Exclusive Lottery Post Story
Now that the multi-state Powerball jackpot is sitting at its highest level ever, everyone is taking notice, creating a barrage of big-media news stories.
Unfortunately for the public, the big media is making some mistakes.
Although the mistakes at first may seem innocuous, they add up to create player confusion. When a lottery game's jackpot reaches the upper-limits, people who don't normally buy tickets get interested. And those are the people who will be most affected by the misinformation, since they tend to know the least about the game.
In an effort to help players looking for correct answers to their questions, Lottery Post has surveyed the field of recent Powerball news reporting, and picked out some stories to correct.
CNN
Because CNN has been around the longest of all the cable news stations, it is often perceived as an authoritative voice in the news industry. Unfortunately, in the case of Powerball that claim cannot be made.
CNN is currently blaring headlines about the current $340 million Powerball jackpot possibly becoming the largest in history. Their news story, posted Monday morning, states, "Wednesday's Powerball drawing could produce the largest lottery prize in history, a record jackpot of $340 million. "
Not true.
The largest lottery prize [jackpot] ever awarded was a $363 million jackpot from the former version of Mega Millions, called The Big Game, in May, 2000. The record jackpot was split between two winning tickets, sold in Michigan and Illinois.
What CNN might be referring to is the record for the largest single prize ever awarded by a lottery, which went to Jack Whittaker on Christmas Day, 2002. He bought the winning ticket for the $314.9 million Powerball jackpot in West Virginia.
But that drawing was certainly not the largest jackpot. It was the second-largest (now third-largest) prize in lottery history.
Perhaps some people created a new category of "biggest single prize" because of their disappointment that Powerball did not seize the overall record. It sounds like a salvo for bragging rights in the rivalry between the two titans of multi-state games, Mega Millions and Powerball.
Whatever the reasoning, CNN should be making it clear that the Wednesday Powerball jackpot will not be the largest in history, but indeed will be the second-largest.
Washington Times
This morning, The Washington Times is trumpeting a big story that Powerball has a new jackpot capping system!
The reporter, seemingly sensing an exclusive story, rushed to publish the "big" news story without checking all the details.
After seeing the headline and opening paragraphs, seasoned Powerball players are probably left to wonder if the Multi-State Lottery Association (MUSL) has suddenly changed their rules. The story could easily cause confusion and unnecessary worry among players.
The fact is that the cap is not new, and has been around since October 6, 2002 -- more than three years now.
Perhaps the reporter is confused that the jackpot cap has never been utilized prior to this drawing, but that certainly does not make it a new rule.
The change was implemented along with a number of other changes three years ago, including an expanded number pool, an increased annuity payment term, changes to Power Play, and changes to the way unclaimed prizes are distributed.
The Washington Times reporter makes readers believe the cap is brand-spanking new, and even surrounds quotes from lottery officials with language about how they are commenting on the "new procedure".
Some get it right
Amid the incorrect reporting, there are other news outlets getting it right.
The Minneapolis Star Tribune put together a comprehensive story correctly outlining the never-before-used jackpot cap, as well as all the details about how it works.
Minnesota Lottery Director Clint Harris summed up the nature of the cap nicely when he said, "It spreads the wealth. You could have one very big happy winner with the $340 million. Now you can also have from 10 to 30 second-prize winners who are going to win a bigger share of the money."
The Star Tribune article also correctly mentions that without the cap, the Wednesday jackpot would indeed be the North American lottery record, at an estimated $368.2 million.
Players should exercise caution
The moral of the story is that when jackpot frenzy begins, players should realize that it can also be a frenzy in the newsroom, as reporters who are unaccustomed to the various lottery rules and procedures are suddenly thrust into the role of reporting those rules and procedures. And sometimes they will get it wrong.
Players should use common sense when buying lottery tickets, and keep from our-spending their budget. Likewise, when reading "facts" about the lottery reported in mainstream news outlets, players should double-check the facts with traditional lottery news sources.
In-depth Powerball information, including a comparison of cash value and annuity payments -- before and after tax -- can be found at www.usamega.com. USA Mega is a unique web site that presents information about the United States' two biggest lottery games, Mega Millions and Powerball.
Players should exercise caution
The moral of the story is that when jackpot frenzy begins, players should realize that it can also be a frenzy in the newsroom, as reporters who are unaccustomed to the various lottery rules and procedures are suddenly thrust into the role of reporting those rules and procedures. And sometimes they will get it wrong.
It's a bit vague on the matter of what 'caution' players should exercize, other than using good sense about buying tickets. Other than that the stories, while inaccurate, don't convey any important information anyway. Yeah, the cap isn't new. So what? Maybe it's important to someone to know there's a cap, though I can't imagine how. But why's it important whether it happened in 2002, or 2005? Makes no difference at all, seems to me.
Roughly the same is true of a lot of this stuff. The question of whether it's the largest jackpot is absolutely meaningless in any terms except for gossip. The guy who wins is gonna behave the same whether it's the largest, or the 3/4 largest.
I'd say it would be a lot more important for players to understand that the enormous check held up by the winner who took a lump sum is phonier than a three-dollar bill.... guy gets to hold up a check that shows him getting twice the money he won, and he grins into the camera and tries to look innocent.
That's inaccuracy for you, deliberate, misrepresenting, and fradulent.
Jack
Excellent story-- It just shows how the feeding frenzy works when blood is detected in the water !!!
Somebody PLEASE win this tomorrow night !!!!!!!!
DD
Players should exercise caution
The moral of the story is that when jackpot frenzy begins, players should realize that it can also be a frenzy in the newsroom, as reporters who are unaccustomed to the various lottery rules and procedures are suddenly thrust into the role of reporting those rules and procedures. And sometimes they will get it wrong.
It's a bit vague on the matter of what 'caution' players should exercize, other than using good sense about buying tickets. Other than that the stories, while inaccurate, don't convey any important information anyway. Yeah, the cap isn't new. So what? Maybe it's important to someone to know there's a cap, though I can't imagine how. But why's it important whether it happened in 2002, or 2005? Makes no difference at all, seems to me.
Roughly the same is true of a lot of this stuff. The question of whether it's the largest jackpot is absolutely meaningless in any terms except for gossip. The guy who wins is gonna behave the same whether it's the largest, or the 3/4 largest.
I'd say it would be a lot more important for players to understand that the enormous check held up by the winner who took a lump sum is phonier than a three-dollar bill.... guy gets to hold up a check that shows him getting twice the money he won, and he grins into the camera and tries to look innocent.
That's inaccuracy for you, deliberate, misrepresenting, and fradulent.
Jack
Good point about that phony check, Jack....
It never would be the full amount anyway thanks to taxes and annuities...
DD
Shalini's working it in New Delhi. I'm rooting for him. There's something particularly satisfying in thinking, if I don't win it myself, that someone in New Delhi will. The uproar would be worth the price of admission.
I can imagine the new rules and laws dropping out of the sky like paratroopers to keep it from ever happening again, provided we didn't send our own troops to New Delhi out of reprisal.
Jack
Players should exercise caution
The moral of the story is that when jackpot frenzy begins, players should realize that it can also be a frenzy in the newsroom, as reporters who are unaccustomed to the various lottery rules and procedures are suddenly thrust into the role of reporting those rules and procedures. And sometimes they will get it wrong.
It's a bit vague on the matter of what 'caution' players should exercize, other than using good sense about buying tickets. Other than that the stories, while inaccurate, don't convey any important information anyway. Yeah, the cap isn't new. So what? Maybe it's important to someone to know there's a cap, though I can't imagine how. But why's it important whether it happened in 2002, or 2005? Makes no difference at all, seems to me.
Roughly the same is true of a lot of this stuff. The question of whether it's the largest jackpot is absolutely meaningless in any terms except for gossip. The guy who wins is gonna behave the same whether it's the largest, or the 3/4 largest.
I'd say it would be a lot more important for players to understand that the enormous check held up by the winner who took a lump sum is phonier than a three-dollar bill.... guy gets to hold up a check that shows him getting twice the money he won, and he grins into the camera and tries to look innocent.
That's inaccuracy for you, deliberate, misrepresenting, and fradulent.
Jack
Good point about that phony check, Jack....
It never would be the full amount anyway thanks to taxes and annuities...
DD
True.
But the check the winner who takes a lump sum holds up bears no relationship at all to the actual pre-tax winning.
A case can obviously be made for the billboard trumpeting a jackpot twice as large as actually exists. But no case can be made, once the winner takes the lump, for that giant check he's holding being anything but a deliberate obfiscation and self-serving fraud on the part of the lottery.
Jack
I acutally had an argument today with someone who swears this is the biggest lottery jackpot ever, and they know so because they saw it on the news. My reply was, "Oh, I didn't know that $340 million is bigger than $363 million, must be that new math I heard about". Anyway, I'm excited about the drawing and dreaming about a big win. I know the odds are way against me, but hey, dreaming can be fun!
Shalini's working it in New Delhi. I'm rooting for him. There's something particularly satisfying in thinking, if I don't win it myself, that someone in New Delhi will. The uproar would be worth the price of admission.
I can imagine the new rules and laws dropping out of the sky like paratroopers to keep it from ever happening again, provided we didn't send our own troops to New Delhi out of reprisal.
Jack
Although I selfishly want the money, it would be cool if some one from a "poor country" should hit the "biggest jackpot ever" - then choose annuity. Wouldn't that frost the state that sold the ticket? Having to send money to a foriegn country every year! Hehehehehehe! The news would use up a thousand years of tree bark!
I think most journalists consider playing the lotteries is for uneducated people so they don't get interested until the jackpot is big enough to make the news and that's when we uneducated lottery players find out everybody is ignorant about something. I've read all kinds of misinformation about the PowerBall lottery including that the average jackpot is usually $200M, you would think these reporters would check some lotteries websites before writing a story off the top of their head. I just hope they check the facts better for the other stories they write.
hahaha...if I won what fun...a citizen of one of the poorer countries in the world....by the way I'm a she and not a he!!
In my currency it is 50 times the amount...it is very very serious money here....if only I could win...well its getting late here...you all can do the waiting and I shall rise bright and early to see the result.....
Chewie you are quite wicked and Jack I'm a she not a he...not your fault..you would not be able to make that out from my name..
Well if someone from this country won ( read me) I don't know about anyone else but I would definitely collapse!!!!
Sorry Shalini:
I should have known, most likely. No male in America would survive childhood with a given name of Shalini, but I thought things might be different there.
Jack
If I won, I think I would have to get in my car and drive the Interstates for about 6 hours, screaming, just so no one would hear me around the neighborhood and get suspicious. And I'd have this wicked smile plastered on my face for about three years.
Why would it be surprising if CNN et al get it wrong. Since when do they check facts on something. They are just more interested in the politics of an issue than the facts of an issue.
If I won, I think I would have to get in my car and drive the Interstates for about 6 hours, screaming, just so no one would hear me around the neighborhood and get suspicious. And I'd have this wicked smile plastered on my face for about three years.
Just live in a city like I do. One more screaming lunatic wouldn't even get noticed.
I just hope again: there are two or more winners for this drawing. It is somewhat a medicine to discount the hopelessness!!!
what is the new rule about this? "changes to the way unclaimed prizes are distributed" i think indiana had a 100 million dollar pot go unclaimed. i know this vast and very intelligent group knows the answer to this one.
thanks
I just hope again: there are two or more winners for this drawing. It is somewhat a medicine to discount the hopelessness!!!
If there's gotta be two or more I hope one of them's you. You, Shalini, and my humble self. However , if we gotta lose two, I'd appreciate it if you and Shalini would bow out gracefully.
Jack
Hi! Friends
I am new to this site, in the past I browsed the site. It's a wonderful place for Dreamers.
I hope some lottery post member wins this PB jackpot this wednesday.
I seldom play lottery, but whenever the jackpot is big ,I buy a ticket or two. I am planning to buy one ticket in Pennsylvania today.
Boy, $340 millions is huge. So, I am not going to miss out on this wonderful opportunity to may be win & then help the needy people worldwide.
Good Luck to all of You! Keep dreaming & keep winning!
Just for fun....please read the following joke. Thanks!
=====================
Joe’s prayer to God
Joe finds himself in dire financial trouble. His business has gone bust and he's in serious financial trouble.
He's so desperate that he decides to ask God for help.
He begins to pray "Oh God, please help me, I've lost my business and if I don't get some money, I'm going to lose my house as well, so please let me win the lottery".
Lottery night comes and somebody else wins it.
Joe again prays to God, “please let me win the lottery, I've lost my business, my house and I'm going to lose my car as well".
Lottery night comes and Joe still has no luck!!
Joe is back to the Prayer room "God, why have you forsaken me? I've lost my business, my house, my car and my wife and children are starving. I don't often ask you for help and I have always been a good servant to you. Why won't you just let me win the lottery this one time so I can get my life back in order???"
Suddenly there is a blinding flash of light as the sky parts open and Joe is confronted by the voice of God …
"Joe, please buy a lottery ticket first".
I acutally had an argument today with someone who swears this is the biggest lottery jackpot ever, and they know so because they saw it on the news. My reply was, "Oh, I didn't know that $340 million is bigger than $363 million, must be that new math I heard about". Anyway, I'm excited about the drawing and dreaming about a big win. I know the odds are way against me, but hey, dreaming can be fun!
Mrmst:
Your point serves to illustrate how the Hoosier Lottery has gotten away with bilking the people of Indiana for so many, many years. People here watch the drawings on TV, so they're certain they're watching ping-pong balls being drawn. What they're actually seeing is the animation, which has been cleverly designed to resemble a mechanical drawing. When I tell them the numbers have been drawn electronically since 2000, they don't believe it; they refuse to believe it because THEY'VE SEEN THE BALLS BEING DRAWN ON TV!
The media is responsible for fair and accurate reporting of the facts. Unfortunately, many reporters find it necessary to interject their own views and opinions, either as part of the story or as an afterthought or counterpoint. This trend seems to be growing as time goes on. Reporters take it for granted that we either don't have time to think for ourselves, or we're just too lazy to weigh the facts and reach our own conclusions. Listen to any newscast, and you'll hear the anchor making personal comments about the story to the weatherman, or whomever happens to be in the studio. This banter can and does have an effect on the formation of people's opinions and judgments. If they like the reporter, they'll tend to agree with nearly anything that reporter says, because they trust him or her.
I'm not interested in their opinions. I couldn't care less what they think. Their job is to tell me what happened - nothing more, nothing less. Facts are not subject to embellishment.
Several years ago, a space shuttle bumped into the International Space Station while attempting a docking maneuver. CNN's Tonya Roberts reported, "The space shuttle carreened out of control while docking with..." Is this Ms. Robert's fault? Probably not, since she's paid to read copy, but the fact remains the story was embellished. "Carreened out of control" simply sounds better than, "accidentally bumped into." Yet, later that day, I heard my friends talking about "the space shuttle crash," and they wondered if NASA would be able to bring the astronauts home.
People believe what they see and hear. Consequently, most people are misinformed to some degree about any given issue. They see a five-minute newscast and come away feeling like an expert, as if they know everything there is to know about that item. "After all," they reason, "if there were any more to know, it would have been included in the story."
Likewise, they reason, "If this wasn't the largest jackpot in history, Carol Costello (for instance) wouldn't have told me it was."
I'm happy to say that I DON'T include members of LotteryPost in this generalization. Most of us here enjoy a very curious nature, so we're not satisfied with one person telling us what's what; we'll listen, but then we'll go verify it and check things out for ourselves. Any inaccuracies we find are mecilessly exposed and corrected.
The news media could take a lesson here.
I acutally had an argument today with someone who swears this is the biggest lottery jackpot ever, and they know so because they saw it on the news. My reply was, "Oh, I didn't know that $340 million is bigger than $363 million, must be that new math I heard about". Anyway, I'm excited about the drawing and dreaming about a big win. I know the odds are way against me, but hey, dreaming can be fun!
Mrmst:
Your point serves to illustrate how the Hoosier Lottery has gotten away with bilking the people of Indiana for so many, many years. People here watch the drawings on TV, so they're certain they're watching ping-pong balls being drawn. What they're actually seeing is the animation, which has been cleverly designed to resemble a mechanical drawing. When I tell them the numbers have been drawn electronically since 2000, they don't believe it; they refuse to believe it because THEY'VE SEEN THE BALLS BEING DRAWN ON TV!
The media is responsible for fair and accurate reporting of the facts. Unfortunately, many reporters find it necessary to interject their own views and opinions, either as part of the story or as an afterthought or counterpoint. This trend seems to be growing as time goes on. Reporters take it for granted that we either don't have time to think for ourselves, or we're just too lazy to weigh the facts and reach our own conclusions. Listen to any newscast, and you'll hear the anchor making personal comments about the story to the weatherman, or whomever happens to be in the studio. This banter can and does have an effect on the formation of people's opinions and judgments. If they like the reporter, they'll tend to agree with nearly anything that reporter says, because they trust him or her.
I'm not interested in their opinions. I couldn't care less what they think. Their job is to tell me what happened - nothing more, nothing less. Facts are not subject to embellishment.
Several years ago, a space shuttle bumped into the International Space Station while attempting a docking maneuver. CNN's Tonya Roberts reported, "The space shuttle carreened out of control while docking with..." Is this Ms. Robert's fault? Probably not, since she's paid to read copy, but the fact remains the story was embellished. "Carreened out of control" simply sounds better than, "accidentally bumped into." Yet, later that day, I heard my friends talking about "the space shuttle crash," and they wondered if NASA would be able to bring the astronauts home.
People believe what they see and hear. Consequently, most people are misinformed to some degree about any given issue. They see a five-minute newscast and come away feeling like an expert, as if they know everything there is to know about that item. "After all," they reason, "if there were any more to know, it would have been included in the story."
Likewise, they reason, "If this wasn't the largest jackpot in history, Carol Costello (for instance) wouldn't have told me it was."
I'm happy to say that I DON'T include members of LotteryPost in this generalization. Most of us here enjoy a very curious nature, so we're not satisfied with one person telling us what's what; we'll listen, but then we'll go verify it and check things out for ourselves. Any inaccuracies we find are mecilessly exposed and corrected.
The news media could take a lesson here.
That part about the animation is amazing. I never knew they simulated ball draws where RNG is used.
But I suppose it fits right in. I'd bet Indiana ain't the only place it's done.
The entire discussion of what's the largest jackpot is fairly mooshy. The winner who takes a lump for half of the largest jackpot in history didn't win that amount. He won half that. Whereas a winner who takes the largest annuity anyone's ever taken, supposing the amount is larger than the largest lump ever taken, is the person who won the largest jackpot in history, no matter what the advertised amount of the jackpots were where lump sums were taken.
A person 'wins' the amount that is eventually transferred to his bank account, plus taxes. An annuity winner eventually gets the advertised amount, minus taxes. A lump chooser gets whatever's left, before taxes, after they subtract the half the winner doesn't win.
Jack
Powerball for Dec 25, 2002 when Jack Whittaker won:
Instead of taking the $314.9 million jackpot as an annuity, Whittaker opted for a single payment of $170 million. After taxes, he got $113.9 million.
Powerball Jackpot for Wed, Oct 19, 2005:
$340,000,000 annuity
$164,400,000 cash
It seems to me that Jack's was the bigger jackpot by $6 million. This is not a record jackpot - yet. You can only compare the cash used to buy the annuities, since the 2005 annuity has been fiddled with, with balloon payments on a 30 year schedule (an Enron accountant would be proud of the chicanery), not equal payments on a 25 year schedule.
Powerball for Dec 25, 2002 when Jack Whittaker won:
Instead of taking the $314.9 million jackpot as an annuity, Whittaker opted for a single payment of $170 million. After taxes, he got $113.9 million.
Powerball Jackpot for Wed, Oct 19, 2005:
$340,000,000 annuity
$164,400,000 cash
It seems to me that Jack's was the bigger jackpot by $6 million. This is not a record jackpot - yet. You can only compare the cash used to buy the annuities, since the 2005 annuity has been fiddled with, with balloon payments on a 30 year schedule (an Enron accountant would be proud of the chicanery), not equal payments on a 25 year schedule.
At the rate they're going the largest jackpot in history someday will be a billion bucks with the annuity spread out over 500 years, payouts toward the end being in the million dollar a year range, lump sum value being two dollars and a nickle minus taxes, or annual payments of $18.25 for the first 50 years.
The news media will have a hayday. The largest jackpot in history.
Deceptive trade practices is a civil offense with triple damages awarded if the offenders are found to be in violation. I'm surprised there isn't already a class action lawsuit filed against Powerball on this issue. I'd bet there certainly will be, and the advertising practices will change concurrent with an out of court settlement.
It won't be the first time a giant has experienced the soul cleansing of having the soles of the feet held to a fire.
Jack
Thank you, Jack! And the miracle luck is with you,, too!!
good morning guys...
waiting to hear about the MM results and then finally tonight the PB.
I wish it is a single winner...its more fun that way.Jack all the best.......
Powerball for Dec 25, 2002 when Jack Whittaker won:
Instead of taking the $314.9 million jackpot as an annuity, Whittaker opted for a single payment of $170 million. After taxes, he got $113.9 million.
Powerball Jackpot for Wed, Oct 19, 2005:
$340,000,000 annuity
$164,400,000 cash
It seems to me that Jack's was the bigger jackpot by $6 million. This is not a record jackpot - yet. You can only compare the cash used to buy the annuities, since the 2005 annuity has been fiddled with, with balloon payments on a 30 year schedule (an Enron accountant would be proud of the chicanery), not equal payments on a 25 year schedule.
For the millionth time, the record is not based on the cash option. Somebody help me.
I've just seen the numbers...I got just one
Maybe there is a lucky winner somewhere out there...it sure wasn't me!
Thanks shalini... you as well.
j
Hmmm. Wonder who defines the criteria for what constitutes the 'record' for the highest jackpot. I suppose there must be an official body of citizens out there somewhere, non-partisanl lottery players no doubt, who examine all the evidence, weigh the special interests, and debate the issues:
Ya. We use annuity claims to decide what's the largest.
NONONONO.... annuities don't count if the person accepts the lump sum.... it's apples and oranges you're comparing, Rufus! The actual amount the winner receives has to be it... otherwise there's no anchor. Only the empty air of billboard claims.
Ignatz, you are mindless. What else are we to go by, if not the billboards? How are we to know a jackpot size if we don't believe the billboards? I've seen the checks they hold up to the cameras. Big checks. They always are for the amount of the advertised jackpot, even when they take the cash option. Billboards, Ignatz. It must be billboards.
But Rufus, stop. Think! A winner wins the amount he wins. Not some billboard amount. If he takes annuity the jackpot is larger for him. But most take the cash, so the jackpot's smaller. How you can say, Ignats, a jackpot is 30 million, if the winner only got 15 million? How you can say a person won the biggest jackpot if he received only half as much as someone who won a smaller jackpot?
Ignatz. You are a fool!
Rufus, you are a fool, also!
and so on ad infinitum.
Jack
If there is no winner for the powerball lotto what will be the grand prize?
Let us see what the media barks!!!!!!!!
The biggest scam annuity was Pepsi billions. That was the most inflated annuity I've ever seen although it never happened. I would have to agree what counts is the cold hard cash you can get at once.
Todd wrote:
>> For the millionth time, the record is not based on the cash option.
>> Somebody help me.
There isn't any reliable help available. The annuity is based on the cash that's available, so that's the only legitimate basis . You and MUSL can repeat your claim as many times as you like, but it won't change the reality. When Jack Whittaker won there was $170 million dollars to give away and this time there's only $165 million. That's not a record to anyone with a wit of sense, regardless of what they do with the money before they start writing checks.
The biggest scam annuity was Pepsi billions. That was the most inflated annuity I've ever seen although it never happened. I would have to agree what counts is the cold hard cash you can get at once.
Excellent point. I could offer a billion dollars in exchange for a modest investment of $1000 and still put most of the $1000 in my own pocket.Anybody who wins Powerball could also buy an annuity that would eventually pay out far more than the advertised jackpot, but there's no such thing as a free lunch. Whatever you get has to be paid for with the cash that's available.
I'll also point out that the billion dollar prize offered by Pepsi isn't the only large payout offered but never delivered.
Look at Powerball. They advertised, but never paid a jackpot of $315 million dollars. The most that was ever paid out was the $170 million pre-tax payout to Jack Whittaker. I guess that means that we've had several records since then, since several jackpots offered an annuity of more than $170 million to any winner who chose to wait long enough. Of course nobody has done that.
When Sears used to advertise a "sale price" that was in effect for 11 months of the year, and called the higher price offered every 12th week the regular price they got sued for false advertising. Lottery advertisements about jackpots aren't any different. The vast majority of the grand prizes are cash payments that range from about 48% (the current Powerball ratio) to 61% (about the best MM ratio) of the advertised jackpot.
>> CNN is currently blaring headlines about the current $340 million Powerball jackpot possibly becoming the largest in history. Their news story, posted Monday morning, states, "Wednesday's Powerball drawing could produce the largest lottery prize in history, a record jackpot of $340 million. "
>> Not true.
>> What CNN might be referring to is the record for the largest single prize ever awarded
That's very clearly what they're referring to. That's why it says "Wednesday drawing could produce the biggest ever lottery prize" and "pushed the potential jackpot for this week's game past the previous record".
You're still right about them getting the story wrong, but they're hardly alone. Even if there's a single winner the jackpot isn't a record. The advertising has reached is a new Powerball record, though.
Todd will PTS be open now for any purchases for the PB today...you said till wednesday...someone just emailed me from London ...they must have tried a couple of hours ago.........
sorry..just went to PTS..get the msg loud and clear...
GOOD MORNING...NOW GET UP YOU GUYS!!
its the big PB day!!!
Mawning to you shalini.
How's things in New Delhi?
J
Hi jack...about time someone resurrected...nothing much..watched a bit of the Saddam hussein trial....BBC and CNN are airing just that and nothing else......with bits thrown in in the morning or was it yesterday about Wilma.
Todd wrote:
>> For the millionth time, the record is not based on the cash option.
>> Somebody help me.
There isn't any reliable help available. The annuity is based on the cash that's available, so that's the only legitimate basis . You and MUSL can repeat your claim as many times as you like, but it won't change the reality. When Jack Whittaker won there was $170 million dollars to give away and this time there's only $165 million. That's not a record to anyone with a wit of sense, regardless of what they do with the money before they start writing checks.
When Jack Whittaker won there was $170 million dollars to give away and this time there's only $165 million. That's not a record to anyone with a wit of sense, regardless of what they do with the money before they start writing checks.
So, you're saying that in dollars that exist on the day of the drawing the Powerball jackpot is actually $5M smaller than the largest in the past as measured on the same yardstick.
Maybe you should start an ongoing thread keeping track of jackpot sizes using this yardstick. RECORD CASH VALUE JACKPOTS, you could call it.
It's clear that the label, "Record Jackpots" is subject to more than one interpretation, more than one measure. Maybe you can become the official source for the loyal opposition, for the minutia of data for prizes actually awarded at cash value.
Seems a worthy venture. That sort of information should be available somewhere in a single source for newsmen hungry for some story with a different slant.
Jack
Afterthought: After I posted this the question suddenly popped into my head. When states publish figures concerning prizes awarded, bragging they've given out x dollars in prizes, given x in money for education, I wonder if the prize totals they're quoting are the annuity figures, notwithstanding whether the winners took the cash value.
I'd bet they are. And I'll bet when they talk about the other side of the issue, the amount going to education, or into the state budget, the figures they name don't have anything to do with ballooning annuities. They're talking about actual dollars in a bank somewhere.
Prima facie evidence they know the difference between real dollars and annuity dollars and they'll settle for cash value, thenk you vurrry much.
Todd wrote:
>> For the millionth time, the record is not based on the cash option.
>> Somebody help me.
There isn't any reliable help available. The annuity is based on the cash that's available, so that's the only legitimate basis . You and MUSL can repeat your claim as many times as you like, but it won't change the reality. When Jack Whittaker won there was $170 million dollars to give away and this time there's only $165 million. That's not a record to anyone with a wit of sense, regardless of what they do with the money before they start writing checks.
USA Mega clearly lays out what the annuity payment schedule would be, year-by-year, before and after taxes, for every state that offers that game. Clearly, the tables show how the jackpot of $340 million would be achieved over 29 years (30 payments).
If you think that "no reliable help is available" then excuse me for saying that you are being intellectually dishonest, and I'm not going to be sucked into an argument with someone who is so wrapped up in their own opinions that they ignore the facts.
I know how you feel it!!!
It is Diwali in your country, could it not be a blessing and it would be a blessing if one of your man won
Powerball for Dec 25, 2002 when Jack Whittaker won:
Instead of taking the $314.9 million jackpot as an annuity, Whittaker opted for a single payment of $170 million. After taxes, he got $113.9 million.
Powerball Jackpot for Wed, Oct 19, 2005:
$340,000,000 annuity
$164,400,000 cash
It seems to me that Jack's was the bigger jackpot by $6 million. This is not a record jackpot - yet. You can only compare the cash used to buy the annuities, since the 2005 annuity has been fiddled with, with balloon payments on a 30 year schedule (an Enron accountant would be proud of the chicanery), not equal payments on a 25 year schedule.
For the millionth time, the record is not based on the cash option. Somebody help me.
I respectfully disagree, unless you show that the cash in this drawing would produce more money using the same annuity as in the 2002 drawing. Obviously using the same annuity would produce more money for $170 million than $164 million. The most you can say is that $340 million is the largest prize to date under the new 30 year balloon annuity. I would agree with that statement.
With 5 more years to invest the cash, of course the 30 year will seem larger, and better for advertising purposes. The point is sort of academic anyway - they are both enormous sums of money and the winner will take the cash.
Seems to me every state ought to shoot for the pride of paying the highest salary on record to the director, or head of their lottery agency. States ought to compete to be the ones paying the head chief kahuna more than other states.
Easy enough to accomplish. States ought to be paying their lottery director salaries based on an annuity. Yeah, the guy only makes ten grand a year this year. But fifty years from now he'll be in tall cotton.
Give those lottery directors an opportunity to cash in on the kinds of benefits they're offering the players. They get to say they're making a humongous salary, highest paid among the best.
Meanwhile, they can go along getting by on the amount they get this year by cutting corners. The prestige of being the highest paid ought to carry them through.
It hangs together, all singing from the same songbook.
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In a discussion atmosphere where one person wins 170 million before taxes, and some hypothetical person might win 165 million before taxes, but where recognizing the 165 million as a smaller amount than the 170 million is intellectual dishonesty, I'd say all bets are off.
The problem is they used that lottery income to teach people math and made them read George Orwell's Animal Farm. Throws all manner of monkey wrenches into a discussion of this sort.
Jack