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Powerball lottery jackpot hits $200 million

Topic closed. 46 replies. Last post 9 years ago by rubberbandman.

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Fayetteville, Arkansas
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Posted: March 8, 2008, 3:27 am - IP Logged

KY Floyd: If you aren't going to play regularly the sensible strategy would be to make your occasional plays when the jackpot is high. Even for a regular player, the sensible choice would be to concentrate your plays on higher jackpots.

I just did a thought-provoking calculation. It's based on the Pick 3, but applies to any lottery.

Your chance of winning is better if you buy 10 tickets for a single drawing than if you spend the same money buying a single ticket for each of 10 drawings. So, in terms of maximizing your money's potential, it makes more economic sense to save your money until the jackpot reaches a desired expectation value and spend it all at once.

lmatlaw: there are more tickets wagered at the higher jackpots thus diminishing your chances of holding the winning ticket.

As I think lmatlaw is saying here: this does not, however, take into account the possibility you might have to share the jackpot with someone else. As more tickets are bought, the odds of this increase. I don't know how to take this factor into account. Does anyone?

I won't play anything but blackjack or poker in a casino. I like to say I'm not a gambler. But maybe I am, just a little. Despite this analysis, I just can't imagine there being any chance to win millions and staying out of it. Just that itty-bitty chance adds so much spice to life.

The balls have no memory.

    sirbrad's avatar - Lottery-062.jpg
    PA
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    Posted: March 8, 2008, 6:26 am - IP Logged

    Will go to at least $350 million until I hit it. I will not play again until the second prize goes up to like $2 million or whatever it is. What level does it need to get in order for that to happen? What is the record? Thought like $300 million something.

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      Baton Rouge, LA
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      Posted: March 8, 2008, 8:55 am - IP Logged

      My rule for Powerball is I only play myself when it hits $100 million.  My only reason for that rule is I don't want to spend too much on the lottery.  The lottery pool I run at work plays every week, so I also participate through that.

      Prisoner Six

      "I am not a number, I am a free man!"

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        Posted: March 8, 2008, 12:30 pm - IP Logged

        Regardless of the jackpot size, you CANNOT WIN if you don't play.  Would you be unhappy if you only won $15 Million?

        And while the odds are the same regardkless of the jackpot, there are more tickets wagered at the higher jackpots thus diminishing your chances of holding the winning ticket.

        I hope you meant to say that your chances of having the only winning ticket are diminshed. That's true, but even for jackpots at or near record levels the chance of multiple winners is fairly low. For jackpots in the 50 to 150 million range the chance is much less than the chance of a single winner. Even for the recent $275 million MM jackpot there was only 1 winning ticket despite all of the numbers being birthday numbers. Even if there had been 4 winners (I think the record for MM or PB is 3) that would have been almost $69 million each. Last time I checked, that's nearly 3 times as much as what you'd get as the only winner of a $25 million jackpot.

        The only thing illogical about spending your entire ticket budget on jackpots of $100 million or more is that the most likely outcome will always be that you lose more than you win.

          ThatScaryChick's avatar - x1MqPuM
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          Posted: March 8, 2008, 12:43 pm - IP Logged

          My rule for Powerball is I only play myself when it hits $100 million.  My only reason for that rule is I don't want to spend too much on the lottery.  The lottery pool I run at work plays every week, so I also participate through that.

          I don't think that is a bad idea. Sometimes I play when the jackpot is low and sometimes I play when it's high. It really depends on my budget for the week/month.

          "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

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            Baton Rouge, LA
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            Posted: March 8, 2008, 2:51 pm - IP Logged

            I don't think that is a bad idea. Sometimes I play when the jackpot is low and sometimes I play when it's high. It really depends on my budget for the week/month.

            Thank you.  Since I already participate in a pool, which costs me $4 every 2 weeks/payday, I don't think it's worth it to spend more to play myself.  I don't want to go overboard with it.  Sometimes, I might buy a Powerball on a whim even if it's below $100 million.  Sometimes I just feel lucky so I buy one, but I haven't been yet.

            Prisoner Six

            "I am not a number, I am a free man!"


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              Posted: March 8, 2008, 3:08 pm - IP Logged

              Todd:

              What is the rule on roll-over for PowerBall?  Something to do with a pervious maximum, then it only goes up a small percentage?

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                Chief Bottle Washer
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                Posted: March 8, 2008, 4:14 pm - IP Logged

                Todd:

                What is the rule on roll-over for PowerBall?  Something to do with a pervious maximum, then it only goes up a small percentage?

                The best place to go for information about Powerball — including that question — is USA Mega.

                That question is answered on the Powerball FAQ page there.  You'll see it if you scroll to the bottom.  (Plus check out the other info!)

                 

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

                 

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


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                  Posted: March 8, 2008, 4:47 pm - IP Logged

                  The best place to go for information about Powerball — including that question — is USA Mega.

                  That question is answered on the Powerball FAQ page there.  You'll see it if you scroll to the bottom.  (Plus check out the other info!)

                  While continuing to be educated ... when will that magic maximum number be reached?

                    mylollipop's avatar - Trek STLOGO6.png

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                    Posted: March 9, 2008, 4:02 am - IP Logged

                    Just win it Mylollipop, just win it!Party

                      sirbrad's avatar - Lottery-062.jpg
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                      Posted: March 9, 2008, 5:08 am - IP Logged

                      My rule for Powerball is I only play myself when it hits $100 million.  My only reason for that rule is I don't want to spend too much on the lottery.  The lottery pool I run at work plays every week, so I also participate through that.

                      In some ways I would rather the $15 million than $100 million or more. Then you won't see me on world news today. $15 million after a record jackpot win would be even better.

                        sirbrad's avatar - Lottery-062.jpg
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                        Posted: March 9, 2008, 5:14 am - IP Logged

                        "Lottery players have a magic number — how much would it take to retire, Cook said.

                        For Mike Anthony, 31, a pharmaceutical salesman, that number was right around Wednesday's jackpot of $173 million."

                        Yeah, it would be so very difficult to retire on the after-tax cash from a jackpot of only $50 million.

                        What makes me "angry" is that it is idiots like this who have no concept of the true value of money who win. I could retire on $1 million easily, especially in my current area.

                          tntea's avatar - Lottery-059.jpg

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                          Posted: March 9, 2008, 11:08 am - IP Logged

                          I know. I don't understand how people feel they can't retire on jackpots unless they are higher then $150 million.

                          I could retire on less than $150 million easily.

                               OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                            tntea's avatar - Lottery-059.jpg

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                            Posted: March 9, 2008, 11:11 am - IP Logged

                            What makes me "angry" is that it is idiots like this who have no concept of the true value of money who win. I could retire on $1 million easily, especially in my current area.

                            I agree, on could retire on a million if they aren't going to try to live like millionaires.

                                 OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                              Pogo's avatar - wfl
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                              Posted: March 9, 2008, 11:36 am - IP Logged

                              A million after taxes put into a standard Money Market account bringing in a measley 5% per year would still give you a yearly income of around $50,000.00 before taxe... I'd say that's enough as long as you don't live anywhere with a high standard of living. Personally I would have to put it in to the stock market where it would not only earn atleast 8% per yea, but you would also be bringing in dividends (rolled over or not)... $1million sounds real good...