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Virginia will offer the $520,000 cash option; still don't know about KY.

Hubby said he heard them announce on tv that there will be a cash option or cash buyout in Georgia for Win For Life,  but since the media as a whole makes so many mistakes would rather see it in print when the Georgia Lottery puts it up on  their site. 

Right now they seem to be changing out some of the phone software because they've gone from a computer generated voice recording to real voices giving results, plus delays in getting results posted so something is up in that area. 

Since Ms. DeFrancisco has taken the helm we have much faster online results plus much more forthcoming information.  Thanks to New York for letting us have her!!

I e-mailed the GA Lottery several weeks ago, and they said GA will _not_ be offering a cash option for Lose for Life winners. Ms DeFrancisco (sic?) ran the corrupt (numerous scratch games are annuity-only, including FOUR versions of Debt for Life) NY Lottery, so it was not a total surprise that GA said there would not be a cash option.

Maybe the term "cash buyout" was correct by not prohibiting an annuity purchasing company from doing a discounted buyout.  Conjecture only until we see it in print because of the great potential in reporting errors.

The New York Lottery is apparently structured differently than Georgia which provides more flexibility as to how things are run, and that may be the difference in what you experienced and what we're seeing so far.

Lottery officials did hear some concerns about the new game from older people, Vaughan said, but a 10-year payout is guaranteed, and a winner can also take a $520,000 cash option.

http://www.timesdispatch.com/servlet/Satellite?pagename=RTD/MGArticle/RTD_BasicArticle&c=MGArticle&cid=1137834256405&path=!news&s=1045855934842

The cash value of the first prize is competitive with the second prize in the Mega Millions game.  It seems that they're targeting those who don't wish to play the Big 2 games because of the odds and less frequent prizes, hence the extra ball to determine extra prizes.

True in Virginia and _maybe_ KY. Apparently GA turned a deaf ear to its elderly, since GA will not be offering a cash option.

Well, no one won last night's jackpot, so it looks like KY Floyd is correct- a lot of money is going back into the State's coffers.

I did hit 3 of 6 thanks to Califdude's predictions...

DD

way to go doubledown!!

Did you share your winnings with Califdude?

Was I supposed to ?

It looks like the total payout for Virginia and Georgia was almost 930 grand this time around, so that means they paid just under 465 grand from the jackpot prize pool. Evenallowing for the unlikely possibility that Kentucky's sales equal the combined sales of Virginia and Georgia, the total additional payou would still be under 1 million, or about 44% of what they should have collected.

Based on the odds and the number of winners for the lowest prize the combined sales for Virginia and Georgia may have been a bit over 2.5 million tickets (44612 winners times a 1/57 chance of winning = 2,542,884 number of tickets sold that would be expected to result in that number of winners). If just 20% of sales revenue goes towards the jackpot the sales from this draw alone paid for the bonus payout. Unless the remainder is going towards some other prize, the states are pocketing a big chunk of what was supposed to be paid out to winners.

KY Floyd,

The Virginia Lottery website includes the payouts for all three states (the Georgia Lottery website only includes the payouts for Georgia).  The total payout for Lotto South last Saturday was $654,544.

$60 of that was mine. 

The total payout for Lotto South last Saturday was $654,544.

What do you suppose they did with the rest of the $$$ ?

The cash option should have been over 2 million.

DD

The new Win For Life is a joke, in the state of VA there are 2 scratchers, one called "win for life" and another called "weekly grand". The "weekly grand"'s top prize is $1k/wk for 10 years, the game costs $2, "Win for life" costs $5. Now, why does the VA lottery say the new "Win for life" game is guaranteed for only 10 years, should be called "weekly grand" and have higher odds, not 1 in 5.2 million.  In PA, "Win for life"  is guaranteed for $1 million, not by years, which makes it more reasonable. If you take the cash option for VA's "win for life" its $520k BEFORE taxes, might as well play another game with much higher odds. Its not $1k a week, its $700 a week, after taxes, which is $36k a year. I am 21, if i live to be 80, will they pay $1k/wk for 59 years? I dont think so.

At least Virginia has the decency to offer a cash option, which should really be $750,000 like in the Washington (state) scratch Lucky for Life (still don't know about KY). I would consider playing this game only if the cash option is hiked.