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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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akron, ohio
United States
Member #163666
February 7, 2015
34 Posts
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Posted: January 8, 2016, 4:08 pm - IP Logged

I thought it was a flat %25 for gamblers tax as it says on the irs website. I never mentions that it would also count as income tax. Its says if your a professional gambler then you have to file winnings under income and not gambling winnings. I could be wrong but my financial team will fill me in on the rest. but even after 39.6% federal, 5.92% state, and 2.25% city tax. so 45.07% plus attorney and lawyer fees at $260,000,000 plus take home I am golden.

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    NEW YORK
    United States
    Member #90535
    April 29, 2010
    11975 Posts
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    Posted: January 8, 2016, 4:11 pm - IP Logged

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    US Flag

    PLAY THE LOTTERY SOMEDAY-IT IS OKAY TO DREAM!

      Guru101's avatar - rw6jhh
      Indiana
      United States
      Member #48725
      January 7, 2007
      1953 Posts
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      Posted: January 8, 2016, 4:19 pm - IP Logged

      This is really exciting, I just hope this doesn't lead to Mega Millions going to $2 a ticket.

      Gonna win.Big Smile

        Arrowhead's avatar - underground
        Ohio
        United States
        Member #120754
        December 27, 2011
        294 Posts
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        Posted: January 8, 2016, 4:20 pm - IP Logged

        Without doing any research, just working from memory of winners' stories, willing to bet a ticket the vast majority---probably 80-90%---of those top 25 (and probably next 25) all-time prize amounts were won with quick picks.

        No strategy, no boxing, no 'lucky numbers', just machine-generated randomness.

          Dd2160's avatar - hiro dolphin.jpg
          Allentown, Brookyn, Pa, Ny
          United States
          Member #134253
          October 22, 2012
          5471 Posts
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          Posted: January 8, 2016, 4:27 pm - IP Logged

          Cash value is a half-billion dollars

          By Todd Northrop

          This is the lottery jackpot every lottery player has been waiting for!

          Reaching into uncharted stratospheric heights, the Saturday Powerball jackpot is by far the largest lottery jackpot the world has ever seen, and is now also the largest lump-sum cash jackpot in world history.

          Just a day after the jackpot was raised to $700 million, the Multi-State Lottery Association (MUSL) has once again raised the official Powerball jackpot estimate for the Sat., Jan. 9, drawing to $800 million, with a lump-sum cash payout of $496 million.

          And it may not stop there.

          Players should watch for further jackpot increases before the Saturday drawing. Long lines of ticket buyers across the nation are generating lottery ticket sales at unprecedented levels. Players should avoid waiting until the last minute to buy their their tickets.

          "Saturday's jackpot will be the largest jackpot of any U.S. lottery game on record. This is truly exciting and uncharted territory," said Gary Grief, executive director of the Texas Lottery and chair of the Powerball game group. "We want to remind players to play responsibly and that it only takes one ticket to win."

          Saturday's jackpot started at $40 million on Nov. 7, 2015, and is the result of 18 drawings with no jackpot winner.

          When nobody won the jackpot on Wednesday night, the initial estimate for Saturday's drawing was established at $675 million, setting the world record for a lottery jackpot. Less than 12 hours later, that estimate was raised to $700 million. And now, less than 24 hours after the last increase, MUSL has again raised the official estimate to $800 million.

          The final jackpot tally will be announced during the live draw show on Saturday night, although it's still possible the official estimate will be increased again before then.

          "This historic Powerball run has players across the country excited to join the fun, driving sales and the jackpot upward, all of which is a tremendous boost for the education programs funded by the Lottery," said Rebecca Hargrove, President and CEO of the Tennessee Lottery.

          Although some lottery players (and some in the news media) believe Spain's El Gordo carries the largest lottery jackpot in the world, this is not the case. El Gordo, despite being termed a "lottery" is actually a raffle-style game, and the top prize is always divided between hundreds of winners. It is like a lottery scratch game in which is the total available prize pool of up to hundreds of millions of dollars is split between thousands of winners, and is not considered a "jackpot".

          A jackpot is a large cash prize that accumulates until it is won, whereas a prize pool is the total value awarded to all players of a game. Thus, Powerball has the largest jackpot in world history, while El Gordo has the largest prize pool. Some may believe this is splitting hairs, but in the lottery industry it is an important distinction, and unfortunately one that the mainstream news media cares little to differentiate.

          Powerball jackpots start at $40 million and roll until the jackpot is won. Players win the jackpot by matching five numbers from a field of 69 numbers and one Powerball number from a field of 26 numbers. Drawings are conducted each Wednesday and Saturday at 10:59 pm Eastern Time.

          Powerball lottery results are published within minutes of the drawing at USA Mega (www.usamega.com).  The USA Mega Web site provides lottery players in-depth information about the United States's two biggest multi-state lottery games, Mega Millions and Powerball.

          Top 25 United States lottery jackpots of all time

          Saturday's Powerball jackpot currently stands as the largest lottery jackpot of all time in the United States — and in the world.  The amount of the jackpot may rise even further before the drawing Saturday night, as lotteries are typically conservative in their initial estimates, and brisk sales will certainly continue to push the jackpot estimate higher by draw time.

          If nobody wins Saturday... well, let's not even go there.

          1. Powerball: $800 million, Jan. 9, 2016 - Preliminary estimate, not won yet
          2. Mega Millions: $656 million, Mar. 30, 2012 - Illinois, Kansas, Maryland
          3. Mega Millions: $648 million, Dec. 17, 2013 - California, Georgia
          4. Powerball: $590.5 million, May 18, 2013 - Florida
          5. Powerball: $587.5 million, Nov. 28, 2012 - Arizona, Missouri
          6. Powerball: $564.1 million, Feb. 7, 2015 - North Carolina, Puerto Rico, Texas
          7. Powerball: $448.4 million, Aug. 7, 2013 - Minnesota, New Jersey (2)
          8. Powerball: $425.3 million, Feb. 19, 2014 - California
          9. Mega Millions: $414 million, Mar. 18, 2014 - Florida, Maryland
          10. Powerball: $399.4 million, Sep. 18, 2013 - South Carolina
          11. Mega Millions: $390 million, Mar. 6, 2007 - Georgia, New Jersey
          12. Mega Millions: $380 million, Jan. 4, 2011 - Idaho, Washington
          13. Powerball: $365 million, Feb. 18, 2006 - Nebraska
          14. The Big Game: $363 million, May 9, 2000 - Illinois, Michigan
          15. Powerball: $340 million, Oct. 19, 2005 - Oregon
          16. Powerball: $338.3 million, Mar. 23, 2013 - New Jersey
          17. Powerball: $337 million, Aug. 15, 2012 - Michigan
          18. Powerball: $336.4 million, Feb. 11, 2012 - Rhode Island
          19. Mega Millions: $336 million, Aug. 28, 2009 - California, New York
          20. The Big Game: $331 million, Apr. 16, 2002 - Georgia, Illinois, New Jersey
          21. Mega Millions: $330 million, Aug. 31, 2007 - Maryland, New Jersey, Texas, Virginia
          22. Mega Millions: $326 million, Nov. 4, 2014 - New York
          23. Mega Millions: $319 million, Mar. 25, 2011 - New York
          24. Mega Millions: $315 million, Nov. 15, 2005 - California
          25. Powerball: $314.9 million, Dec. 25, 2002 - West Virginia

          For those keeping score, the number of jackpots in the top 25, by lottery game, are:

          • Powerball: 13
          • Mega Millions: 10
          • The Big Game: 2

          The Big Game is the original name of Mega Millions, from the game's first drawing on Sep. 6, 1996 through May 14, 2002.  The name was changed to Mega Millions starting with the May 17, 2002 drawing.

          Top 25 cash value jackpots

          Since many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.

          The new Powerball jackpot ranks as the largest lump-sum cash value jackpot in history.

          1. Powerball: $496 million cash, Jan. 9, 2016 ($800 million annuity) - Preliminary estimate, not won yet
          2. Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
          3. Powerball: $384.7 million cash, Nov. 28, 2012 ($587.5 million annuity) - Arizona, Missouri
          4. Powerball: $381.1 million cash, Feb. 7, 2015 ($564.1 million annuity) - North Carolina, Puerto Rico, Texas
          5. Powerball: $370.9 million cash, May 18, 2013 ($590.5 million annuity) - Florida
          6. Mega Millions: $347.6 million cash, Dec. 17, 2013 ($648 million annuity) - California, Georgia
          7. Powerball: $258.2 million cash, Aug. 7, 2013 ($448.4 million annuity) - Minnesota, New Jersey (2)
          8. Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
          9. Mega Millions: $233.1 million cash, Mar. 6, 2007 ($390 million annuity) - Georgia, New Jersey
          10. Mega Millions: $230.9 million cash, Mar. 18, 2014 ($414 million annuity) - Florida, Maryland
          11. Powerball: $227.8 million cash, Feb. 19, 2014 ($425.3 million annuity) - California
          12. Powerball: $224.7 million cash, Aug. 15, 2012 ($337 million annuity) - Michigan
          13. Powerball: $223.3 million cash, Sep. 18, 2013 ($399.4 million annuity) - South Carolina
          14. Mega Millions: $214 million cash, Aug. 28, 2009 ($336 million annuity) - California, New York
          15. Powerball: $211 million cash, Mar. 23, 2013 ($338.3 million annuity) - New Jersey
          16. Powerball: $210 million cash, Feb. 11, 2012 ($336.4 million annuity) - Rhode Island
          17. Mega Millions: $202.9 million cash, Mar. 25, 2011 ($319 million annuity) - New York
          18. Mega Millions: $197.5 million cash, Nov. 4, 2014 ($326 million annuity) - New York
          19. Powerball: $197.4 million cash, Sep. 30, 2015 ($310.5 million annuity) - Michigan
          20. Mega Millions: $194.4 million cash, Aug. 31, 2007 ($330 million annuity) - Maryland, New Jersey, Texas, Virginia
          21. Mega Millions: $185 million cash, Nov. 15, 2005 ($315 million annuity) - California
          22. The Big Game: $180 million cash, May 9, 2000 ($363 million annuity) - Illinois, Michigan
          23. Mega Millions: $177.3 million cash, Jan. 16, 2015 ($270 million annuity) - Illinois
          24. Powerball: $177.3 million cash, Feb. 18, 2006 ($365 million annuity) - Nebraska
          25. Powerball: $170.5 million cash, Dec. 25, 2002 ($314.9 million annuity) - West Virginia

          The number of jackpot cash values in the top 25, by lottery game, are:

          • Powerball: 13
          • Mega Millions: 11
          • The Big Game: 1

          Wow!!! I only need 2 million out of the 800M!

          Would be sweet!!

          Smile

            maximumfun's avatar - Lottery-030.jpg
            Lavender Rocket

            United States
            Member #124616
            March 16, 2012
            2642 Posts
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            Posted: January 8, 2016, 4:30 pm - IP Logged

            This jackpot really came out of nowhere, and in such a short time no less.

            I Agree!

              Drenick1's avatar - villiarna
              USA
              United States
              Member #152799
              February 25, 2014
              1090 Posts
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              Posted: January 8, 2016, 4:30 pm - IP Logged

              Good luck Thrifty if you indeed bought that many tickets. The few tickets that I bought will allow me to fantasize until I come back to reality Sunday morning.

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                New Member
                TX
                United States
                Member #171447
                January 8, 2016
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                Posted: January 8, 2016, 4:32 pm - IP Logged

                  Hi All,

                     First time poster, long time lurker. $800 million is just mind blowing. Strangely though, I have not seen the expected long lines at gas stations or self check terminals, in my city. Hmmmm. However, I bought a few tickets. Good luck to us all.

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                  United States
                  Member #170707
                  December 13, 2015
                  185 Posts
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                  Posted: January 8, 2016, 4:48 pm - IP Logged

                  Sorry, I have bad news. Ellen just gave her entire studio audience today Powerball tickets. So if one of those people don't win. Ellen will! The rich only get richer! Heck, I wouldn't be surprised if one of those Kardashians win it.

                    Dd2160's avatar - hiro dolphin.jpg
                    Allentown, Brookyn, Pa, Ny
                    United States
                    Member #134253
                    October 22, 2012
                    5471 Posts
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                    Posted: January 8, 2016, 4:54 pm - IP Logged

                    It better not be a winner from out this country... Online betting that would be jacked up??

                    Smile

                      Bilionario's avatar - Lottery-012.jpg
                      New Member

                      Namibia
                      Member #171156
                      January 1, 2016
                      7 Posts
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                      Posted: January 8, 2016, 4:55 pm - IP Logged

                      Sorry, I have bad news. Ellen just gave her entire studio audience today Powerball tickets. So if one of those people don't win. Ellen will! The rich only get richer! Heck, I wouldn't be surprised if one of those Kardashians win it.

                      I expect a "foreign" ticket to win or at least be part of multiple winners...watch this space.Wink

                        Dd2160's avatar - hiro dolphin.jpg
                        Allentown, Brookyn, Pa, Ny
                        United States
                        Member #134253
                        October 22, 2012
                        5471 Posts
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                        Posted: January 8, 2016, 4:59 pm - IP Logged

                        I hope its like 20 winners not just 1!

                        That money split 20 ways will do many families plenty good!

                        I dont have a ticket yet but I will buy 1 with play!

                        Smile

                          MaximumMillions's avatar - Lottery-013.jpg

                          Germany
                          Member #164603
                          March 8, 2015
                          604 Posts
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                          Posted: January 8, 2016, 5:01 pm - IP Logged

                          It better not be a winner from out this country... Online betting that would be jacked up??

                          If you buy the ticket you are in.

                            Erzulieredeyes's avatar - spider miss.png
                            Painesville, Ohio
                            United States
                            Member #117718
                            October 12, 2011
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                            Posted: January 8, 2016, 5:01 pm - IP Logged

                            I caved and purchased $80 tickets for myself and pitched in $10 in my pool at work. Haven't spent $ like this since Powerball went from $1 to $2. My normal purchase since the $2 change was only $2 - 4 on tickets after $200M jackpot.  I think I might wager another $10 tomorrow.

                            It will hit tomorrow with multiple winners, no way the government will allow the lotteries to award ONE person all of this money.

                              Dd2160's avatar - hiro dolphin.jpg
                              Allentown, Brookyn, Pa, Ny
                              United States
                              Member #134253
                              October 22, 2012
                              5471 Posts
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                              Posted: January 8, 2016, 5:01 pm - IP Logged

                              01-19-37-62-65 + 13
                              16-17-31-54-61 + 01
                              01-21-22-40-60 + 06
                              08-11-29-33-54 + 15
                              08-29-34-44-66 + 06
                              02-07-17-37-56 + 19
                              08-17-34-43-54 + 15
                              17-18-37-40-51 + 12
                              11-13-14-31-34 + 16
                              19-24-47-68-69 + 22
                              10-15-17-24-50 + 05
                              03-28-46-54-56 + 02
                              22-25-30-49-57 + 18
                              02-09-37-55-59 + 13
                              17-28-46-59-63 + 18
                              06-17-19-54-68 + 10
                              10-12-25-43-54 + 11
                              07-14-16-38-56 + 07
                              24-30-55-58-67 + 01
                              31-40-41-51-65 + 21
                              10-33-44-46-47 + 07
                              07-14-38-48-50 + 23
                              12-26-54-61-66 + 24
                              11-21-36-46-48 + 11
                              26-32-41-53-54 + 06
                              03-34-47-51-64 + 26
                              13-20-29-34-68 + 25
                              06-11-16-18-51 + 01
                              12-14-23-28-33 + 20
                              01-08-16-49-55 + 20
                              05-14-21-39-51 + 16
                              03-21-52-59-61 + 05
                              06-14-26-32-45 + 12
                              15-23-24-45-52 + 24
                              20-23-27-37-68 + 21
                              20-29-33-46-51 + 04
                              06-28-31-59-60 + 21
                              01-11-16-30-37 + 24
                              22-52-57-58-62 + 11
                              29-33-46-61-63 + 07
                              06-07-16-17-32 + 24
                              01-22-45-58-64 + 11
                              01-16-25-33-34 + 03
                              10-22-25-49-56 + 10
                              02-19-25-37-43 + 19
                              06-30-53-57-61 + 26
                              01-08-12-50-56 + 03
                              01-08-28-35-66 + 18
                              03-12-16-26-41 + 25
                              04-17-33-60-65 + 20

                              You bought all those numbers?

                              Smile

                                 
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