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This gamble (in what amounts to another lottery, really) of nearly ten times the outlay can only deliver a possible $2750.
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To win $2,000,000 in the NSW state jackpot, Mark, you have to have the same ticket drawn twice. According to state lotteries the odds are 11,827,321:1. The odds for winning $100,000 on your $2 are 200,000:1.
Given your sonnet-writing prowess, I'd say the odds on the sonnet prize are much much better, even if entry costs more. How many entries will there be? 3000? You've got to be better than most of those, many of which will be vanity entries. I'll go you halves on the entry fee for 25% of the take. Or maybe we could get up a syndicate.