mentioned, it is not paid out in a standard way. Rather, players who match all of the 8 numbers for the respective drawing will be entitled to a 20,000-dollar payment per month over the course of the coming 20 years.
The odds of claiming the top prize are 1 in 38,608,020 per single entry. Since each entry consists of two sets, however, the odds of claiming the top prize go up to 1 in 19,304,010.
As of March 2018, several top prizes have already been handed out. The first one fell in the middle of January 2018. A Stafford woman was one of the three winners for the respective drawing. The other two lucky tickets were sold in Brisbane.
Two top prizes were handed out in February 2018.
All the other prize tiers come with a fixed amount that is paid out as a lump sum. The average second prize in Set for Life is 7,600 dollars. The odds of getting 7 numbers and the bonus number correct are 1 in 2,413,001.
People who get 7 main numbers correct will win 725 dollars. The odds are 1 in 178,741.
The smallest Set for Life prize is 10 dollars. It is handed to players that get four main numbers and one or two bonus numbers correct. The odds of this happening are 1 in 89. All of the odds are determined on the basis of one set, which means that chances are actually much more favorable.
Can You Play Set for Life Online?
It is possible to buy Set for Life tickets online. For the purpose, however, you will have to be an Australian resident. In this case, you can access the option via the official Set for Life website.
Currently, Set for Life is not available via the most prominent online lottery agents. Thus, if you’re not an Australian resident, you will have to be in the country in order to get your tickets. Set for Life, however, is still a pretty new game. Chances are that it may eventually be added to one of the prominent online ticket buying platforms so stay tuned!
Some Information for Set for Life Winners
Depending on the amount being won, Set for Life prizes can be claimed both online and in a store/Tatts office.
All prizes apart from the first division prize can be claimed online if you have an account. The transfer will typically occur on the day following the drawing.
Whenever a ticket is bought in a retail venue, a few rules will apply to the prize claim. Prizes of less than 1,500 dollars can be claimed at any venue. For a larger prize, a Prize Claim Form will have to be filled out. For the first tier prize, a two-week waiting period will apply before the payments begin.
Australia is one of the countries that do not apply an income tax on lottery prizes. If you’re an international player, however, you will need to double check whether regulations oblige you to pay a certain percentage in your country of origin.
The Bottom Line at Set for Life
Set for Life, one of the newest Australian lotteries, has a winning formula that many players have been drawn to. Getting a 20,000-dollar check every month for the coming 20 years is certainly worth pursuing.
The following summary will highlight the biggest advantages of Set for Life:
Organized by a national entity
The top prize is 20,000 dollars per month for 20 years
There are numerous additional prize tiers
Each ticket consists of 2 entries that are valid for seven coming drawings
Players can buy tickets at retail venues, online and via the official Set for Life app
There are drawings every day of the week
The odds of claiming prizes are good due to the fact that each ticket consists of two entries
Some of the most prominent shortcomings are:
International players cannot buy tickets from abroad
While each ticket consists of two entries valid for seven consecutive drawings, some may find the cost of playing Set for Life to be high
The lower prize tiers aren’t too impressive
If your dream is to quit your job and to earn an amazing passive income every single month, Set for Life is the right option for you. While the concept isn’t revolutionary, it’s certainly a nice diversion from other standard games that feature a lump sum payment. Set for Life is legitimate, organized by a national entity and our evaluation has helped us reach the conclusion that it’s perfectly ok to try.