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$800 MILLION: Powerball lottery jackpot approaches billion-dollar range

Topic closed. 196 replies. Last post 11 months ago by Dd2160.

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Portland, OR
United States
Member #145973
August 20, 2013
226 Posts
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Posted: January 8, 2016, 11:12 pm - IP Logged

BENMAS, I put both my hands on the chopping block that you bought a Powerball ticket or two for this run.

"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

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    New Member

    United States
    Member #163716
    February 8, 2015
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    Posted: January 8, 2016, 11:18 pm - IP Logged

    Out of curiosity:  Have any of the past mega jackpot winning tickets also included the multiplier feature? (eg: $2 powerball w/$1 power-up; $1 mega millions w/$1 megaplier)?  I know that the jackpot is not multiplied, but wondered if this was ever the case. 

    I always purchase the multiplier feature so want to know if I'm cancelling myself out by doing this when the jackpots get this big.

    Does anyone know the answer to this question? 

    Thanks.


      United States
      Member #166712
      June 4, 2015
      24 Posts
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      Posted: January 8, 2016, 11:23 pm - IP Logged

      Lets play a game. Who wants to be a millionaire or should i say Billionaire . We wait and see tomorrow. Good luck everyone

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        WV
        United States
        Member #107175
        March 2, 2011
        100 Posts
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        Posted: January 8, 2016, 11:32 pm - IP Logged

        Yeah...Powerball is loving this...first they double the price to play from 1$ to 2$ a ticket..then they add a bunch more numbers to make as many combinations in the set to almost cover...every man, woman and child in the U.S....then they tamper with the draws by throwing away all those SO CALLED PRETEST DRAWS...so yeah I would say this Jackpot is where it is because of that...

         

        They want all those REGULAR people that dont know anything about how number fields work to buy as many of those sorry QUICK PICS as they can  until a lucky person or persons get struck by Lightening sorta speak and have the right ticket...

         

        Can you imagine or even guess how much money POWERBALL has taken in just on this Jackpot run alone...the amount is probably 3-5 BILLION in sales

         

        AND THE ONLY THING WORSE THAN THIS IS...I DONT EVEN GET TO PLAY....I DONT EVEN GET TO BUY ONE TICKET...LOL

        Ticket sales thru last Saturdays drawing were just a little over 1 billion dollars. This does not include power play sales as they do not factor into the JP amount. The last 3 draws there has been 542 million in ticket sales which is more then the first 15 draws added up to

          Teddi's avatar - Lottery-008.jpg

          United States
          Member #142499
          May 13, 2013
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          Posted: January 9, 2016, 12:25 am - IP Logged

          Does anyone know how many combinations have been sold already? From the massive bumps in the jackpot I'm assuming we're at least past the 50% point by now.

          I might wake up early and go running.  I might also wake up and win the lottery.

          The odds are about the same.

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            United States
            Member #170889
            December 22, 2015
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            Posted: January 9, 2016, 12:26 am - IP Logged

            How come the lottery doesn't withhold the 39.6% up front.  That's good but would like to understand why they don't do it?

            The fact they dont withhold the money is a good thing. The winner could invest all of it and that extra 14.6% could be used to make even more money in that first year before you give the IRS the rest of their cut.

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              Happyland
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              Member #146344
              September 1, 2013
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              Posted: January 9, 2016, 12:43 am - IP Logged

              Does anyone know how many combinations have been sold already? From the massive bumps in the jackpot I'm assuming we're at least past the 50% point by now.

              I've heard ~64% but that was hours ago

              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

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                mississippi
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                Member #34478
                March 3, 2006
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                Posted: January 9, 2016, 12:46 am - IP Logged

                WHO WANTS TO BUY ME A TICKET...JUST ONE TICKET AND I WILL SPLIT 50/50 WITH YOU BUT YOU HAVE TO SCAN IT AND SEND IT TO ME IN EMAIL....

                ANY TAKERS???

                "Attention all Mathematicians: Check your degree at the door because when it comes to whole numbers you are the Amateur"

                  LottoMetro's avatar - Lottery-024.jpg
                  Happyland
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                  Posted: January 9, 2016, 12:56 am - IP Logged

                  I also noticed the CV has now dropped to 62% of the annuity.  Last time I checked it was more like 64%+

                  CV is actually higher % than the advertised prize for the last drawing.

                  $306M/$500M = 61.20%

                  $496M/$800M = 62.00%

                  You can verify this by examining the estimation documents that many of the states publish....the interest factor has actually decreased, which means the annuity is smaller in proportion to the lump sum prize. Had it stayed the same the annuity would be about $811M

                  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

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                    February 6, 2012
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                    Posted: January 9, 2016, 1:07 am - IP Logged

                    There's no escape from the Fed IRS, they will get their cut (40%) no matter where you move.  Might work with the state tax, but be sure you have a good tax lawer before you bank on it.

                    Still wouldn't work, I believe you have to live in a state for at least 1 year to claim residency and the ticket has to be claimed within a year not to mention you would have to have been living in that state before the ticket was bought so you are probably screwed, you will be paying the taxes. 

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                      November 30, 2013
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                      Posted: January 9, 2016, 1:11 am - IP Logged

                      CV is actually higher % than the advertised prize for the last drawing.

                      $306M/$500M = 61.20%

                      $496M/$800M = 62.00%

                      You can verify this by examining the estimation documents that many of the states publish....the interest factor has actually decreased, which means the annuity is smaller in proportion to the lump sum prize. Had it stayed the same the annuity would be about $811M

                      Yes, you're right, I stand corrected

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                        November 30, 2013
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                        Posted: January 9, 2016, 1:19 am - IP Logged

                        Depending on your deductions you can def. cut that 39.6 % rate, i.e. setting up a large charitable foundation for donations reducing your taxable income and the net effective tax rate.  Then they would owe you a refund.  Winners of the lower $ prizes often get refunds even at the 25% withholding depends on your personal tax situation

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                          NY
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                          October 16, 2005
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                          Posted: January 9, 2016, 2:10 am - IP Logged

                          I've heard ~64% but that was hours ago

                          If that was the case I'm sure we'd have seen another big bump in the advertised jackpot. 64% coverage would mean that they've already sold about 300 million tickets, which should put the jackpot at $850 million as of now. That would be an increase of about 329 with just two days of sales, and most of Saturday still to go.

                          I don't know for sure, but I'm under the impression that sales tend to be heavier as it gets closer to the drawing. Even if that's not true, it's got to be a fairly safe bet that Saturday's sales will account for at least 25% of sales. That would add another 110 million tickets, and increase the jackpot by about another $120 million, pushing it to about 970. Saturday having 1/3 of sales would be enough to easily push it past a billion.

                          I'll *guess* that 64% might be a current estimate of coverage once sales are closed. That would mean that sometime tomorrow we'll see the advertising bump to something close to 850.

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                            NY
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                            October 16, 2005
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                            Posted: January 9, 2016, 2:19 am - IP Logged

                            Still wouldn't work, I believe you have to live in a state for at least 1 year to claim residency and the ticket has to be claimed within a year not to mention you would have to have been living in that state before the ticket was bought so you are probably screwed, you will be paying the taxes. 

                            Do you think that you'd have to live in a state for a year before they want you to start paying the state income tax?

                            The rules vary from state to state, but in general if you legitimately, and permanently, move out of one state and into another you become a resident of the new state for tax purposes. If the state you used to live in thinks they can collect a lot of income tax from you they may argue that you haven't really moved and are still a resident of that state.  Even if they agree that it was a legitimate move you may owe income tax as a part-year resident. That would mean there's probably no need to rush a move if you win towards the end of the year. OTOH, if you win $500 million in cash 9 days into the year you might want to be starting your move on the 10th. If you do move you need to really move, That means cutting all ties to the old state and establishing ties to the new state. Get a new drivers license and register your car(s) in the new state, making sure to surrender your plates and get a receipt in the old state. Register to vote. Enrol your kids in school. Sign a lease or buy a house.

                            Moving permanently doesn't mean you need to stay in the new state forever, but moving back to your old state any time in the first several years would probably be a serious risk. Moving quickly to the state where you bought a ticket and then moving to a 3rd state the next calendar year might also be a bad idea. In my case, I could potentially buy a ticket in PA, where (currently) there's no tax on PA lottery winnings. If I'm a NY resident NY would stand to collect about $44 million in state tax, so I'm pretty sure they'd devote some effort to trying to establish that I hadn't really moved out of NY and owed them the money. I certainly wouldn't want them to have any evidence beyond the tax advantages of living in a different state as an argument that I'm still a NY resident for tax purposes.

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                              Posted: January 9, 2016, 2:34 am - IP Logged

                              I've heard ~64% but that was hours ago

                              Okay, thanks. That's about what I'd expect.

                              Spoke to a cashier at my supermarket today and she told me she was scheduled to have tomorrow off but they asked her to come in so they could have one person dedicated to doing lottery tickets and nothing else. Even if we're still at 64% there's going to be a mad rush tomorrow, and all those people who need to drive to other states to buy tickets will also make their trips tomorrow. It's going to be highly unlikely it will rollover again. All that's left is to see another bump. 

                              Mega Millions got reset, so there will be nothing holding people back from spending on this jackpot. Two resets in one weekend is going to suck after all this hype. Real lottery fatigue after this.

                              I might wake up early and go running.  I might also wake up and win the lottery.

                              The odds are about the same.

                                 
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