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Mega Millions lottery jackpot increased to $256 million

Topic closed. 27 replies. Last post 11 years ago by Chewie.

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United States
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December 30, 2002
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Posted: February 27, 2006, 9:45 am - IP Logged

I can see Federal Tax on lottery winnings, but state tax is nothing but double taxation and states that aren't run by criminal cartels don't tax winnings. For example, in MA the lottery states "Approximately 50% of the amount of money wagered on each drawing goes into the prize pool." Let's say administrative costs are 10%, that means the state is making a 40 cent profit off each ticket, winning and losing. Then on top of their 40% profit on each dollar, they charge winners a 5.3% tax. Disgusting.

I agree that you can't remain anonymous to everyone, nor would you probably want to. The point is to be hard to find for the beggars and whackos. If I won where I live now, I would be known as a local rags to riches lottery winner, but if I moved to California or Hawaii afterwards I doubt most people would know or care about the source of my money.

    mylollipop's avatar - Trek STLOGO6.png

    United States
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    October 21, 2005
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    Posted: February 27, 2006, 9:53 am - IP Logged

    It's gonna roll!  By all means ya'll, it's gonna roll until Friday!

      dvdiva's avatar - 8ball

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      Posted: February 27, 2006, 1:22 pm - IP Logged

      The real thing to wait for this roll is if they have a jackpot adjustment. If they bump the jackpot up between now and Tuesday that means sales are really on a roll and if no one wins a record could happen. No adjustment means sales are either where the expected or a little less.

        RJOh's avatar - chipmunk
        mid-Ohio
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        Posted: February 27, 2006, 1:40 pm - IP Logged

        In Ohio this MM jackpot is getting more news coverage than usually because of the coverage of the PowerBall jackpot last week.  The lead story for all the local stations is "If you missed out on the big PowerBall jackpot last week, you have another chance this week with MegaMillions and you won't have to make a road trip out of state".  For this reason I expect sales to be higher than usual in Ohio.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking       


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          Posted: February 27, 2006, 1:44 pm - IP Logged

          Through Saturday, 3/4, in NY, buy $5 Mega on one ticket and get a free MM quick-pick. NY has done this numerous times, but not with the jackpot so high.

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            September 3, 2004
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            Posted: February 27, 2006, 3:00 pm - IP Logged

            In Ohio this MM jackpot is getting more news coverage than usually because of the coverage of the PowerBall jackpot last week.  The lead story for all the local stations is "If you missed out on the big PowerBall jackpot last week, you have another chance this week with MegaMillions and you won't have to make a road trip out of state".  For this reason I expect sales to be higher than usual in Ohio.

            I Agree!

            --winner2b

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              NY
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              Posted: February 27, 2006, 3:53 pm - IP Logged

              The record is currently held by Euromillions at 219 million. Really doubt Mega's going to break it this time around.

              That's the world record. MM has the US record. If MM rolls this time it might set a new US record, but it would have to go up by about 60 million (annuity value). That might be a stretch, but crossing the 300 mark at all certainly makes peole go crazy.. If it rolls a 2nd time there's a good chance that the cash value could equal or exceed 219.  Based on this draw's cash to annuity ratio it would have to reach  about 367 million to do that.

              Even if it does reach that point I can see some argument about whether or not it's fair to call it a world record. Since Euromillions may be tax free, the same prize in an US based lottery won't put nearly as much money in your pocket. Even if you didn't have to pay any state taxes, the claimed annuity prize would have to be about 563 million in order to pocket 219 in cash after paying 35% in US income tax. Also paying 6% in state taxes would mean starting at about 620 million to clear 219. That's possible, but not at all likely.


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                Posted: February 27, 2006, 5:53 pm - IP Logged

                I hope it does roll one more time after another jackpot increase. I also hope that MM reaches near the North American record of 365 million set by PB a few weeks ago and then someone win.

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                  Sparta, NJ
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                  July 9, 2005
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                  Posted: February 27, 2006, 6:20 pm - IP Logged

                  The real thing to wait for this roll is if they have a jackpot adjustment. If they bump the jackpot up between now and Tuesday that means sales are really on a roll and if no one wins a record could happen. No adjustment means sales are either where the expected or a little less.

                  Have they ever announced two bumps in the jackpot?  I remember several times of it jumping once, but don't recall it happening twice.

                  Cheers

                  |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                  I only trust myself - and that's a questionable choice

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                    Sparta, NJ
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                    Posted: February 27, 2006, 6:24 pm - IP Logged

                    it rolls a 2nd time there's a good chance that the cash value could equal or exceed 219.

                    WOW!  That is a lot of money.  Looking at the sole ticket with that number on it would be heart attack time!  I still wouldn't buy a black cowboy suit or black cowboy hat, or black Lincoln, but it would be difficult to NOT do something crazy!  Just from shock!

                    Cheers

                    |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                    I only trust myself - and that's a questionable choice

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                      brooklyn, NY
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                      February 24, 2006
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                      Posted: February 27, 2006, 9:43 pm - IP Logged

                      Hey All I'm New to the forum and not much of a gambler.But with a 16 and a 17,college looming, I hope to atleast get one of those 2nd prizes.

                      thanks for the ear,

                                CJ Boston

                      Anyone has a chance at forever......Post on.

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                        NY
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                        Posted: February 28, 2006, 12:30 pm - IP Logged

                        it rolls a 2nd time there's a good chance that the cash value could equal or exceed 219.

                        WOW!  That is a lot of money.  Looking at the sole ticket with that number on it would be heart attack time!  I still wouldn't buy a black cowboy suit or black cowboy hat, or black Lincoln, but it would be difficult to NOT do something crazy!  Just from shock!

                        A lot? After paying the taxes it's only the least bit over 125 million, and I've got a lot of friends I'd want to share it with. After all, if I'm going to have all that free time to go out and play I'll want my friends to be able to come out and play, too. When it's all said and done I probably wouldn't have anything over 75 million. And have you been paying attention to interest rates lately? I'd have to scrape by on an after tax income of maybe 3 to 4 million bucks a year, though I'm old enough that it would probably be safe to take a million in principal every couple of years or so.

                        In all seriousness, short of indulging in 15 to 20 million dollars worth of yacht (and the annual expense that would come with it), I'd probably find it very difficult to spend 3 million bucks a year on a regular basis without being completely wasteful. A few years back we treated ourselves to just over 3 weeks in the south Pacific, and even with all the incidentals the total cost wasn't much over 12 grand. Trading up to a better room and first class airfare could easily bump it up to the low 20's, but even at 5 trips a year that would still only be a bit over 100 grand. I'd probably have to do some significant philanthropy.

                        Buying a black suit and cowboy hat for the press conference might be amusing, though I don't know how many people would get it.


                        As for how often they bump up the jackpot estimate, I think that their estimates are usually close enough that an adjustment for one draw gets them on track for the next one. Unlike Texas, MM usually seem to guess conservatively, though they've had a few rollovers that were less than the previous one, which makes me think actual sales fell short of their guesstimates. Once it gets into the high 200's they don't have much past experience to go by, and over 300 all bets are off. If it rolls this time they'll probably be pretty close by advertising it at 320, though I'd guess they'd play it safe and say 310 or 315. If it rolls after that I'm not sure that anyone will have a real clue what the actual sales will be, but advertising an even 400 probably isn't at all risky.

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                          Sparta, NJ
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                          July 9, 2005
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                          Posted: February 28, 2006, 6:12 pm - IP Logged

                          It rolled again - before the drawing. 

                          I don't think their guesstimating would be that hard.  If you sold b number of tickets in certain circumstance (recent pb, high MM, and you tracked the count. the projection would be close.  Then it, on the last niight, it shot through the roof, you would raise it again.

                          Ever been around a pack of sharks feeding? The more bloody meat you throw in the watter, the crazier they get.  After a few hours, they start eating each other. Right now, I think the sharks smell blood everywhere!

                          Cheers

                          |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                          I only trust myself - and that's a questionable choice