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Puerto Rico joins Powerball today

Topic closed. 37 replies. Last post 2 years ago by helpmewin.

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fajardo
United States
Member #152445
February 15, 2014
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Posted: October 3, 2014, 5:04 pm - IP Logged

Actually I just looked into it and it seems there is a personal income tax rate up to 33% (not sure if this applies to lottery) and the new laws that were passed were meant to entice U.S. citizens living elsewhere http://www.investinpuertorico.net/#!law_20/c1m

It would have to be really lucky to nail everything perfect: Never have lived in PR prior 15 years, moved and lived there for 183 days, win the lottery - pay 0% income tax.

The 33% tax rate applies to lottery winnings  , the traditional Puerto Rican lottery is the tax free one. But compared to the states the rate is not that bad. Out of the current lump sum you will end  taking home around 24 of 36 million.

    pickone4me's avatar - 021414tvlies zpsa453b327.jpg
    Wisconsin
    United States
    Member #104962
    January 23, 2011
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    Posted: October 4, 2014, 9:57 am - IP Logged

    It hasn't been publicized but I've discussed it before.

    rcbbuckeye's thread about it mentioned at a TLC meeting:
    http://www.lotterypost.com/thread/279748

    Also mentioned at Idaho lottery's meeting in May:

    http://www.idaholottery.com/theIdahoLottery/meetingAgenda.aspx?id=160

    I alluded to the change back in June:

    http://www.lotterypost.com/thread/277047/3655357

    I actually heard about it at SMART-TECH 2014, which is a lottery conference that took place in April. Along with the discussion about the new Monopoly game, Chuck (MUSL) made a presentation regarding jackpots and Powerball...talking about poor sales and whatnot. Apparently they have "too many winners" (ironic) and as a result jackpot fatigue is causing poor sales. The issue is very real; if you check most lotteries' reports in the past months their Powerball sales are down by alarming numbers. I still can't remember if he said the bonus pool was expanding to 43 or 45, but that is where the change will be happening. They will also be adding a second-chance element like the new Monopoly game will have. This was briefly discussed again at the Lottery Expo in Miami a few weeks ago, but it was not explicitly explained. Most of these discussions happen behind closed doors at director meetings and are then presented at an open forum like the conferences. They were originally planning to do the matrix change in coordination with the new game launch, but now I think they will hold off until 2015.

    "Apparently they have "too many winners" (ironic) and as a result jackpot fatigue is causing poor sales."

    Yeah right,  lets re-write that: Apparently they have "too many california winners" (ironic) and as a result california is causing poor sales. 

    That is how it should've been said.

      pickone4me's avatar - 021414tvlies zpsa453b327.jpg
      Wisconsin
      United States
      Member #104962
      January 23, 2011
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      Posted: October 4, 2014, 10:14 am - IP Logged

      And we all know the first time a jackpot is won in Puerto Rico someone here will post:

      How come it's always Puerto Rico!

      Bang Head

        LottoMetro's avatar - Lottery-024.jpg
        Happyland
        United States
        Member #146344
        September 1, 2013
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        Posted: October 4, 2014, 10:18 am - IP Logged

        "Apparently they have "too many winners" (ironic) and as a result jackpot fatigue is causing poor sales."

        Yeah right,  lets re-write that: Apparently they have "too many california winners" (ironic) and as a result california is causing poor sales. 

        That is how it should've been said.

        Green laugh

        Quite the contrary, actually. California joining Powerball improved sales. Without California in the mix the game would be much worse off. And MUSL's presentation about poor sales was before California's string of winners, using data from prior years, so that argument doesn't work. They are looking at the long run trends, and the averages of sales and jackpots. The lottery doesn't jump at every opportunity to change the matrix; they would rather wait it out and sometimes spend years before implementing a planned matrix change. The new Monopoly game has been more than 5 years in the making, for example. So to assume they are making changes because of one state in a chosen timeframe (selection bias, confirmation bias) is ridiculous. But whatever floats your boat.

        If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
        If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

        2016: -48.28% (13 tickets) ||
        P&L % = Total Win($)/Total Wager($) - 1

          pickone4me's avatar - 021414tvlies zpsa453b327.jpg
          Wisconsin
          United States
          Member #104962
          January 23, 2011
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          Posted: October 4, 2014, 10:21 am - IP Logged

          Yo, Cointoss,

          Yea, they'll say " how come it's always the new guy ?

          "How can some tiny Island win ?

          "How can Wyoming win when hardly anyone lives there ?

           That's right folks people win the lottery, not places. Thud

          Nice try....People win the lottery in places, though.  The places that win the most, will always be scrutinized.

            pickone4me's avatar - 021414tvlies zpsa453b327.jpg
            Wisconsin
            United States
            Member #104962
            January 23, 2011
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            Posted: October 4, 2014, 10:29 am - IP Logged

            Green laugh

            Quite the contrary, actually. California joining Powerball improved sales. Without California in the mix the game would be much worse off. And MUSL's presentation about poor sales was before California's string of winners, using data from prior years, so that argument doesn't work. They are looking at the long run trends, and the averages of sales and jackpots. The lottery doesn't jump at every opportunity to change the matrix; they would rather wait it out and sometimes spend years before implementing a planned matrix change. The new Monopoly game has been more than 5 years in the making, for example. So to assume they are making changes because of one state in a chosen timeframe (selection bias, confirmation bias) is ridiculous. But whatever floats your boat.

            The only state that benefited joining powerball has been california,  not the rest of the other states. If you want to continue spinning excuses for your favorite state, that is up to you...But, don't expect me to buy those excuses.

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              Portland, OR
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              August 20, 2013
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              Posted: October 4, 2014, 8:53 pm - IP Logged

              Will it make a difference is the question.

              "Understand... people are more complicated than the masks they wear in society... everyone is playing to win, and some people will use moral justifications to advance their side"

                                                                                                                                                                        Robert Greene

                helpmewin's avatar - dandy
                u$a
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                February 22, 2011
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                Posted: October 5, 2014, 4:35 am - IP Logged

                Good Luck Puerto Rico White Bounce

                Let it Snow Snowman