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Lottery officials forsee $500 million Mega Millions jackpots

Topic closed. 29 replies. Last post 12 years ago by sergiou2.

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DoctorEw220's avatar - alien helmet.jpg
Yinzer Country, PA
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Posted: May 8, 2005, 7:51 pm - IP Logged

Here's what I don't quite get.



1. Their computer says that there is a high probability of a $500 million jackpot (Probably going to a Californian). Remember when computers were going to revert back to 1900? Anyway, are they taking into account that a huge lottery-playing population could work both ways? It could result in a high probability of a huge jackpot, but it could also result in several low jackpots getting hit.

2. How can they expect to have a jackpot in which the cash option was bigger than the odds.  In theory, some rich businessman could buy out the game.

I've redone my website.  Go to www.dr-ew.com.  I kept a lot of the old stuff, and I've added some new stuff.  Look for more new stuff in the coming weeks.

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
    New Jersey
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    Posted: May 8, 2005, 7:59 pm - IP Logged



    Here's what I don't quite get.



    1. Their computer says that there is a high probability of a $500 million jackpot (Probably going to a Californian). Remember when computers were going to revert back to 1900? Anyway, are they taking into account that a huge lottery-playing population could work both ways? It could result in a high probability of a huge jackpot, but it could also result in several low jackpots getting hit.

    2. How can they expect to have a jackpot in which the cash option was bigger than the odds.  In theory, some rich businessman could buy out the game.



    For #2, in theory I guess it's possible, but in reality it's impossible.  given the realities of the situation, there is absolutely no way to buy all the Mega Millions combinations, especially with the new matrix with 176m combos.  Logistically it could never be done. Also, since lottery transactions for the most part need to be handled in cash, there's very little chance of having $176 million in cash to do it.

     

    Check the State Lottery Report Card
    What grade did your lottery earn?

     

    Sign the Petition for True Lottery Drawings
    Help eliminate computerized drawings!

      Tnplayer805's avatar - G 14_v78828750_Small.JPG
      North Dakota
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      Posted: May 8, 2005, 11:43 pm - IP Logged

      If MM ever got to half a billion, I think everyone even those who believe it's wrong to gamble with play.  Lines would be long.  I like standing in line for tickets though.  Just to think if no one wins this time, there will be a great rollover prize. 

      How are you going to win if you don't play?

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        Posted: May 9, 2005, 1:25 am - IP Logged

        I doubt we'll see $500 million for a while, even with CA.

        (insert signature here)

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          Melrose Park, Illinois
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          Posted: May 9, 2005, 12:29 pm - IP Logged

              I found it interesting that last year, very little was made of the fact that soldier who won $150 million, did it by buying just one ticket.  And yet maybe that happens more than I'd care to realize.  Someone's buying tickets for 25 years, doesn't win a dime and another who's never even seen a lottery ticket before, ends up winning the jackpot.

           

             

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            Posted: May 9, 2005, 1:34 pm - IP Logged



            They would have to change the matrix again if Florida joined. Plus Powerball has the incredibly lame rule regarding limits to a record pot. The only lottery that even has a chance at 400+ is Mega. Good thing I live in a Mega state that is also income tax free :)



            How is it lame? That's just greed kicking in there. There is no difference between $300 Million and $500 Million unless you aspire to be an owner of an NFL team.

            The Match 5 Bonus rule for Powerball is a great idea. To cap the prize and rolldown millions to the 5 out of 6 prize level. Then you could have multiple millionaires.

            But the Match 5 Bonus hasn't even ever been hit.

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              Posted: May 9, 2005, 3:09 pm - IP Logged






              They would have to change the matrix again if Florida joined. Plus Powerball has the incredibly lame rule regarding limits to a record pot. The only lottery that even has a chance at 400+ is Mega. Good thing I live in a Mega state that is also income tax free :)





              How is it lame? That's just greed kicking in there. There is no difference between $300 Million and $500 Million unless you aspire to be an owner of an NFL team.

              The Match 5 Bonus rule for Powerball is a great idea. To cap the prize and rolldown millions to the 5 out of 6 prize level. Then you could have multiple millionaires.

              But the Match 5 Bonus hasn't even ever been hit.



              And yet if you look at the Forbes lists, you see that the truly rich have many multiples of $500 million, so it's all relative.  Of course I don't need $500 or $300 million to have the life I want, but having that money would put me in a position to help a lot of people and that is power I would like to have.

                LOTTOMIKE's avatar - cash money.jpg
                Tennessee
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                Posted: May 9, 2005, 3:30 pm - IP Logged

                mega millions has a better edge over powerball as the game to play.....

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                  Chief Bottle Washer
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                  Posted: May 9, 2005, 3:47 pm - IP Logged

                  How...

                   

                  Check the State Lottery Report Card
                  What grade did your lottery earn?

                   

                  Sign the Petition for True Lottery Drawings
                  Help eliminate computerized drawings!

                    Todd's avatar - Cylon 2.gif
                    Chief Bottle Washer
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                    Posted: May 9, 2005, 3:47 pm - IP Logged

                    so?

                     

                    Check the State Lottery Report Card
                    What grade did your lottery earn?

                     

                    Sign the Petition for True Lottery Drawings
                    Help eliminate computerized drawings!

                      LOTTOMIKE's avatar - cash money.jpg
                      Tennessee
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                      Posted: May 9, 2005, 3:53 pm - IP Logged

                      i think one of the reasons would be mega millions has higher jackpots more often.then you have that match 5 rule where the jackpot can't get but to a certain amount.also mega millions pay out more if you match all 5 numbers correctly.........

                        LOTTOMIKE's avatar - cash money.jpg
                        Tennessee
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                        Posted: May 9, 2005, 3:54 pm - IP Logged

                        .....but powerball does have the multiplier that is one advantage powerball does have....

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                          Wisconsin
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                          Posted: May 9, 2005, 4:16 pm - IP Logged

                          I can see either MM or PB passing another $315 million with a fortunate run. As far as $500 million, even with the new matrices plus California for MM, I'm a little skeptical. I'd love to be proven wrong.

                          ... the lottery never fails to surprise!
                            dvdiva's avatar - 8ball

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                            Posted: May 10, 2005, 5:06 am - IP Logged

                            I don't get how anyone could ask what the difference between 300 and 500 million is. I hope you hire a non-enron accountant to do your tax if you win. The irs will know the difference. Plus people always seem to forget that if you win 500 million you don't get a check for 500 million. you will only get 1/3 or less. Something that just keeps escaping people.

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                              St. Louis
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                              Posted: May 11, 2005, 12:23 am - IP Logged

                              I also think MM is the better lottery to play.  I live in a state that has Powerball but I drive across the Great River to play Mega Millions.  It just has better prizes.  I read a while back that PB was considering limiting the increases to $25 million.  My question is what happens to the rest of that money.  You know when the jackpot gets high, more people play.