Welcome Guest
Log In | Register )
The time is now 7:16 am
You last visited September 1, 2014, 7:11 am
All times shown are
Eastern Time (GMT-5:00)

How does "Win for Life" games work?

Topic closed. 13 replies. Last post 5 years ago by Stack47.

Page 1 of 1
PrintE-mailLink
Avatar

United States
Member #54390
August 17, 2007
313 Posts
Offline
Posted: May 12, 2009, 7:35 am - IP Logged

Do you receive a check for $1,000 for the rest of yoru life? Are taxes taken out weekly?   How in the heck can lotteries make money off of these kind of games?

    tiggs95's avatar - Lottery-036.jpg

    United States
    Member #47420
    November 4, 2006
    3930 Posts
    Offline
    Posted: May 12, 2009, 10:05 am - IP Logged

    Here in Ky I think they pay you a check every 4 months and take out the taxes..They will deposit your check in your checking account..Not sure of all this but this is what I have read..

      Avatar
      Kentucky
      United States
      Member #32652
      February 14, 2006
      5409 Posts
      Offline
      Posted: May 12, 2009, 12:24 pm - IP Logged

      Here in Ky I think they pay you a check every 4 months and take out the taxes..They will deposit your check in your checking account..Not sure of all this but this is what I have read..

      Kentucky pays quarterly so the winner gets a check for $13,000 minus the taxes every three months.

      Win for Life has a set jackpot so how much profit the lotteries can make off games like that depends on the volume of pay and odds against winning. With odds of 1:5,245,786 to win the jackpot, they don't expect to have more winners than what they take in. Coupled with overall odds of winning anything at slightly under 1:40, the lotteries can make a nice percentage profit too.

        TheGameGrl's avatar - p42a
        Pennsylvania
        United States
        Member #17084
        June 10, 2005
        3113 Posts
        Offline
        Posted: May 12, 2009, 10:46 pm - IP Logged

        Do you receive a check for $1,000 for the rest of yoru life? Are taxes taken out weekly?   How in the heck can lotteries make money off of these kind of games?

        In PA its paid out in Yearly installments: 52 K less the 25% minimum Federal tax cut.

        PA invests in Stocks and bonds so as to recoup the funds that are kept aside for payouts on long term installment plans.

        Usually they CAP the terminology on some of the win for life games at 28 years of guaranteed payout. Some states may be less years though. Trust me, when you claim that kind of prize they add that terminology of how many years are guaranteed.

        The Pros and Cons differ depending upon the claimants age. I personally dont like the idea that if the Lottery goes belly up then there goes your installments altogether. THere is no guarantee that your state will retain the lottery 20 years from now.....

        ________________________________

        Signature quote-If I'd agree with you , we'd both be wrong.

          Avatar

          United States
          Member #54390
          August 17, 2007
          313 Posts
          Offline
          Posted: May 13, 2009, 12:07 am - IP Logged

          In PA its paid out in Yearly installments: 52 K less the 25% minimum Federal tax cut.

          PA invests in Stocks and bonds so as to recoup the funds that are kept aside for payouts on long term installment plans.

          Usually they CAP the terminology on some of the win for life games at 28 years of guaranteed payout. Some states may be less years though. Trust me, when you claim that kind of prize they add that terminology of how many years are guaranteed.

          The Pros and Cons differ depending upon the claimants age. I personally dont like the idea that if the Lottery goes belly up then there goes your installments altogether. THere is no guarantee that your state will retain the lottery 20 years from now.....

          You've got to be kidding me.  The lottery will actually screw you like that? So it's not really "Win for Life"?  There's actually a guaranteed limit?  You know what, I planned on buying 5... but now I will only buy 1.  This puts me down.  I had my hopes up too.   I thought this was the perfect prize.

            lottolaughs's avatar - avatar 3824.gif
            California
            United States
            Member #40295
            May 31, 2006
            6127 Posts
            Offline
            Posted: May 13, 2009, 10:34 am - IP Logged

            This is what it states on the Georgia website--

             

            *Subject to the published rules of WIN FOR LIFE and the Georgia Lottery Corporation, more than five (5) Grand Prize winners or more than twelve (12) Second Prize winners in any drawing may result in that prize amount becoming pari-mutuel. The top prize of $1,000 a Week for Life will be paid quarterly in a lump sum of $13,000 each, for a minimum of 10 years.

             

            They really have no business calling these games..."For Life." And if you are unfortunate enough to win with multiple winners it will be way less than $1,000.

              Avatar
              Marquette, MI
              United States
              Member #20541
              August 20, 2005
              471 Posts
              Offline
              Posted: May 13, 2009, 10:45 am - IP Logged

              Lately, in Michigan, you can take the cash option which should be $750,000 before taxes.

              Michigan has done win for life before but I am not sure how those worked.

              They started as $1 scratchers then they went to $3 scratchers and then $5 scratchers.

              I dont remember if they ever did a $2 scratcher version.

              Now it is a $20 raffle.

                Avatar

                United States
                Member #54390
                August 17, 2007
                313 Posts
                Offline
                Posted: May 13, 2009, 1:58 pm - IP Logged

                This is what it states on the Georgia website--

                 

                *Subject to the published rules of WIN FOR LIFE and the Georgia Lottery Corporation, more than five (5) Grand Prize winners or more than twelve (12) Second Prize winners in any drawing may result in that prize amount becoming pari-mutuel. The top prize of $1,000 a Week for Life will be paid quarterly in a lump sum of $13,000 each, for a minimum of 10 years.

                 

                They really have no business calling these games..."For Life." And if you are unfortunate enough to win with multiple winners it will be way less than $1,000.

                For a minimum of 10 years? What's that suppose to mean?


                  United States
                  Member #58528
                  February 18, 2008
                  710 Posts
                  Offline
                  Posted: May 13, 2009, 2:05 pm - IP Logged

                  For a minimum of 10 years? What's that suppose to mean?

                  It means that if you die before 10 years is up the lottery will pay your estate the balance due,up to ten years.If you step off of the curb and get hit by a car and killed after leaving the lottery headquarters,they will still pay your estate ten years worth of winnings.I believe that the state of Illinois guarentees that you will get one million dollars before taxes.

                    Avatar
                    Kentucky
                    United States
                    Member #32652
                    February 14, 2006
                    5409 Posts
                    Offline
                    Posted: May 13, 2009, 8:30 pm - IP Logged

                    In PA its paid out in Yearly installments: 52 K less the 25% minimum Federal tax cut.

                    PA invests in Stocks and bonds so as to recoup the funds that are kept aside for payouts on long term installment plans.

                    Usually they CAP the terminology on some of the win for life games at 28 years of guaranteed payout. Some states may be less years though. Trust me, when you claim that kind of prize they add that terminology of how many years are guaranteed.

                    The Pros and Cons differ depending upon the claimants age. I personally dont like the idea that if the Lottery goes belly up then there goes your installments altogether. THere is no guarantee that your state will retain the lottery 20 years from now.....

                    Win for Life is played in Georgia, Kentucky, and Virginia so you're talking about a different game.

                      Avatar

                      United States
                      Member #54390
                      August 17, 2007
                      313 Posts
                      Offline
                      Posted: May 14, 2009, 3:13 am - IP Logged

                      Well, I finally got clarifications about the "Win for life" game. Here's the email that I sent and the reply.

                       

                      Edit: You can't Copy and Paste on these forums for some reason.

                       

                      Anyway,

                      The Michigan Lottery PR said that the prizes are guarenteed for life like the prize says.  "Win for Life" really means "Win for Life".  And the Maximum transferable years is 20 years.  Now I know that this is the best dang prize ever in the lottery.  You don't have to worry about tons of money in your bank and the security of yourself.  The prize is what the Average American makes in a year, about $33,000 a year for the rest of your life.  So that means rest of your life semi-comfort.*

                      I will quit Mega Millions, Daily games, Pick 5 and only concentrate on this win for life raffle.

                       

                       

                       

                      *That's if I don't get married.

                        TheGameGrl's avatar - p42a
                        Pennsylvania
                        United States
                        Member #17084
                        June 10, 2005
                        3113 Posts
                        Offline
                        Posted: May 14, 2009, 6:36 pm - IP Logged

                        My apologies for not realizing it was the WIN for LIFE Raffle. Will be more carefull in how I respond and what state the person was inquiring of. Interesting though to read the varience on some of the states rulings.

                        ________________________________

                        Signature quote-If I'd agree with you , we'd both be wrong.


                          United States
                          Member #58528
                          February 18, 2008
                          710 Posts
                          Offline
                          Posted: May 14, 2009, 8:23 pm - IP Logged

                          My apologies for not realizing it was the WIN for LIFE Raffle. Will be more carefull in how I respond and what state the person was inquiring of. Interesting though to read the varience on some of the states rulings.

                          Why should you apologize.The poster didn't specify that it was a raffle.Win For Life games apparently come in several forms in different states.In Illinois it is a $2 scratch off ticket.

                            Avatar
                            Kentucky
                            United States
                            Member #32652
                            February 14, 2006
                            5409 Posts
                            Offline
                            Posted: May 15, 2009, 4:13 pm - IP Logged

                            My apologies for not realizing it was the WIN for LIFE Raffle. Will be more carefull in how I respond and what state the person was inquiring of. Interesting though to read the varience on some of the states rulings.

                            I too noticed that we were talking about 3 or 4 different Win for Life games and responses were meant for each particular game. Powerball has lotto type Win for Life game that is played in only Georgia, Kentucky and Virginia. Michigan is running a Win for Life Raffle and many states have scratch-off games with same name.

                            How the prizes are distributed depends on the individual state game so the rules vary.