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Eastern Time (GMT-5:00) | Home -> Forums -> Lottery News -> $337 million Powerball jackpot ticket sold at gas station in small Michigan city $337 million Powerball jackpot ticket sold at gas station in small Michigan citymid-Ohio United States Member #9 March 24, 2001 15953 Posts Offline | | Posted: August 17, 2012, 4:37 pm - IP Logged | |
I hope whoever won this powerball is not coming forward because he/she is consulting with an attorney. I also hope that he/she has a lot more common sense than what we've seen with some other powerball winners, and doesn't turn into a jack whittaker, dave edwards or Mr. fick. Someone should do a 5-10 year follow through with this winner, to show the typical problems that arise when someone wins millions. The state governments & the lottery are apparently happily oblivious to the life changing forces that come at a lottery winner hard, which is why they require disclosure of the winner's name & city. If it can be documented how horribly a lottery winners life changes (no privacy, assailed by money grubbing relatives, scam artists, beggars, sellers of high end items, charities, subject to stalking, theft of mail & car, burglary, kidnapping, death threats, lose friends, lose family, etc) by being forced to be a public figure, maybe they can finally stop with this idiotic disclosure requirement. People who aren't that smart play lotteries too, their chances of winning are probably as good as the smart ones. It shouldn't be a surprise to anyone what happens to the ones that aren't that smart, there are all kinds of stories on the Internet about them, just google "lottery winners". * The fundamentals of winning a lottery jackpot *
* play a lottery you can win *
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Texas United States Member #111082 May 17, 2011 29 Posts Offline | | Posted: August 17, 2012, 4:45 pm - IP Logged | |
I have just updated the news story to reflect the exact cash value reported to me by MUSL — $244,655,690.17. (i.e., $244.7 million.) It's the second-highest cash value in history — even higher than the $380 million Mega Millions jackpot on Jan. 4, 2011, when the cash value was $240 million. I'm really shocked by that, because Mega Millions almost always has a bigger cash value-to-annuity ratio, because of its fixed annuity (vs. Powerball's annually-increasing annuity), as well as Mega Million's shorter annuity period. If annuity rates were not doing so poorly as they are in this horrendous economy, the advertised jackpot (annuity) would have been crazy-high. That sure is a HUGE interest rate swing/drop from Saturday to Wednesday! Or, based on their further projections, even more dramatic from only Tuesday to Wednesday. To simplify, rather than calculating the annuity interest rate for everyone here, just compare the percentage that the cash value is of the jackpot value for the prior week: Cash Value / Jackpot = Percentage 123 / 181 = 68.0% 142.9 / 212 = 67.4% 170.5 / 253 = 67.4% 203.3 / 305 = 66.7% 213.3 / 320 = 66.7% Pretty consistent, isn't it? (Albeit, on a downward trend.) Until.... 244.7 / 337 = 72.6% !!! And then, after the reset... 26.7 / 40 = 66.8% That doesn't make sense. (Although it is to the benefit of the winner... Taking a given jackpot amount, a lower interest rate gives a higher cash value. Granted, it should be calculated from the current cash value to the jackpot amount - a lower interest rate gives a lower jackpot amount - but it is always communicated in the other direction, from jackpot to cash value.) Something fishy is going on here as interest rates didn't change overnight like that and then bounce right back to where they were. So somebody messed up. Either dishonestly or irresponsibly. If the cash they took in for each draw is accurate, then their jackpot estimate should have been around $360 million, not $337 million. | | |
nanaimo,bc Canada Member #93138 June 21, 2010 22 Posts Offline | | Posted: August 17, 2012, 4:50 pm - IP Logged | |
maringoman, i totally agree with you and i like mcginnin's comments too | | |
Elgin, IL United States Member #93570 July 2, 2010 291 Posts Offline | | Posted: August 17, 2012, 5:32 pm - IP Logged | |
Anyone else pissed ?I am . It's normal. Every loser is pissed, but you get over it real quick. | | |
Wannabe Won Percenter Republic of Texas United States Member #58035 January 9, 2008 764 Posts Offline | | Posted: August 17, 2012, 5:35 pm - IP Logged | |
I got to thinking... there is another big winner off that stretch of I-69 in Michigan (Flint to Port Huron). I'm not sure of the city, though. Does anyone else remember this? It had to be Mega Millions because MI hasn't had PB all that long, and it was more than 3 or 4 years ago. Clear eyes, full hearts, Texas forever!  PROUD MEMBER OF THE 85% (what's left of the 99% after you take out the lefties and the OW anarchists) Wannabe member of the 1%. Is VenomV12 a troll? | | |
wisconsin United States Member #130762 July 23, 2012 90 Posts Offline | | Posted: August 17, 2012, 5:40 pm - IP Logged | |
I like hearing about major jackpots being won out of some little joint out in the middle of nowhere cuz that's where I buy my tickets. So if you ever hear of a winner being sold at "Buford's Septic Sludge Pumping & Cafe", it might just be me. I heard they serve some wicked chili there. 
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United States Member #52818 May 21, 2007 1373 Posts Offline | | Posted: August 17, 2012, 5:44 pm - IP Logged | |
I heard they serve some wicked chili there.
I hear they reversed engineered Rdg's receipe | | |
United States
Member #111467
May 25, 2011
6323 Posts
Offline
| | Posted: August 17, 2012, 6:18 pm - IP Logged | |
hahaha man it seems you're swinging punches at everyone lately lol what's up with that? Some people love to discuss lottery topics. I prefer to read than to comment but thats just me. I ain't bothered by active commenters. They contribute to the conversation and you should thank them otherwise this website would be another boring forum. I personally like mcginnin56 as he does not drag everything into politics. I come here to escape politics  Thank you for the positive input maringoman!  One thing I have always recognized is that we are all one big melting pot of individuals here, who choose to express ourselves in often unique ways. There are some members who rarely make their views known in the way of a post. Then others such as myself, who comment on lottery topics as well as the other numerous sides of human events. I'm happy that I do not fit into some convenient cookie cutter mold, of the good little LP member.
For those that are offended by my frequency of comments, whether lottery related or not, I make no apologies. That is my personality, and my take
on life's never ending story of triumphs and tragedies. There is no perfect system to accommodate a forum such as this. My hope would be that we could learn to tolerate each others views, politics included, agree to disagree, and have a lot of entertaining fun at the same time!   | | |
United States
Member #111467
May 25, 2011
6323 Posts
Offline
| | Posted: August 17, 2012, 6:23 pm - IP Logged | |
maringoman, i totally agree with you and i like mcginnin's comments too Thank you nanaimo!  I'll be sending you that $20 we discussed, for supporting my positions today.  | | |
Windermere, FL/Franklin, TN United States Member #50670 March 1, 2007 487 Posts Offline | | Posted: August 17, 2012, 8:12 pm - IP Logged | |
I have just updated the news story to reflect the exact cash value reported to me by MUSL — $244,655,690.17. (i.e., $244.7 million.) It's the second-highest cash value in history — even higher than the $380 million Mega Millions jackpot on Jan. 4, 2011, when the cash value was $240 million. I'm really shocked by that, because Mega Millions almost always has a bigger cash value-to-annuity ratio, because of its fixed annuity (vs. Powerball's annually-increasing annuity), as well as Mega Million's shorter annuity period. If annuity rates were not doing so poorly as they are in this horrendous economy, the advertised jackpot (annuity) would have been crazy-high. I was shocked to see the cash value go that high! Prior to the last minute bump to $337 million, the cash value on the $320 million jackpot was $213.3 million. What I find confusing is that the Annuity went up $17 million while the cash value jumped to $244,665,690 a boost of $31.3 million from the previous cash value. I have the same sentiments as Todd as to the cash value-to-annuity ratio. This was indeed very similar to MM's jackpot-cash value ratio. | | |
Windermere, FL/Franklin, TN United States Member #50670 March 1, 2007 487 Posts Offline | | Posted: August 17, 2012, 8:15 pm - IP Logged | |
That sure is a HUGE interest rate swing/drop from Saturday to Wednesday! Or, based on their further projections, even more dramatic from only Tuesday to Wednesday. To simplify, rather than calculating the annuity interest rate for everyone here, just compare the percentage that the cash value is of the jackpot value for the prior week: Cash Value / Jackpot = Percentage 123 / 181 = 68.0% 142.9 / 212 = 67.4% 170.5 / 253 = 67.4% 203.3 / 305 = 66.7% 213.3 / 320 = 66.7% Pretty consistent, isn't it? (Albeit, on a downward trend.) Until.... 244.7 / 337 = 72.6% !!! And then, after the reset... 26.7 / 40 = 66.8% That doesn't make sense. (Although it is to the benefit of the winner... Taking a given jackpot amount, a lower interest rate gives a higher cash value. Granted, it should be calculated from the current cash value to the jackpot amount - a lower interest rate gives a lower jackpot amount - but it is always communicated in the other direction, from jackpot to cash value.) Something fishy is going on here as interest rates didn't change overnight like that and then bounce right back to where they were. So somebody messed up. Either dishonestly or irresponsibly. If the cash they took in for each draw is accurate, then their jackpot estimate should have been around $360 million, not $337 million.  Glad I'm not the only one who found it odd.  The Annuity should have been $367 million for the 66.7% ratio to work out.
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New Member
United States Member #97423 September 16, 2010 13 Posts Offline | | Posted: August 17, 2012, 8:18 pm - IP Logged | |
Here is a good question....Did he pick his own numbers or did he do an EZ-PICK??? | | |
United States
Member #111467
May 25, 2011
6323 Posts
Offline
| | Posted: August 17, 2012, 8:23 pm - IP Logged | |
Here is a good question....Did he pick his own numbers or did he do an EZ-PICK??? He, she or they, could have played both types of bets. Unless that question comes up during an interview, or it is voluntarily give by the winner(s), we'll probably never know. | | |
Jawja United States Member #87494 February 25, 2010 109 Posts Offline | | Posted: August 17, 2012, 8:51 pm - IP Logged | |
I know,,it should have been detroit...but wait, detroit has a lot of......... congrats to the winners!! Not enough powerball tickets sold in Detroit. Same with mega millions. Cash 3 & 4, plus scratch offs almost exclusively. | | |
New Member
Albertville, Alabama United States Member #131767 August 17, 2012 1 Posts Offline | | Posted: August 17, 2012, 9:11 pm - IP Logged | |
I just really, REALLY wish we had the lottery in Alabama. It would have been nice to have a shot at it without having to drive out of state to do buy a ticket! Congrats to the big Winner from my home state of Michigan! | | |
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