Welcome Guest
Log In | Register )
You last visited December 9, 2016, 9:55 pm
All times shown are
Eastern Time (GMT-5:00)

Powerball lottery jackpot raised to $117 million

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

Page 2 of 2
PrintE-mailLink
Avatar
Oak Creek WI
United States
Member #5403
July 3, 2004
44 Posts
Offline
Posted: March 25, 2006, 7:56 am - IP Logged

I see a lot of you people on this site a lot, maybe you can answer a odd question for me. The Powerball is at 117 Million but the cash payout is only 53.5 million. I thought the cash was a little over half of what the projected jackpot was. If you look at Mega Millions its at 96Million and cash is 56 million. So why is cash more with Mega Millions than Powerball? Maybe I'm better off going to the state line and playing Mega Millions than my own States Powerball. That and WI hasn't had a big winner in forever. Thanks for any answers

    Uff Da!'s avatar - InCelebration 001.jpg
    Washington State
    United States
    Member #33973
    February 26, 2006
    347 Posts
    Offline
    Posted: March 25, 2006, 10:38 am - IP Logged

    LottoLin - The annuity for MegaMillions is a standard annuity with equal payments each year over a 26 year period.

    http://www.usamega.com/mega-millions-jackpot.htm

    Powerball, by contrast, uses a graduated annuity, with lower payments in the early years and larger payments in later years, presumably to help offset inflation.  It is also paid out over a 30 year period instead of 26.   

    http://www.usamega.com/powerball-jackpot.htm  (You'll need to click on "annuity payment schedule" under your state to see the graduated payments).

    Obviously, the present value of dollars to be received further into the future is not as great as those received sooner.  That's why the cash value is different for similar "jackpot" amounts.

    If an insurance company advertised an annuity the way the states do, the attorney general would be after them for false advertising.  But the states can get away with it.  What a shame!

     

      Avatar
      Bethesda, Maryland
      United States
      Member #16901
      June 6, 2005
      446 Posts
      Offline
      Posted: March 25, 2006, 1:50 pm - IP Logged

      LottoLin - The annuity for MegaMillions is a standard annuity with equal payments each year over a 26 year period.

      http://www.usamega.com/mega-millions-jackpot.htm

      Powerball, by contrast, uses a graduated annuity, with lower payments in the early years and larger payments in later years, presumably to help offset inflation.  It is also paid out over a 30 year period instead of 26.   

      http://www.usamega.com/powerball-jackpot.htm  (You'll need to click on "annuity payment schedule" under your state to see the graduated payments).

      Obviously, the present value of dollars to be received further into the future is not as great as those received sooner.  That's why the cash value is different for similar "jackpot" amounts.

      If an insurance company advertised an annuity the way the states do, the attorney general would be after them for false advertising.  But the states can get away with it.  What a shame!

       

      HAPPY SATURDAY "UD"....3/25/2006

      Well may I borrow a comment from Sherlock Holmes to Dr. Watson:

      "Indeed, You Inspire Me"!!!!

      which simply means, that you taught me something, I didn't realize or fully understand.Thinking of...

        Avatar
        Oak Creek WI
        United States
        Member #5403
        July 3, 2004
        44 Posts
        Offline
        Posted: March 25, 2006, 6:01 pm - IP Logged

        UF Da! Thank you for the response, I just thought it odd that one gives more out of a pot than the other. Guess I'll take a ride to the state line and see if I can get lucky in IL. Thanks again, I've learned something new today.Hurray!

          SassyOhio's avatar - Picture012
          Columbus Ohio
          United States
          Member #35946
          March 25, 2006
          234 Posts
          Offline
          Posted: March 25, 2006, 6:05 pm - IP Logged

          Hey Kids, I to run a powerball pool at my work, have been doing it for about 5 months now! As for feed back I can tell you what I do to make all players comfortable since in all reality there can only be ONE ticket holder. I of course make a copy of all the tickets and give each player a set of their own becuase of different finanial situations I run 2 seperate 5.00 pools  so that if someone's budget only allows them 5.00 a draw and others  10.00 then every one has a chance to play according to their finances. I also have a agreement that I give every drawing that is revised to adjust the players of each pool. ( it is alot to do and change around but hey  MILLIONS is worth it isnt it ) Mine kind of goes like this.

           

          1/01/01  ( ALWAYS CHANGE YOUR DATE ON THE AGREEMENT FOR THTA DAY'S DRAWING)

           

          My name is ____

          I am the organizer of the Power Ball pool that is played with _____  employees. Every week I have the pool and play twice a week. I run 2 seperate pools having a 5.00 entry minimum per pool offering for you to play more numbers. ( or what ever you are going to offer them to play)

          Each player will receive a copy of all tickets that are played in his/her pool.  I encourage that you play consistantly, past entry to the pools DOES NOT entitle  you to any claim to the winning pool if you did not play for that particular day's drawing.

          You have the option as well to maximize you winnings by entering your numbers with the "Power Play" option. This will cause your entry to be $10.00 per pool for it is $1.00 PER number that you play it with. IF YOU DO NOT PLAY THE POWER PLAY  BUT ENTERED THE POOL YOU ARE NOT ELIGIBLE FOR ANY WINNINGS FROM THE POWER PLAY. 

           

          Drawings are held on Wednesday and Saturday nights @ 10:58 p.m. You can either veiw by television or log onto www.kylottery.com or www.powerball.com to get results to check you copies. Each player MUST have their numbers either picked or choose Auto Pick by then end of the work business day of that day's  drawing. If you would like to pay by the week or by the drawing is left up to each player, but no funds will be excepted after the end of the business day for that day's drawing.

          This weeks players are as followed:

          Enter Names

           

          This weeks side pool players are followed:

          Enter Names

           

          This weeks Power Play players are as followed:

          Enter Names

           

          Any winnings that are awarded to either pool will be divided equally between the players in the winning pool. Each player will be responsible for their own arrangments for their taxes for there share.  I play to win an play with faith!! 

           

          And as they always say!!!!!  SOMEONE'S GONNA WIN, WHY NOT US!

          Thank You for playing,

          Your name

          ( Then I put my contact Information Name, Phone Number and Email for them to contact me)

           

          I HOPE THIS HELPS TO GIVE YOU SOME IDEAS!!!!!!

            Avatar
            NY
            United States
            Member #23835
            October 16, 2005
            3475 Posts
            Offline
            Posted: March 26, 2006, 2:51 am - IP Logged

            I see a lot of you people on this site a lot, maybe you can answer a odd question for me. The Powerball is at 117 Million but the cash payout is only 53.5 million. I thought the cash was a little over half of what the projected jackpot was. If you look at Mega Millions its at 96Million and cash is 56 million. So why is cash more with Mega Millions than Powerball? Maybe I'm better off going to the state line and playing Mega Millions than my own States Powerball. That and WI hasn't had a big winner in forever. Thanks for any answers

            IIRC, before PB went to the annuity schedule that Uff Da describes the cash  was still a slightly smaller percentage than what MM had. I'm guessing that plenty of people never realized that, just paying attention to the advertised annuity jackpot even if they figured on taking the cash if they won.

            Since there was no winner for PB the cash value is once again higher than MM, so if PB is the game in your home state it should be an easy decision if you're going to choose one or the other. If MM rolls again and you haven't bought  PB tickets yet, you might want to consider a bit more than just the cash value before deciding to play MM farther away.

            The odds for MM are about 25% steeper than PB, but they're both high enough that it's probably not worth worrying about.  If MM rolls again it will probably have a cash value about $2 to 3 million more than PB, but winning  with a ticket from Illinois almost certainly makes you an Illinois taxpayer. That would take about $2 million, so until the difference is bigger the amount you could put in your pocket won't be substantially different. Then consider that driving costs money, so tickets bought farther away cost you more. How much more depends on how far you drive and how many tickest you buy, but if you use a gallon of gas each way  and buy 5 tickets they've cost you $2 each instead of $1 without even considering the mileage on the car.  I figure it doesn't make sense to spend significantly more for tickets that give you less chance of winning a jackpot that's only a little bit bigger. If the difference in the cash prize isn't substantial I'd just buy a couple more tickets at the store around the corner. YMMV, literally, so it's up to you to decide what makes sense for your location.

            Uff Da:  I'll freely admit to a cynical side, but I think you're being far too charitable in thinking the PB annuity payout might have anything to do with offsetting inflation. I figure it's nothing more than a deliberate effort to inflate the amount they advertise. Virtually everyone who wins takes cash, so if the lotteries have any inclination to act in the interest of the players basing their advertising on the cash is the least they could do.

             

              Uff Da!'s avatar - InCelebration 001.jpg
              Washington State
              United States
              Member #33973
              February 26, 2006
              347 Posts
              Offline
              Posted: March 26, 2006, 11:10 am - IP Logged

              KY Floyd said:

              Uff Da:  I'll freely admit to a cynical side, but I think you're being far too charitable in thinking the PB annuity payout might have anything to do with offsetting inflation. I figure it's nothing more than a deliberate effort to inflate the amount they advertise. Virtually everyone who wins takes cash, so if the lotteries have any inclination to act in the interest of the players basing their advertising on the cash is the least they could do.

              I'm with you on that one!  Note that I said "presumably to help offset inflation."  What they use as their excuse and what the real motivation is are, no doubt, two different things.  But for someone who did take the annuity because they didn't trust themself about managing money long-term, the increase each year built into the annuity payments does equal 4%, which should be a good long-range estimate for annual inflation.  So annual payments should be roughly equal in buying power, one of the problems with traditional fixed annuities. 

              But a 30 year annuity - give me a break!  I'd be almost 95 years old before the last payment!  And the family would have to pay estate taxes on the full remaining amount within nine months of death.  I don't know what their rules are about converting remaining annuity payments into cash at that point.

              What makes me angry about them advertising the annuity amount instead of the cash value is that most people seem to think that the jackpot amount is the cash the person would actually get.  I discovered a few weeks ago that even the old gal at the Texaco station who has been selling me the tickets for the past couple of years was still under that assumption.  I call it false advertising! 

                sirbrad's avatar - Lottery-062.jpg
                PA
                United States
                Member #22983
                October 6, 2005
                2226 Posts
                Offline
                Posted: March 28, 2006, 5:57 am - IP Logged

                Yes I said this before, false advertising on the lotteries behalf as usual. Many do not realize that $100 million actually means about $30 million after all the taxes, and lump sum payout. I wish they wold actually advertise the REAL amounts for both cash, and annuity options. The lottery gets away with murder, because the shady IRS is in on it all.

                  SassyOhio's avatar - Picture012
                  Columbus Ohio
                  United States
                  Member #35946
                  March 25, 2006
                  234 Posts
                  Offline
                  Posted: March 28, 2006, 8:29 am - IP Logged

                  Yes I said this before, false advertising on the lotteries behalf as usual. Many do not realize that $100 million actually means about $30 million after all the taxes, and lump sum payout. I wish they wold actually advertise the REAL amounts for both cash, and annuity options. The lottery gets away with murder, because the shady IRS is in on it all.

                  I TOTALLY Agree!!!! I Agree! If you take the cash option  THEY TAX HALF!!!Blue Thinking  THEN Turn around and Tax  almost another Half  saying that its this taxes and that taxes  Ok, SO IF THIS IS THE CASE No wonder were all working our rears off and are still broke all the damn time!  I think that we should only have to pay our state taxes IF ANY on the lottery. When they calculate what players have spent and then get the figure for what the jackpot grows we sure the hell didnt get a tax break on what it cost to play it! I just think that our world is just MONEY HUNGRY no matter what they gotta go do to get it ...  I mean play a dollar and win 30 Mill  Ok NOT a bad turn around but HELLO 100 Mill Jackpot and 30 Mill Pay out  ADD THIS UP FOR ME PLEASEMad

                    sirbrad's avatar - Lottery-062.jpg
                    PA
                    United States
                    Member #22983
                    October 6, 2005
                    2226 Posts
                    Offline
                    Posted: March 28, 2006, 11:31 am - IP Logged

                    I bet the IRS kick back in their cushy chairs and laugh at the players thinking they are actually gonna take that jackpot amount advertised home. It is quite sad what they are doing to people. Everything someone beats a 1 in 150 million odds or whatever, so do they. Not ONCE but every time! I think everyone in the workd should boycott the IRS, not win for life games.

                      Avatar
                      Bethesda, Maryland
                      United States
                      Member #16901
                      June 6, 2005
                      446 Posts
                      Offline
                      Posted: March 28, 2006, 4:18 pm - IP Logged

                      I bet the IRS kick back in their cushy chairs and laugh at the players thinking they are actually gonna take that jackpot amount advertised home. It is quite sad what they are doing to people. Everything someone beats a 1 in 150 million odds or whatever, so do they. Not ONCE but every time! I think everyone in the workd should boycott the IRS, not win for life games.

                      Hi Sir......3/28/2006

                      I am not a fan of the Blood Sucking ' IRS'..but let me share this with you. The 'IRS' is required to follow and implement the Laws and Statutes that our Blood Sucking Congress and Blood Sucking White House tells them to. It's not their personal decision. They don't sit back in cushy chairs throwing darts and daggers at the 'little man'. If we could get our Paid for Representatives in that great Agust Body of 'Hot Air Blowers' to change the Tax Laws, the IRS would be bound to comply with the changes.  Furthermore, by now, all of us who even periodically play the Lotteries and lottos know that our Federal Tax is consistent w/the rules of the Cash LS vsAnnuity payout  and State and Local tax are governed by each State & locality. In Nevada, for example there is no income tax, as there is here in Maryland, therefore, anyone who is a resident of Maryland will have to pay income tax on whatever they win, whereas, in Nevada the residents are free and clear of any income tax...I don't like any tax, income tax or whatever, but that's how our great August Body of 'Hot Air Blowers" set the system up. Therefore, when I see the PB at $$$$100 or 300mil and the M&M at $$$$$$100 or200mil and up....I know that the winner is going to give up at least HALF to old Blood Sucking IRS.........before he gets one dime of it.

                        Avatar
                        Bethesda, Maryland
                        United States
                        Member #16901
                        June 6, 2005
                        446 Posts
                        Offline
                        Posted: March 28, 2006, 4:34 pm - IP Logged

                        Hey Kids, I to run a powerball pool at my work, have been doing it for about 5 months now! As for feed back I can tell you what I do to make all players comfortable since in all reality there can only be ONE ticket holder. I of course make a copy of all the tickets and give each player a set of their own becuase of different finanial situations I run 2 seperate 5.00 pools  so that if someone's budget only allows them 5.00 a draw and others  10.00 then every one has a chance to play according to their finances. I also have a agreement that I give every drawing that is revised to adjust the players of each pool. ( it is alot to do and change around but hey  MILLIONS is worth it isnt it ) Mine kind of goes like this.

                         

                        1/01/01  ( ALWAYS CHANGE YOUR DATE ON THE AGREEMENT FOR THTA DAY'S DRAWING)

                         

                        My name is ____

                        I am the organizer of the Power Ball pool that is played with _____  employees. Every week I have the pool and play twice a week. I run 2 seperate pools having a 5.00 entry minimum per pool offering for you to play more numbers. ( or what ever you are going to offer them to play)

                        Each player will receive a copy of all tickets that are played in his/her pool.  I encourage that you play consistantly, past entry to the pools DOES NOT entitle  you to any claim to the winning pool if you did not play for that particular day's drawing.

                        You have the option as well to maximize you winnings by entering your numbers with the "Power Play" option. This will cause your entry to be $10.00 per pool for it is $1.00 PER number that you play it with. IF YOU DO NOT PLAY THE POWER PLAY  BUT ENTERED THE POOL YOU ARE NOT ELIGIBLE FOR ANY WINNINGS FROM THE POWER PLAY. 

                         

                        Drawings are held on Wednesday and Saturday nights @ 10:58 p.m. You can either veiw by television or log onto www.kylottery.com or www.powerball.com to get results to check you copies. Each player MUST have their numbers either picked or choose Auto Pick by then end of the work business day of that day's  drawing. If you would like to pay by the week or by the drawing is left up to each player, but no funds will be excepted after the end of the business day for that day's drawing.

                        This weeks players are as followed:

                        Enter Names

                         

                        This weeks side pool players are followed:

                        Enter Names

                         

                        This weeks Power Play players are as followed:

                        Enter Names

                         

                        Any winnings that are awarded to either pool will be divided equally between the players in the winning pool. Each player will be responsible for their own arrangments for their taxes for there share.  I play to win an play with faith!! 

                         

                        And as they always say!!!!!  SOMEONE'S GONNA WIN, WHY NOT US!

                        Thank You for playing,

                        Your name

                        ( Then I put my contact Information Name, Phone Number and Email for them to contact me)

                         

                        I HOPE THIS HELPS TO GIVE YOU SOME IDEAS!!!!!!

                        Hi Sassy....3/28/2006

                        May I say, that your Written Agreement for your Office Pool is great....very level and concise. You couldn't have made it any more so.....Anyone, w/???'s after reading this is obviously a morron, and shouldn't bother to play....Good Luck in winning the BIG ONE.......

                        Lurking

                          SassyOhio's avatar - Picture012
                          Columbus Ohio
                          United States
                          Member #35946
                          March 25, 2006
                          234 Posts
                          Offline
                          Posted: March 29, 2006, 12:01 pm - IP Logged

                          Thanks  Libra!!  I enjoy  the pool and wanted everyone involved comfortable with it so that is what I came up with!  Tonight is the BIG NIGHT !!  Whoot Whoot ... Haha  anyhow no luck in MM last night  were moving on to  tonight!  Good Luck everyone!!Banana

                          Hopin To Be The Lucky Ones!!

                          COME ON MEGA! MEGA-ME-RICH!

                           

                          Please feel free to visit my sisters memorial page that I have now completed

                          www.freewebs.com/wendyinmyheartforever