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What's the cash value on NY Lotto?

Topic closed. 14 replies. Last post 8 years ago by Just6ntlc.

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New Jersey
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Posted: June 19, 2006, 4:24 pm - IP Logged

Anybody know?

New York is one of those states that conceals the issue.

With the slim pickings in the big lotteries, I was thinking of strolling over to the state of my birth to pick up a few tickets.  Is it worth it?

Yes?

No? 


    United States
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    Posted: June 19, 2006, 5:45 pm - IP Logged

    Anybody know?

    New York is one of those states that conceals the issue.

    With the slim pickings in the big lotteries, I was thinking of strolling over to the state of my birth to pick up a few tickets.  Is it worth it?

    Yes?

    No? 

    NY Lotto is the BIGGEST ripoff among all US lottery games. Only 38%-40% of wagers is used to pay prizes.

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      New Jersey
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      Posted: June 19, 2006, 6:30 pm - IP Logged

      Well that would be a concern if millions of people had not already played and run the jackpot up.  It's a different matter with however many rollovers have occurred to make the annuity jackpot what it is.

      I am trying to grasp the expectation value of this jackpot in particular and would like to know what percentage of the jackpot is represented by cash.  This will make me better able to judge the situation now. 

      For this reason it would be useful to know what the cash value of the prize is.  I'm not sure anyone knows that answer, but if they do, I would appreciate it.


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        Posted: June 19, 2006, 6:33 pm - IP Logged

        Well that would be a concern if millions of people had not already played and run the jackpot up.  It's a different matter with however many rollovers have occurred to make the annuity jackpot what it is.

        I am trying to grasp the expectation value of this jackpot in particular and would like to know what percentage of the jackpot is represented by cash.  This will make me better able to judge the situation now. 

        For this reason it would be useful to know what the cash value of the prize is.  I'm not sure anyone knows that answer, but if they do, I would appreciate it.

        NY doesn't tell unless somebody hits and they chose cash. And if it did, I wouldn't tell you because it's a big RIPOFF.

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          New Jersey
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          Posted: June 19, 2006, 8:51 pm - IP Logged

          Well that would be a concern if millions of people had not already played and run the jackpot up.  It's a different matter with however many rollovers have occurred to make the annuity jackpot what it is.

          I am trying to grasp the expectation value of this jackpot in particular and would like to know what percentage of the jackpot is represented by cash.  This will make me better able to judge the situation now. 

          For this reason it would be useful to know what the cash value of the prize is.  I'm not sure anyone knows that answer, but if they do, I would appreciate it.

          NY doesn't tell unless somebody hits and they chose cash. And if it did, I wouldn't tell you because it's a big RIPOFF.

          Well thanks for your helpful answer.

          I still don't know the cash value of the NY Lotto, but I know if I'm ever in the market for another mother, whose resume I should review.

          Meanwhile I remain curious about the cash value.  If anyone else knows the answer, I would appreciate a response. 

           

           

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            Posted: June 19, 2006, 9:56 pm - IP Logged

            Well that would be a concern if millions of people had not already played and run the jackpot up.  It's a different matter with however many rollovers have occurred to make the annuity jackpot what it is.

            I am trying to grasp the expectation value of this jackpot in particular and would like to know what percentage of the jackpot is represented by cash.  This will make me better able to judge the situation now. 

            For this reason it would be useful to know what the cash value of the prize is.  I'm not sure anyone knows that answer, but if they do, I would appreciate it.

            NY doesn't tell unless somebody hits and they chose cash. And if it did, I wouldn't tell you because it's a big RIPOFF.

            Well thanks for your helpful answer.

            I still don't know the cash value of the NY Lotto, but I know if I'm ever in the market for another mother, whose resume I should review.

            Meanwhile I remain curious about the cash value.  If anyone else knows the answer, I would appreciate a response. 

             

             

            Well, it's 26-year graduated annuity so it should be exactly half or so of the advertised jackpot.

            (insert signature here)


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              Posted: June 20, 2006, 11:20 am - IP Logged

              I think the cash value on NY Lotto to $41 million [annunity] is about $19 million.

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                New Jersey
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                Posted: June 20, 2006, 4:16 pm - IP Logged

                I think the cash value on NY Lotto to $41 million [annunity] is about $19 million.

                Thanks.  That's where I estimated it.  I didn't do a detailed calculation, but, estimated there, it has the best expectation value for large lotteries in this area at this level.

                I went over to NY and picked a few tickets up. 

                 


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                  Posted: June 23, 2006, 1:43 am - IP Logged

                  Prob988, since NY Lotto only has about 38-40% payout, the cash value is about 19.5 million for this draw when jackpot is $43 million. Good luck to you in NY Lotto for Saturday.

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                    Posted: June 24, 2006, 1:52 am - IP Logged

                    The payout refers to the amount per dollar spent on a ticket returned to the player as a prize.

                    Currently most state run games on 26 year notes are paying around 47-49% cash. On graduated notes I'm guessing 45-47%. 

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                      New Jersey
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                      Posted: June 24, 2006, 8:44 am - IP Logged

                      The payout refers to the amount per dollar spent on a ticket returned to the player as a prize.

                      Currently most state run games on 26 year notes are paying around 47-49% cash. On graduated notes I'm guessing 45-47%. 

                      That sounds reasonable.  Thanks.

                      That would put the cash value at around $19M-20M.

                      I have a few tickets in this lottery tonight. 

                        JAP69's avatar - Lottery-053.jpg
                        South Carolina
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                        Posted: June 24, 2006, 9:17 am - IP Logged

                        The cash value of around 19 mil is still worth a few dollars in wagers.
                        With 19 mil who cares about a few percentages in cash value.

                        Stats hunting: Type

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                          New Member

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                          Posted: June 25, 2006, 5:17 pm - IP Logged

                          Don't the states that run on 26 yrs  buy the same bonds that Mega Millions would buy? If so, the Cash on the current jackpot of $23M is appx. $12.9 million, or 56% of the top prize, so would that in turn make 56% of $45M the cash value?

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                            New Jersey
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                            Posted: June 26, 2006, 7:01 pm - IP Logged

                            Don't the states that run on 26 yrs  buy the same bonds that Mega Millions would buy? If so, the Cash on the current jackpot of $23M is appx. $12.9 million, or 56% of the top prize, so would that in turn make 56% of $45M the cash value?

                            No.  NY uses a graduated annuity, where payments increase with time.  The MM annuity - not that I'd dream of using it - pays out the same amount each year.

                            Mostly the annuity idea is advertising.  Only the cash value matters.   

                            It happens that the MM and PB prizes are roughly the same size, but the advertised values would seem to claim otherwise. 

                             

                             


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                              Posted: June 27, 2006, 5:10 pm - IP Logged

                              With a 45 million dollar jackpot in NY Lotto, I think cash value is about 20 million. I hope NY Lotto somehow wins jackpot and takes cash value when MM gets near 45 million.