Do I get penalized for trying to catch a rank 2 fish with a rank 3 lure? Do I have a better shot of catching the fish with a rank 2 lure than with a rank 3? Does the rank 3 lure give me more of a chance to catch rank 2 fish than the rank 2?
I believe that the higher the lure rank, the higher the odds.
If I recall correctly, a dev once said that there is a 5% fishing luck difference between each lure. Thus, if you try to catch a rank 2 fish with a rank 3 lure, you have an extra 5% fishing luck of getting it.
