Odds of Winning Contests

Most folks don't think (or care) about their odds of winning a contest that they enter. Should you? If you are entering contests recreationally it shouldn't really matter. On the other hand if you are spending either substansial amounts of time or money (both?) then your "Return On Investment" (ROI) is very important.

The quick (legal?) disclaimer that many companies use today is "Many will enter, Few will win!"

If a contest requires money or time (both) to enter, then, at least you should have a good idea of the cost and odds of winning. I really hate to equate entering contests with gambling but it is not far off. When you gamble you risk money for a chance to win. In Las Vegas some places will say that their slot machines return (pay-out) 97%. For every dollar you put in, you will get back 97% on average. However, some folks win big for their bet. Which means the next folks have to lose big, so the casino can make their 03%

Most contest have a very small entry cost. That, however, can range from a few moments of time to fill out an entry and/or a first class stamp, $1.00 lottery ticket, to costumes and travel expenses for a performance based contest. Here, we do lump all kinds of contest together.