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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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Egg Harbor twp.south Jersey shore
United States
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June 29, 2011
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Posted: January 9, 2016, 10:17 am - IP Logged

I just came home from the circleK, hardly any  indication that anything special is going on,

no lines, just 2 other people buying tix.

The only thing i noticed was a guy had his $ in hand and the clerk just said

" How many ?

 Didn't even have to say what he was there for.

 

Maybe he's a regular ?

Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

    Teddi's avatar - Lottery-008.jpg

    United States
    Member #142499
    May 13, 2013
    1182 Posts
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    Posted: January 9, 2016, 10:22 am - IP Logged

    Know why most  big prize winners end up broke?

    They take the cash option instead of the annuity over 20 years and spend it, or give it away, as fast as they get it .

    The patient few big prize winners, who select the annuity option, get the full amount spread over time and live a more sane life style, sometimes?

    In any case, hope tonight's power ball game has more than one winner.

    With a jackpot this big , Will " they"  be flying into U.S.A. to play ?

    Know why most big prize winners actually end up growing broke? Because they think they know how to handle a jackpot when they haven't a clue. 

    1st, the annuity is 30 payments over 29 years. Not 20.

    2nd, the annuity is back weighted so you receive the larger chunk of your money in the last decade. That's money you have no access to and isn't being invested. 

    3rd and a big point to keep in mind, the annuity is a sitting duck for additional taxes. A few years ago, they were paying ~35% on those annuity payments. Now it's almost 40%. An additional 5% in taxes just like that. Those who won money prior to the last rate hike have seen an even bigger chunk being wiped out by taxes than they ever saw coming. 

    That's just on a federal level. States can and have passed laws geared towards increasing revenue by taxing lottery winnings. One state even backdated a new lottery tax law so that winnings got hit twice in one year. Those who won and had chosen the CV option prior to the backdate had no new taxes to pay. Annuity takers had to give, and will continue to give those extra taxes to the state 

    4th, annuity winners are no LESS likely to go broke than those who take the CV. That old wives of annuity winners doing better financially is a fallacy. There have been story after story of annuity winners having to file for bankruptcy. 

    If you focus on the money left on the table by taking the CV over annuity instead of looking at the big picture, you're shooting yourself in the foot.

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

    The odds are about the same.

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
      United States
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      January 17, 2006
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      Posted: January 9, 2016, 10:31 am - IP Logged

      Gleno,

      Along with what Teddi said, how about those who chose the annuity and wind up selling it to one of those 'need cash now' companies?

      Also, someone here at LP used to have a signature, "You can always buy a better annuity".

      Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

      Lep

      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

        cbr$'s avatar - maren
        Cordova,Al.
        United States
        Member #104482
        January 15, 2011
        4863 Posts
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        Posted: January 9, 2016, 10:34 am - IP Logged

        Well I'm still going to take that 2 hour drive to get some tickets. Have to be in it to win it!

          HoLeeKau's avatar - YheaShea
          Idaho
          United States
          Member #94283
          July 17, 2010
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          Posted: January 9, 2016, 10:39 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?

          Many people donate a big chunk of their winnings to a charity.  The IRS would end up owing them money if the lottery took the full amount up front, and nobody wants the feds to have the benefit of their money until the next tax day.  I'd rather have it to invest for myself.

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            akron, ohio
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            February 7, 2015
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            Posted: January 9, 2016, 10:42 am - IP Logged

            Im hoping for one ticket, max two ticket winners. At being split in two each would have an annuity at $400,000,000 plus $248,000,000 for cash option puts you at #10 for annuity and #8 for cash option if you count it as jackpots. Both players would would be mad it got split but realize they are still in top 10 for both is still awesome.

            single winnner has me like PartyHurray!HyperBanana and want it to be me See Ya!DanceSun Smiley

              Piaceri's avatar - sarsony1
              Republic of Texas
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              January 9, 2008
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              Posted: January 9, 2016, 10:58 am - IP Logged

              Waiting for the bump to $900 million today.

              If it hits $1 billion, I'm going to buy 1 annuity ticket just to have that number on the bottom.

              face

              singlewinnersinglewinnersinglewinner   

                MaximumMillions's avatar - Lottery-013.jpg

                Germany
                Member #164603
                March 8, 2015
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                Posted: January 9, 2016, 11:02 am - IP Logged

                If it hits $1 billion, I'm going to buy 1 annuity ticket just to have that number on the bottom.

                I would love to have a physical copy, but alas.

                I hope some people put none-winning tickets on ebay, I kinda cióllect tickets from all places. Shanghai, Hong Kong, Euromilliions, different states. Conehead

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                  akron, ohio
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                  Posted: January 9, 2016, 11:07 am - IP Logged

                  If it hits $1 billion, I'm going to buy 1 annuity ticket just to have that number on the bottom.

                  So in texas when you have to pick cash or annuity when you buy you ticket it either prints the annuity or the cash value on the ticket. In ohio even if it changes to 1 billion for tonight it will only print that the jackpot is $700 million and not all of the raises before draw

                    HoLeeKau's avatar - YheaShea
                    Idaho
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                    Posted: January 9, 2016, 11:10 am - IP Logged

                    So in texas when you have to pick cash or annuity when you buy you ticket it either prints the annuity or the cash value on the ticket. In ohio even if it changes to 1 billion for tonight it will only print that the jackpot is $700 million and not all of the raises before draw

                    Idaho has no JP amount printed on the ticket.  I've never paid attention if they've done it previously, but none on mine for this draw.

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                      Simpsonville
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                      January 22, 2015
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                      Posted: January 9, 2016, 11:14 am - IP Logged

                      So in texas when you have to pick cash or annuity when you buy you ticket it either prints the annuity or the cash value on the ticket. In ohio even if it changes to 1 billion for tonight it will only print that the jackpot is $700 million and not all of the raises before draw

                      I could swear when I drive up to Cincy from Louie that your tickets do not say jackpots on them, but I never paid that much attention.  At least Ohio has anonymous winning.  In New Jersey you have to tell them annuity or cash option when you purchase your tickets.  In KY they USE TO  do that and thankfully got rid of it.  When I emailed the NJ lottery about that coming back from Atlantic City they had a robo reply---thank you for your opinion.

                        Todd's avatar - Cylon 2.gif
                        Chief Bottle Washer
                        New Jersey
                        United States
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                        May 31, 2000
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                        Posted: January 9, 2016, 11:14 am - IP Logged

                        Jackpot just raised to $900 MILLION.  News story coming soon.

                         

                        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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                          Simpsonville
                          United States
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                          January 22, 2015
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                          Posted: January 9, 2016, 11:17 am - IP Logged

                          Darn, how'd I miss that?  Was just on their website.  It will go to a Billion Dollars no doubt.

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                            Happyland
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                            September 1, 2013
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                            Posted: January 9, 2016, 11:17 am - IP Logged

                            If nobody wins it will start at $1.3 billion

                            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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                              akron, ohio
                              United States
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                              February 7, 2015
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                              Posted: January 9, 2016, 11:21 am - IP Logged

                              Thats music to my ears todd. One or two winners max

                                 
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