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Powerball lottery sales, starting this morning, going smoothly

Topic closed. 23 replies. Last post 11 years ago by CASH Only.

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Tulsa, OK
United States
Member #26024
November 14, 2005
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Posted: January 15, 2006, 2:29 pm - IP Logged
I do know that last night before I went to the hockey game in Tulsa I had to stop at one of the local Quik Trips (about 635pm central) and the madhouse there was more than I expected, espcially more than a full hour before cutoff.  Two lines, about eight in each line, and every one of em buying PB tickets.  I remember back in 94 when OK became the first state in the union to vote down a lottery.  About time Okies were contributing to their own pool instead of other states.
My brother won $4 dollars last night (although he played a full $5 panel).  He's hooked now.
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    Morrison, IL
    United States
    Member #4657
    May 13, 2004
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    Posted: January 15, 2006, 7:23 pm - IP Logged

    Increase the matrix! Bite your tongue!  Perish the thought!  No way!  Leave the damn matrix alone!  Despite the whining we heard from Powerball last year about a record number of winners...it's already hard enough to win anything significant!

    I'm sorry but I just don't undersand that attitude.  And I don't understand the obsession with record jackpots.  I'd be thrilled to win a paltry $15 million jackpot anyday.  I'd take the less than 50% cash value they're now offering and say adios muchachos to the world!

    Increase the matrix!  Bah!  I say; Reduce the matrix and increase the number of winners!

    Jim 

    PS...Hey Cash...tired of being ripped off by the New York Lottery?  Come to Indiana and get ripped off by the Hoosier Lottery.

    CO: My state lottery's a bigger rip off than yours is!  Nyah Nyah!

    UJ: Uh uh!  My state lottery's a bigger rip off!

    CO: No way! My state lottery only pays 38% to 40% cash value!

    UJ: Oh yeah!  Well my state lottery doesn't have any winners to pay so there!  Nyah!


    I agree. Even with Oklahoma, the combined population of all of the Powerball states is still a lot lower than the combined population of all the Mega Millions states when that game's odds were only 1 in 135 million. Heck, even with North Carolina joining Powerball later this year, its current odds will still be appropriate for the population. I think Powerball jumped the gun on its latest matrix change.
      justxploring's avatar - villiarna
      Wandering Aimlessly
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      November 5, 2005
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      Posted: January 15, 2006, 8:13 pm - IP Logged

      "I agree. Even with Oklahoma, the combined population of all of the Powerball states is still a lot lower than the combined population of all the Mega Millions states when that game's odds were only 1 in 135 million. Heck, even with North Carolina joining Powerball later this year, its current odds will still be appropriate for the population. I think Powerball jumped the gun on its latest matrix change."

      Sorry, I know I already posted a comment on this topic, but when I read "only 1 in 135 million" I had to chuckle.  You've got much better odds of getting hit by lightning, having of a heart attack or slipping and breaking your back in your bathtub.  One of the funniest things I once read was  "You are several times more likely to die in a car accident on your way to buying a lottery ticket. "  It's funny that so many people get excited when a jackpot keeps rolling over.  I'd love to win $300M so don't get me wrong, but I'd rather have better odds and win a lot less.  So many people only buy tickets when the jackpot rolls over several times, so that might be the source of Powerball's complaint.  Less winners means higher jackpots which attract more players.  The odds aren't any better of winning (or losing) when the jackpot grows, so I do not understand the logic of "I'll buy a ticket when the jackpot is $300M"  I guess when people like Howard Stern are signing $500 million dollar deals..$100 million a year...people start to lose perspective on what a lot of money really is.  If I got a really great job and made $100,000 a year for the next 30 years (which would make me very old!)  that would only be $3 million.  Taking inflation into consideration, let's make it $4 million!  Now imagine not having to get out of bed, deal with screaming bosses, disgruntled co-workers, miserable customers....sounds like Paradise to me.

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        Morrison, IL
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        Posted: January 15, 2006, 11:06 pm - IP Logged

        I would like games with easier odds and minimum jackpots of $4 million cash after taxes as well, but in reality, no game would sell enough tickets to justify that. If Powerball and Mega Millions got hit every drawing, they'd be out of business, and you can't win a lottery that's out of business.

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          Indiana
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          December 29, 2005
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          Posted: January 16, 2006, 1:46 am - IP Logged

          @ryanm:

          I'm not so sure you are correct when you say they would be out of business.  Powerball has a minimum annuity jackpot of $15 million.  At a cash value of less than 50% that's still $7 million.  Even if you paid the maximum amount of Federal withholding (35%) and a state tax of 5% (Indiana's is 3.4%) that is a total of 40% or $2.8 million leaving a balance of $4.2 million.

          And they are still generating revenue for the states at that.  If I remember correctly 29 cents of every sales dollar goes directly to the states.  (Somebody please double check me.  I didn't look it up and I may be confusing that with the Hoosier Lottery.) 

          I put the question of increased odds to Powerball last year when they changed the matrix.  Here is part of their answer:

          This past year we got hit more than predicted and sales dropped by $200 million...Our goal is to keep sales above $2 billion per year.  When we drop below that, states get grouchy. 

          It was clear to me from their answer (which I did edit) and it is clear to me now that they can survive paying smaller jackpots.  The game is profitable at that level.  But it does not generate enough money to satisfy the insatiable appetite for cash our state legislatures have.

          In short their position is (and this was actually said to me by a Powerball representative I spoke to on the phone):

          Winners are bad for the game.  Too many winners keep the jackpots small and smaller jackpots mean smaller sales.

          So again we're back to that obsession with record jackpots.  The game would surrive and indeed thrive if more people payed regularly instead of obsessing (and indeed only playing) when there is ahuge (or even record) jackpot.

          At least that's my opinion.

          Jim 

           

           


          Money frees you from doing things you dislike.  Since I dislike doing nearly everything, money is handy.  - Groucho Marx

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            Morrison, IL
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            Posted: January 16, 2006, 12:06 pm - IP Logged

            When all those jackpots were won last year, they were barely out of the "guaranteed" range. Powerball was lucky the jackpots were hit every third drawing instead of every other drawing or every drawing. While Powerball's guaranteed cash jackpots are $7.3 million, in reality, they sell only enough to fund a $4.3 million cash jackpot at that level, assuming 30.28855% of sales goes toward the jackpot. They only guarantee minimum jackpots and minimum rollovers because they don't expect those jackpots to be won at those levels that often.

              mylollipop's avatar - Trek STLOGO6.png

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              Posted: January 17, 2006, 6:26 pm - IP Logged

              All states need a lotto. 

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                oklahoma
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                March 10, 2005
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                Posted: January 18, 2006, 11:01 pm - IP Logged

                All states need a lotto. 

                I Agree!

                 Winner Winner Chicken Dinner!!


                  United States
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                  Posted: January 19, 2006, 4:09 pm - IP Logged

                  I'm glad to her PB got off to a strong start in OK. I doubt my Okie friends played however.