logo
Lottery Organizer Drops Heartbreaking Bombshell After Thousands of People are Accidentally Told They're Winners

Lottery Organizer Drops Heartbreaking Bombshell After Thousands of People are Accidentally Told They're Winners

Yahoo30-06-2025
Thousands of Norwegians received incorrect lottery winnings notifications due to a "manual error" on June 27
Norsk Tipping customers were told they had won high money prizes in the Eurojackpot draw following a conversion blunder, the company announced
Norsk Tipping CEO Tonje Sagstuen has resigned following the incidentThousands of lottery winners in Norway have been left disappointed after being informed that the big money prizes they had been told they had won were, in fact, declared by mistake.
On Friday, June 27, Norsk Tipping customers were informed that they had won large sums of money in the Eurojackpot draw, only to be told hours later that their winnings amounts were incorrect due to a 'manual error' in calculations.
'Norsk Tipping receives the prize amounts from Germany in Eurocents, and then converts them to Norwegian kroner. It is during this conversion that a manual error was made in the code that is entered into our game engine,' Norsk Tipping announced in a statement the next day.
The company explained that the winnings had been multiplied by 100, instead of being divided by 100, leading customers to believe they'd scooped a lot more money than they actually had.
'The incorrect prize amounts were removed from the website and app on Friday evening,' said Norsk Tipping. The correct prizes were sent at approximately 3:15 a.m. local time and completed by approximately 4:30 a.m. local time. No customers were paid the wrong premium, the company said.
Several Norwegians had already made big plans with their incorrect lottery winnings, including a couple who believed they'd won 1.2 million kroner ($118,901) while working on a home renovation at the time, The Guardian reported.
Another resident also thought they'd won 1.9 million kroner ($188,260) in the mishap. 'It was very fun for a minute,' Lise Naustdal told the outlet.
Norsk Tipping CEO Tonje Sagstuen announced her resignation following the massive error on Sunday, June 29, CBS News reported. She had been in the role since September 2023.
"I am terribly sorry that we have disappointed so many, and I understand that people are angry with us," Sagstuen said in a statement, per the outlet. "I have received many messages from people who had managed to make plans for holidays, buying an apartment, or renovating before they realized that the amount was wrong. To them I can only say: Sorry! But I understand that it is a small consolation."
Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories.Norsk Tipping also apologized for the error and for disappointing its customers. The company is reportedly investigating the incident.
PEOPLE has contacted Norsk Tipping for comment but did not immediately hear back.
Read the original article on People
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Dollar drifts as investors ponder Fed independence, await Jackson Hole
Dollar drifts as investors ponder Fed independence, await Jackson Hole

CNBC

time4 hours ago

  • CNBC

Dollar drifts as investors ponder Fed independence, await Jackson Hole

The U.S. dollar drifted on Thursday as investors awaited policy cues from the Federal Reserve's Jackson Hole symposium while keeping an eye on renewed concerns over central bank independence after President Donald Trump's latest salvo. The euro and sterling were flat at $1.1652 and $1.3451, respectively, while the Japanese yen and Swiss franc nursed modest losses. Odds of a rate cut by the Federal Reserve next month eased slightly to 82%, offering mild support to the dollar as focus remained on whether Powell will push back against market expectations for a September cut when he speaks on Friday. There would likely be a greater reaction if Powell were to indicate the Fed could keep rates steady again, than if he leans in the direction of a cut, said Kenneth Broux, head of corporate research for FX and rates at Societe Generale. "The risks are asymmetric. Because it (a cut) is already priced in, the risk is that we go back to 50-50," said Kenneth Broux, head of corporate research for FX and rates at Societe Generale. The reaction to that would be a sell-off in near-tenor U.S. treasuries and a firmer dollar, Broux said. U.S. President Donald Trump's call for Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies has meanwhile revived investor concerns over his efforts to gain influence over the central bank. Trump has also repeatedly criticised Powell for being too slow to cut rates, and has called for his resignation while acknowledging that the Fed's unique status prevents him from firing its board members over monetary policy disputes. "It has the potential to raise questions around the Fed's oversight and regulatory functions but it has little to no near-term monetary policy implications," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. That explained the relatively subdued reaction in the currency markets to the news as the dollar initially dipped before quickly paring losses and nudging higher. Investors expect Trump will replace Powell, whose term ends in May, with a more dovish appointment. Earlier this month, Trump also said he would nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a vacant Fed seat after Adriana Kugler unexpectedly resigned. The dollar index, which measures the U.S. currency against six other peers, was up 0.1% at 98.337, on course for a 0.4% rise this week. The benchmark U.S. 10-year yield was a touch higher at 4.30%, while the two-year yield, which is more sensitive to the monetary policy, ticked up slightly to 3.756%. Some analysts cautioned that markets could end up being disappointed by Powell's speech on Friday, noting that the impact of Trump's tariffs on inflation remains unclear. Elsewhere, the Norwegian krone rose 0.4% against the dollar and 0.5% against the euro, after data showed that Norway's mainland economy grew at a faster pace than economists had expected in the second quarter. First quarter growth was also revised up. Bearish bets on China's yuan, meanwhile, hit their highest since mid-May, with analysts turning short spurred by mounting concerns over the economy, a Reuters poll showed on Thursday.

Aker BP Finds More Oil, Edges Closer to Billion Barrel Target
Aker BP Finds More Oil, Edges Closer to Billion Barrel Target

Bloomberg

time7 hours ago

  • Bloomberg

Aker BP Finds More Oil, Edges Closer to Billion Barrel Target

Norway's second biggest oil and gas company Aker BP ASA said exploration in the Norwegian North Sea resulted in one of the largest discoveries of oil made on the continental shelf in the last decade. The drilling campaign bolstered recoverable volumes from the Yggdrasil area — located off Norway's southwest coast — to between 96 million to 134 million barrels of oil equivalent, the company said in a statement Thursday. First oil from the development is expected in 2027.

Peoplelogy Berhad (KLSE:PEOPLE) Delivered A Better ROE Than Its Industry
Peoplelogy Berhad (KLSE:PEOPLE) Delivered A Better ROE Than Its Industry

Yahoo

time16 hours ago

  • Yahoo

Peoplelogy Berhad (KLSE:PEOPLE) Delivered A Better ROE Than Its Industry

Explore Peoplelogy Berhad's Fair Values from the Community and select yours One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. To keep the lesson grounded in practicality, we'll use ROE to better understand Peoplelogy Berhad (KLSE:PEOPLE). Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. How Do You Calculate Return On Equity? ROE can be calculated by using the formula: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for Peoplelogy Berhad is: 43% = RM5.5m ÷ RM13m (Based on the trailing twelve months to December 2024). The 'return' is the profit over the last twelve months. That means that for every MYR1 worth of shareholders' equity, the company generated MYR0.43 in profit. See our latest analysis for Peoplelogy Berhad Does Peoplelogy Berhad Have A Good ROE? One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, Peoplelogy Berhad has a higher ROE than the average (17%) in the Professional Services industry. That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. How Does Debt Impact ROE? Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking. Combining Peoplelogy Berhad's Debt And Its 43% Return On Equity Although Peoplelogy Berhad does use a little debt, its debt to equity ratio of just 0.029 is very low. Its ROE is very impressive, and given only modest debt, this suggests the business is high quality. Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises. Conclusion Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt. But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company. Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store