The less entrants a GA has, the more chance of winning you have. If you keep participating on GAs with less entries, your estimated win ratio will rise. In this case your estimated wins can be a higher number than another user's, even if he has participated more GAs than you.
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If you entered a giveaway with 1,000 entries, this increased your "estimated wins" by 1/1,000. If you entered a giveaway with 5 copies and 2,000 entries, this increased your "estimated wins" by 5/2,000.
It's just a measure of how much, on average, you could have expected to win by now. Since it is just an average, your actual wins could be higher or lower.
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You said: I'm sure this has been asked/posted ...
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I'm sure this has been asked/posted elsewhere and I simply overlooked it.. but how does the "Estimated Wins" work? I've seen people with less entries than me, yet a higher win percentage when neither of us have a win... Do comments and contributions factor in?
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