Teaser 3202: Long odds

From The Sunday Times, 4th February 2024 [link] [link]

A group of fewer than twenty of us play a simple gambling game. We have a set of cards labelled 1, 2, 3, … up to a certain number and each player is allocated one of the cards at random. There is a prize for the player with the highest number from those allocated, and a booby prize for the lowest.

In a recent game I was unfortunately allocated a very middling number (in fact exactly half of the highest possible number). I calculated that my chance of winning the booby prize was 1 in N (where N is a whole number) and that my chance of winning the top prize was even lower at 1 in 2N.

How many cards are there in the set, and how many players?

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