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National Lottery Announces New ‘Set For Life’ Annuity Game

National Lottery Announces New ‘Set For Life’ Annuity Game
Updated: Monday 14th January 2019

The National Lottery has released details about ‘Set For Life’, a brand new annuity game that will see winners receive regular payments over a number of years, rather than one lump sum. Tickets will go on sale for the new game from 15th March.

First UK Annuity Lottery

Set For Life will be the first annuity lottery ever offered in the UK and will give players the chance to win a top prize that pays £10,000 every month for 30 years, which works out at £3.6 million in total. The second prize will offer a prize of £10,000 per month for one year, and there will be other fixed prizes on offer for matching two or more numbers.

Draws will take place twice a week, on Mondays and Thursdays, at a time that is yet to be disclosed. They will not be televised, but will have all the latest results as soon as the draws have concluded. Tickets will go on sale on Friday 15th March ahead of the first draw on Monday 18th March. Players will be able to pick numbers online or by visiting any lottery retailer.

Announcing the new game, Camelot CEO Nigel Railton said: “Annuity games really appeal to a growing number of people who like the idea of winning a prize paid out in regular instalments over the long term, and are very successful in other countries. We think that Set For Life will be just as popular here in the UK.”

How Will Set For Life Work?

Set For Life will be a draw game like Lotto and EuroMillions. Players will pick five numbers from 1-47 and 1 “Life Ball” number from 1-10, and they will win prizes for matching their chosen numbers with those drawn. The more numbers a player matches, the bigger the prize.

Prizes start at £5, which is won by matching two of the main numbers, while the top prize of £10,000 per month for 30 years is won by matching all five numbers plus the Life Ball. The main numbers and the Life Ball will be drawn from separate pools, so it could be the case that the same number appears twice in one draw.

The odds of winning the top prize are 1 in 15.3 million, which is almost ten times better than the odds of winning the EuroMillions jackpot. The odds of winning the second prize are 1 in 1.7 million, while the overall odds of winning a prize are 1 in 12.4.

Head over to the Set For Life page for a complete rundown of the game, including all the prizes on offer and the rules you need to know before you start playing.

What Is an Annuity Lottery?

Annuity lotteries pay prize money over a certain period of time - known as the “annuity period” - rather than in one big upfront payment. Set For Life will be the first of its kind to launch in the UK but such games are very popular in other parts of the world, particularly in the United States. Mega Millions and Powerball boast some of the biggest jackpots the world has ever seen, and jackpot winners have the option of receiving their cash in one lump sum or as an annuity.

The biggest benefit of winning an annuity lottery is that you are guaranteed an income for the foreseeable future, providing a big step towards financial security. The media is full of stories about big winners that have squandered their fortune; this would be difficult to do with an annuity, as the money is only released to winners in increments. 

Further details about National Lottery Set For Life are due to be revealed closer to the game’s launch date, so revisit later to learn more.

Published: Friday 11th January 2019

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