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FreeStateLotto

Odds: 1 out of 76.28 million. But that's not my own calculation. That's accourding to their "official rules" page. I could not find any reference to the number spread (number of "balls) or the number of picks used, so I couldn't calculate the odds myself and place them here.
Frequency: Once per day, at 2 PM Eastern Time.
Pay-Out: First of all, this game starts with a $1 Million prize, and this increments somehow (presumably based on their advertising revenue). So for each day that there is no winner, the "pot" gets bigger, just like the "real" state-run lottery games. Hence the name.

"40 year annuity of increasing installments." (A quote from their rules page.)  I'm assuming this means 40 annual payments. I have no idea what the actual value of the payment would be. Read their terms and conditions here.

Buddy System: Win $50,000 when a person you referred wins the jackpot.
Drawbacks: I'm not sure if lottery is the right word for this contest, since you can't choose your own numbers. Think of it as a sort of forced QuickPick.
Extras: Increasing pot for each day that there is no winner. Unique to this site (so far). Let me know if you find another one.

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