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Retired Brooklyn bus driver hits $7M Cash4Life jackpot

Topic closed. 33 replies. Last post 2 years ago by maringoman.

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Drenick1's avatar - villiarna
USA
United States
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February 25, 2014
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Posted: January 31, 2015, 3:28 pm - IP Logged

I'm curious to know where you got your $4.3M figure from. It is my understanding that $7M is the lumpsum payout as can be seen here under the Odds and Prizes tab

http://www.state.nj.us/lottery/games/1-9_cash4life.shtml

I got the info from an online article. I saw the NJ website you provided and I think it is wrong,  think about it this is a $7 million prize that is paid out over 20-years. The prize is suppose to be $1,000 per day for life but in reality it's only 20-years. Why would they even pay out the entire prize value as a 1-time lump sum when no other lottery agency would even do that.

It would be nice if all jackpot prize amounts were valued as advertised but unfortunately it is not.

    maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
    Massachusetts
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    Member #37433
    April 14, 2006
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    Posted: January 31, 2015, 4:51 pm - IP Logged

    I got the info from an online article. I saw the NJ website you provided and I think it is wrong,  think about it this is a $7 million prize that is paid out over 20-years. The prize is suppose to be $1,000 per day for life but in reality it's only 20-years. Why would they even pay out the entire prize value as a 1-time lump sum when no other lottery agency would even do that.

    It would be nice if all jackpot prize amounts were valued as advertised but unfortunately it is not.

    The website I provided is the official NJ Lottery website.    I'd like to see that article when you get a chance.

    That money's gone fo ever

      Drenick1's avatar - villiarna
      USA
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      February 25, 2014
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      Posted: February 1, 2015, 1:55 pm - IP Logged

      The website I provided is the official NJ Lottery website.    I'd like to see that article when you get a chance.

      I tried doing another search on NY news site but had no luck. Perhaps the error was fixed or it was a mistake on my part where I mistook the $4.3 million lump sum as before taxes.

      This prize still doesn't make sense to me as $1,000 per day comes out to $365k per year with a 20-year max cap. That means if the winner took the annuity payments it would amount to $7.3 million before taxes. I don't think anyone in their right mind would choose that option if they can get $7 million right up front.

      I never play scratch off tickets but if this $2.00 per ticket $7 million Cash4life game was offered anywhere near North Carolina I would most definitely play it.

        maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
        Massachusetts
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        Posted: February 1, 2015, 7:02 pm - IP Logged

        I tried doing another search on NY news site but had no luck. Perhaps the error was fixed or it was a mistake on my part where I mistook the $4.3 million lump sum as before taxes.

        This prize still doesn't make sense to me as $1,000 per day comes out to $365k per year with a 20-year max cap. That means if the winner took the annuity payments it would amount to $7.3 million before taxes. I don't think anyone in their right mind would choose that option if they can get $7 million right up front.

        I never play scratch off tickets but if this $2.00 per ticket $7 million Cash4life game was offered anywhere near North Carolina I would most definitely play it.

        I see where the confusion is coming from. I think you're confusing the $2,500 a Week For Life/$5,000 a Week For Life instant games with this Cash For Life game. Cash For Life is a draw type game with draws on Monday and Thursday evenings while the first two are scratch cards. 

        I think the odds of hitting that $7M are about 1 : 21,846,048. Twitch

        That money's gone fo ever