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Mega Millions lottery jackpot increases to $18 million

Topic closed. 22 replies. Last post 11 years ago by libra926.

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United States
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September 3, 2004
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Posted: March 5, 2006, 4:52 pm - IP Logged

Bide your time, let the foolhardy build it up slowly - then B-A-M, you can strike!

lol, yes thats the plan. Victory Shall be MINE lol LurkingParty

--winner2b

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    United States
    Member #972
    December 30, 2002
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    Posted: March 6, 2006, 9:01 am - IP Logged

    $18 million is no $265 million, but if you took the cash, after taxes you'd have about $7.7 million (in my state). If you have a really good job that pays $90,000 a year, you'd have to work 85 years to reach $7.7 mil, and that's before paying taxes.  That's not to mention all the interest you'd be earning while you were watching the waves. That's a big enough deal for me.  

    >i don't get what the big deal is with the MM's jackpot at $18 million.  $18 Million is not that much money in the lottery world, and especially MM's

     


      United States
      Member #379
      June 5, 2002
      11296 Posts
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      Posted: March 6, 2006, 7:02 pm - IP Logged

      $18 million is no $265 million, but if you took the cash, after taxes you'd have about $7.7 million (in my state). If you have a really good job that pays $90,000 a year, you'd have to work 85 years to reach $7.7 mil, and that's before paying taxes.  That's not to mention all the interest you'd be earning while you were watching the waves. That's a big enough deal for me.  

      >i don't get what the big deal is with the MM's jackpot at $18 million.  $18 Million is not that much money in the lottery world, and especially MM's

       

      AFAIK the state tax in NY is even higher.

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        Morrison, IL
        United States
        Member #4657
        May 13, 2004
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        Posted: March 7, 2006, 11:50 am - IP Logged

        I guess the fact is that this is a record....Mega Millions has never been this high after one roll.  The sales for this past drawing were exceptional for the minimum $12,000,000 jackpot.  They sold over 20.1 million in tickets when the normal amount sold is around 13 million.  Look for this run to have records everytime the jackpot rolls so watch out for another big jackpot in about 4 weeks.

        Brad

        Since the first rollover never doubles the jackpot, they clearly never sell enough tickets on the first draw to pay for the minimum prize.  If typical sales for the first draw are about 13 million, it's a safe bet that sales for the next draw are at least 13 million,  but they'd need to sell a total of 30 million to pay for the usual $15 million annuity. That may mean that they usually don't reach their break even point until the third draw. If they sold 20 million last time around they should have total sales of at least 40 million for the current draw, which should mean a cash prize of 12 million and an annuity of 20 million. If your numbers are accurate, even though the advertised annuity is more than usual it's probably still a bit on the conservative side.

        I'm thinking that the recent big prizes have left a lot of people with lottery fever. Since the game was changed the first rollover has usually been from 12 to 15 and occasionally 16, and then a bigger jump to the low 20's or 25. I'd guess that 25 is the first threshold that brings in the people who don't play for every draw, but it will be interesting to see what the next few rollovers (assuming we see them) bring. Will it grow substantially quicker than usual, or are we just seeing a bunch of people playing at lower levels than they normally do? If that's the case then the next roll should be to the low 30's, but after another rollover or two the jumps should be comparable to what typically happens at any given level.

        As for Chewie's bit about 100 million being the point at which we usually see a winner, I think I recall officials saying the average jackpot should be about 70 million when the new matrix was announced, but what would be expected for a game with odds of 176 million to 1 would be 1 winning ticket for every 176 million tickets sold. Selling 176 million tickets puts almost 53 million into the jackpot prize pool, which means an annuity of about 88 million. Since the matrix was changed there have been 8 winning tickets for 7 jackpots, and an average of 142.5 million per winning ticket. That works out to one winning ticket for each 285 million sold. It was a very good year for the people who shared four unusually big jackpots, and the one person who got the expected jackpot of $88 million.

        Powerball seems to need two or three rolls to break out of the "guaranteed" range, while Mega Millions sells enough tickets they need only one roll.

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          Sparta, NJ
          United States
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          July 9, 2005
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          Posted: March 7, 2006, 6:31 pm - IP Logged

          $18 million is no $265 million, but if you took the cash, after taxes you'd have about $7.7 million (in my state). If you have a really good job that pays $90,000 a year, you'd have to work 85 years to reach $7.7 mil, and that's before paying taxes.  That's not to mention all the interest you'd be earning while you were watching the waves. That's a big enough deal for me.  

          >i don't get what the big deal is with the MM's jackpot at $18 million.  $18 Million is not that much money in the lottery world, and especially MM's

           

          $18M is a VERY big deal.  I agree.  But there are seldom winners in the beggining of the roll.  It takes a while.  With the last addition of numbers, it tends to taake longer to get a winner.  Sure, once in a while, FATE lifts her skirt and gives a peak, but generally, she is just teasing.  She doesn't get serious for quite a while.  I'd love to have the lowest jackpot available for MM, but it just ain't gonna happen.  Better to save a couple of bucks up front, and use it later down stream when the fish are biting.

          Cheers

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

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

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            United States
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            March 1, 2006
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            Posted: March 8, 2006, 9:36 am - IP Logged

            NY came in second, two of my regular numbers showed up in this  drawing. 

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              Bethesda, Maryland
              United States
              Member #16901
              June 6, 2005
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              Posted: March 8, 2006, 4:57 pm - IP Logged

              $18 million is no $265 million, but if you took the cash, after taxes you'd have about $7.7 million (in my state). If you have a really good job that pays $90,000 a year, you'd have to work 85 years to reach $7.7 mil, and that's before paying taxes.  That's not to mention all the interest you'd be earning while you were watching the waves. That's a big enough deal for me.  

              >i don't get what the big deal is with the MM's jackpot at $18 million.  $18 Million is not that much money in the lottery world, and especially MM's

               

              $18M is a VERY big deal.  I agree.  But there are seldom winners in the beggining of the roll.  It takes a while.  With the last addition of numbers, it tends to taake longer to get a winner.  Sure, once in a while, FATE lifts her skirt and gives a peak, but generally, she is just teasing.  She doesn't get serious for quite a while.  I'd love to have the lowest jackpot available for MM, but it just ain't gonna happen.  Better to save a couple of bucks up front, and use it later down stream when the fish are biting.

              HAPPY WEDNESDAY........3/8/2006

              hey guys, don't get me wrong, $$18 mil is very sweet, but in the great State of Maryland, after taxes..there isn't much left to splurge with.  Everything is relative to the cost of living in each indiviual State. Those among you living in the Mid-west, and down South can purchase Humongous sized homes for a fraction of what it would cost for residents of Maryland, Virginia,  and New York.

               

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                Bethesda, Maryland
                United States
                Member #16901
                June 6, 2005
                446 Posts
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                Posted: March 8, 2006, 5:09 pm - IP Logged

                Bide your time, let the foolhardy build it up slowly - then B-A-M, you can strike!

                lol, yes thats the plan. Victory Shall be MINE lol LurkingParty

                HAPPY WEDNESDAY...3/8/2008

                HEY....that advice was only meant for me.........not you....so 'bam' take thatBoxing.........