Researching online contests with the highest odds of winning: Strategies on improving the probability of prize money wins. Are you ready?
Sure, you could spend hours answering surveys to make a little bit of side cash each week. However, if you dedicate more time to entering contests and really treat it as a side gig, the same time you spent on those tedious surveys could pay out in bigger bucks.
Have you ever heard of a comper? Compers are people who make a living entering contests. It may have started out as a side project in their spare time, and eventually paid out enough to live off of. This doesn’t mean you should quit your desk job right this second. It takes time and effort.
Statistically, the more contests you enter, the higher chance you have of winning. Even with the higher chance, there is no guarantee, but you’ll never win if you don’t enter. It wouldn’t be wise to quit your day job today thinking that you’ll hit it big tomorrow. It takes time, and there is some strategy to increase your odds of winning.
Try the Lottery
Pretty much everyone has heard of the lottery. Several countries around the world have one, and some states have even adopted their own. Sites like lottogo.com give you easy access to viewing a variety of different lotteries, including scratchers you can play virtually.
While the odds of winning a big jackpot are very small, even if you purchase multiple tickets each cycle, you do have a higher chance of winning
Enter Online Contests
If you’ve been on the internet in the last couple of decades, there’s a good chance you’ve seen an advertisement for some sort of online contest. You submit information about yourself, press enter, and wait. Sometimes you can enter multiple times in a day or throughout the life of the contest.
As you create a strategy for entering, you’ll want to decide if single-entry or multi-entry contests are worth more for your time. Daily-entry ones are great to enter then wait to see if you win, and everyone who enters has the same chance of winning. On the other hand, if you’re diligent in entering multi-entry contests, then your chances may be a bit higher if others aren’t doing the same.
Regardless of which method you decide to invest your time in, you should be organized, so the time you spend is efficient and maximized. Consider creating a spreadsheet or some other device to help you track which contests you have entered. You can include the contest’s URL, when you entered, and when it closes to start. Also, to keep your email from being blasted by contest entry emails, create a second one strictly for entering contests.
If you’re creative or have certain skills, you can search for contests that implement your use of that skill. For example, if you’re a programmer, look for contests where you can program a game or app as part of the contest. If you’re a graphic designer, enter competitions to create logos or design advertisements. There are even contests you can enter by sending a postcard! There are even contests that include physical skills, like arm wrestling and poker.
These contests might require more work on your part than filling out the simpler forms to be entered, but your odds are even higher of winning now that the pool is smaller for entrants with that skill. They’re even greater if you’re very skilled in that area.
More than Money Giveaways
While the focus here is on winning money, it’s not the only thing you can win by entering contests. Several contests and sweepstakes offer free experiences. Companies use this as a way to advertise their services and get people in the door even though they are footing the bill.
These types of contests are great if you’d like to travel, get a new car, and more without paying for the experiences yourself. Depending on what you do win along with the terms and conditions of the contest, you may be able to sell the items to get the cash value if money is more important for you.
Factor in the Taxes
Do you dream of being the person on the news who receives a giant check for thousands and thousands of dollars? As exciting as it is to picture yourself in that situation, that doesn’t mean that amount is what you’ll be depositing into your bank account. Contest winnings are not exempt taxation.
Some contests will send you a 1099 form to include when filing your tax return, but others may not even though you must still declare them as income. Take the time to set aside the amount you’ll lose after taxes, so you’re not spending more than you really have.