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$344 MILLION: Mega Millions lottery jackpot skyrockets

Topic closed. 102 replies. Last post 3 years ago by rdgrnr.

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Todd's avatar - Cylon 2.gif
Chief Bottle Washer
New Jersey
United States
Member #1
May 31, 2000
23275 Posts
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Posted: December 7, 2013, 11:07 am - IP Logged

$344M after 19 draws?. Sorry guys, not growing fast enough. Maybe it's JP fatigue. I thought by now, it should be somewhere near $650M. Yaaaaaawn.Bed

The first 5 drawings in the current jackpot run were under the old rules, using the old starting jackpot amount.  So the new rules show that the Mega Millions jackpot can once again grow hugely, but is not an accurate representation of how many rolls it should take to get there.

 

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

 

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

    Slick Nick's avatar - Lottery-035.jpg
    Rochester
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    Posted: December 7, 2013, 11:30 am - IP Logged

    I think it's safe to say that there will always be larger jackpots in the very end, but it'll take longer to win. Picking numbers 1 to 75 is a bit of a chore!Let It All Out

    Money is a terrible master, but a great servant...Smile

      RedStang's avatar - tallman zps6gf4inoc.jpg
      NY
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      January 21, 2012
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      Posted: December 7, 2013, 12:13 pm - IP Logged

      The guy running our work pool usually asks for 2$. This time i gave him 10$ to cover the next 5 draws. He told me to think positive. Conehead

        Slick Nick's avatar - Lottery-035.jpg
        Rochester
        United States
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        January 1, 2011
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        Posted: December 7, 2013, 12:52 pm - IP Logged

        Pools are a good thing. For years I have had a few guys I work with in a pool. I use to run big group lotterys at work, but I just have 1 or 2 now. Think positive are good words RedStang.  I Agree!

        Money is a terrible master, but a great servant...Smile

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          New Member

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          Posted: December 7, 2013, 2:24 pm - IP Logged

          No, it doesn't make sense at all to pay for Mega Play. The expected value is absolutely terrible. I realize this is the lottery after all and tickets basically never have a postive expected value, but spending that extra dollar on another ticket will give you a much better payout potential than spending it on a Mega Play. Most of the expected payout in big lottery games comes from the jackpot, not the lower prizes. Of course, the best expected outcome would be not spending that dollar or any dollars on lottery tickets and investing it instead. But I assume we're hear to have fun, so spend your $2 on two tickets, not one with a Mega Play.

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            New Member

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            Posted: December 7, 2013, 2:27 pm - IP Logged

            No, the megaplier gives terrible expected payout (as though lottery odds were good to begin with). The idea of a "smart lottery player" is also a bit of an oxymoron.

              helpmewin's avatar - dandy
              u$a
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              Posted: December 7, 2013, 2:30 pm - IP Logged

              If it gets to $900 million plus, would you opt for annuity or cash payout????

              Blue Thinking

              Let it Snow Snowman

                schmuckatelly's avatar - half planet.jpg
                Jacksonville, Florida
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                March 17, 2013
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                Posted: December 7, 2013, 2:33 pm - IP Logged

                $1+ billion January 7th.

                  VFR95's avatar - Lottery-030.jpg
                  Whetstone
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                  February 15, 2013
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                  Posted: December 7, 2013, 2:43 pm - IP Logged

                  $1+ billion January 7th.

                  Seasons Greetings Schmuckatelly,

                   

                       I'm gonna go with $1+ billion on Christmas Eve..........for a very Merry Christmas.

                   

                  Dreamer,

                    Teddi's avatar - Lottery-008.jpg

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                    Posted: December 7, 2013, 2:54 pm - IP Logged

                    If it gets to $900 million plus, would you opt for annuity or cash payout????

                    If an annuity was going to pay out $30 million to $40 million a year, then I think I'd actually consider taking the annuity. I may not do it but I would definitely stop and think about it.

                    Because even though I expect taxes on that kind of income to increase and I usually hate the idea of payments spread out over so many years, with the cash value is so low and the annuity payments so large, you could end up equalling the cash value in less than 15 years. Plus 30 million a year is enough to live off of...very very well, and also b able to invest enough to make a good chunk from interest payments. Definitely an interesting thought.

                      mypiemaster's avatar - 2015021003pileofcash
                      JACKPOT HUNTER

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                      Posted: December 7, 2013, 3:40 pm - IP Logged

                      No, the megaplier gives terrible expected payout (as though lottery odds were good to begin with). The idea of a "smart lottery player" is also a bit of an oxymoron.

                      So you consider yourself a losing winner, or a winning loser for playing the lottery or you just love to whine?. I forgot, you never spend money to play the lottery, you just play on paper for fun. I hope you are not one of those clerks, that show up here and tell us that they found winning tickets in the trash bin, because they are real morons. Consider this cruel kindness. Here's to oxymoronsEvil UhhSad Cheers

                      Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                      Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

                        DDOH937's avatar - Lottery-062.jpg

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                        Posted: December 7, 2013, 3:57 pm - IP Logged

                        If an annuity was going to pay out $30 million to $40 million a year, then I think I'd actually consider taking the annuity. I may not do it but I would definitely stop and think about it.

                        Because even though I expect taxes on that kind of income to increase and I usually hate the idea of payments spread out over so many years, with the cash value is so low and the annuity payments so large, you could end up equalling the cash value in less than 15 years. Plus 30 million a year is enough to live off of...very very well, and also b able to invest enough to make a good chunk from interest payments. Definitely an interesting thought.

                        Good Post Teddi...My line of thinking precisely. I find it quite hilarious when i hear people churp at the idea of walking away with an even $20mil a year basically for LIFE (29 years). With the same investment approach, one could easily recapture the initial cash amount in 10-15 years as you pointed out. Plus the added bonus of not becoming one of the statistics that end up broke in 3-5 years. At this level ($344 mil) it would be about 12 million a year which might not be enough to offset the difference, but even that's a GREAT deal. Longevity is the key and for some strange reason, so many people go broke so quickly after winning. And its not just poor spending...Look at Lehman, look at Madoff, look at Stanford. Well intentioned investors can easily be wiped out even if you're quite prudent. Something worth considering I propose.

                        "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer

                          savagegoose's avatar - ProfilePho
                          adelaide sa
                          Australia
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                          Posted: December 7, 2013, 4:08 pm - IP Logged

                          lol 20 mill a year to start the ball rolling upto 100m a year at the end of 30 years

                          2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                          keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

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                            Posted: December 7, 2013, 4:12 pm - IP Logged

                            If an annuity was going to pay out $30 million to $40 million a year, then I think I'd actually consider taking the annuity. I may not do it but I would definitely stop and think about it.

                            Because even though I expect taxes on that kind of income to increase and I usually hate the idea of payments spread out over so many years, with the cash value is so low and the annuity payments so large, you could end up equalling the cash value in less than 15 years. Plus 30 million a year is enough to live off of...very very well, and also b able to invest enough to make a good chunk from interest payments. Definitely an interesting thought.

                            You also have to consider interest rates are near all time lows and nearly any economist or investor knows that low rates will not be here forever. The headline jackpot assumes investing risk-free at the current rate level. Rates are expected to rise over the next few years. Taking annuity right now is not prudent (including, as you said, current tax levels and seemingly the only way we will solve our deficits will include some raising of taxes)

                              DDOH937's avatar - Lottery-062.jpg

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                              Posted: December 7, 2013, 4:32 pm - IP Logged

                              You also have to consider interest rates are near all time lows and nearly any economist or investor knows that low rates will not be here forever. The headline jackpot assumes investing risk-free at the current rate level. Rates are expected to rise over the next few years. Taking annuity right now is not prudent (including, as you said, current tax levels and seemingly the only way we will solve our deficits will include some raising of taxes)

                              I hear you Toronto but not so sure i'm with you 100% on this one. I understand that current low interest rates are responsible for a larger cash payout now. Which one would be inclined to capitalize one. But doesn't your argument goes both ways? That if interest rates WILL eventually go up and taxes fluctuate...Dems vs Reps in power, then one will have a fair opportunity to invest much of that $30 million each year and receive reasonable if not very attractive returns? And remember, we're not just talking about gaining a few percentage on investments here and there, i'm talking about GUARANTEED lucrative income for 29 years. Income that can and would serve to buffer market gyrations.

                              "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer