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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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Zeta Reticuli Star System
United States
Member #30470
January 17, 2006
10353 Posts
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Posted: January 8, 2016, 6:10 pm - IP Logged

If it goes over $1B it will truly be Looney Tunes!

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.

    music*'s avatar - nw bookeep.jpg
    Happy California
    United States
    Member #157856
    August 2, 2014
    1522 Posts
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    Posted: January 8, 2016, 6:16 pm - IP Logged

     I really like that idea to have the DRAW in a special place. Thank You, LP Member who suggested it.

     I've been rich and I've been poor. Believe me, rich is better. 

     Attributed to Joe E. Lewis and others

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      Wyomissing, PA
      United States
      Member #161050
      November 15, 2014
      301 Posts
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      Posted: January 8, 2016, 6:30 pm - IP Logged

      The odds are 292,201,393 .... Flipping really!!!

      The odds for PA Pick-2 is 1 in 100, and it's a struggle to win $50 on that. Powerball is ~2,922,201 times more difficult.

      To put it another way, the entire population of California (~39 million) could each buy a ticket, and yet still have only a 1 in 7 chance of hitting the jackpot.

      While such a large purchase would likely yield some 2nd and 3rd tier winners, a smaller sub-set may not. I regularly check PA Lottery detailed results for Powerball, and there are drawings in which the top base prize (without Powerplay) won in all of Pennsylvania is $100. And I'm not talking right after reset either. Even when the jackpot is $250+ million. Don't believe it, check out the results for Dec-26th: http://www.palottery.state.pa.us/Payouts.aspx?id=54573

      12/26/15
      Winning Numbers: 27  40  44  59  65
      Powerball: 20  Power Play: 02

      0 PA winners, jackpot rolls to $300,000,000.00
      0 PA players matched 5 of 5, each receiving $1,000,000.00
      0 PA players matched 4 of 5 and the Powerball, each receiving $50,000.00
      22 PA players matched 4 of 5, each receiving $100.00
      90 PA players matched 3 of 5 and the Powerball, each receiving $100.00
      1,886 PA players matched 3 of 5, each receiving $7.00
      1,658 PA players matched 2 of 5 and the Powerball, each receiving $7.00
      12,569 PA players matched 1 of 5 and the Powerball, each receiving $4.00
      31,705 PA players matched the Powerball, each receiving $4.00

      Power Play:
      0 PA players matched 5 of 5 and purchased Power Play, each receiving $2,000,000.00
      0 PA players matched 4 of 5, the Powerball, and purchased Power Play, each receiving $100,000.00
      5 PA players matched 4 of 5 and purchased Power Play, each receiving $200.00
      22 PA players matched 3 of 5, the Powerball, and purchased Power Play, each receiving $200.00
      502 PA players matched 3 of 5, and purchased Power Play, each receiving $14.00
      392 PA players matched 2 of 5, the Powerball, and purchased Power Play, each receiving $14.00
      3,185 PA players matched 1 of 5, the Powerball, and purchased Power Play, each receiving $8.00
      8,185 PA players matched the Powerball and purchased Power Play, each receiving $8.00

      So while it's worth being in the game, buying a million tickets or one makes relatively little difference given the insane odds of the game. Even hitting the 2nd tier prize is insanely difficult, since the matrix change. In short, don't bet the ranch on it. There are better ways to wager heavy - payout won't be record-breaking, but neither will the losses.

        realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

        United States
        Member #106923
        February 27, 2011
        478 Posts
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        Posted: January 8, 2016, 6:30 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.

        Gambling winnings are subject to a flat 25% tax.  BUT, gambling winnings over $5K from sweepstakes, betting pools, and lottery are subject to income tax withholding, thus the 39.6% factor coming into play.

        Sad Cheers

          I'm feeling a jackpot win coming my way!

          Groppo's avatar - cat anm.gif

          United States
          Member #162631
          January 7, 2015
          506 Posts
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          Posted: January 8, 2016, 6:55 pm - IP Logged

          Gambling winnings are subject to a flat 25% tax.  BUT, gambling winnings over $5K from sweepstakes, betting pools, and lottery are subject to income tax withholding, thus the 39.6% factor coming into play.

          Sad Cheers

          39.6% Withholding tax,  what's the source of your statement?

          First time I'm hearing that.

            MaximumMillions's avatar - Lottery-013.jpg

            Germany
            Member #164603
            March 8, 2015
            614 Posts
            Online
            Posted: January 8, 2016, 7:03 pm - IP Logged

            Ready for the estimate to jump up again.

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              New Member
              Texas
              United States
              Member #171455
              January 8, 2016
              6 Posts
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              Posted: January 8, 2016, 7:11 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.

              Thrifty managed to buy every single Powerball except for 2, 8, 9, 14 & 17.  17 was the winning Powerball in Wednesday’s 523-millioner.  So let’s see if he wins at least 4 bucks!

              This is my first-ever post on LP, it’s an honor to be here!  I’ve been lurking for a few months to a year and have kept reading up on it, but finally decided to join today.  Nice to be here!

                MaximumMillions's avatar - Lottery-013.jpg

                Germany
                Member #164603
                March 8, 2015
                614 Posts
                Online
                Posted: January 8, 2016, 7:19 pm - IP Logged

                Right? Shouldn't a modest house and a truck be a 150-200k purchase? If that?


                  United States
                  Member #166712
                  June 4, 2015
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                  Posted: January 8, 2016, 7:25 pm - IP Logged

                  Jackpot rolling faster than Usain BoltHyper

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                    Happyland
                    United States
                    Member #146344
                    September 1, 2013
                    1129 Posts
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                    Posted: January 8, 2016, 7:35 pm - IP Logged

                    Confession: I bought a 2nd ticket. Now I will have 2 in the game Saturday :-)

                     

                    This has become a self-fulfilling prophesy of sorts, players have yearned for another jackpot of this magnitude ever since the record was set back in 2012.

                    Even I am surprised by the latest surge and the current conservative estimates put sales far higher than I anticipated.

                    Furthermore the probability of there being a winner, and even multiple winners, has jumped significantly from the first estimates.

                    If there is no winner in this draw then I am quite certain there will be in the next. And if it rolls we will hit $1 billion for sure.

                    Haven't seen this much excitement in the lottery in years. Too bad this can't happen more often

                    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

                      Romancandle's avatar - moon
                      Upacreek
                      United States
                      Member #136306
                      December 8, 2012
                      428 Posts
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                      Posted: January 8, 2016, 7:42 pm - IP Logged

                      History in the making... Gotta get in the game'

                      I never post this much... Frigg'n Chatty Cathy ... Time to sign out!

                      Can't help it....

                      -RC

                        Arrowhead's avatar - underground
                        Ohio
                        United States
                        Member #120754
                        December 27, 2011
                        294 Posts
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                        Posted: January 8, 2016, 7:42 pm - IP Logged

                        I can just see Obama or socialist Senator Bernie Sanders making a comment like "a billion dollar jackpot?  That's too much money for one person.  We're going to have to change the rules" and then claim afterwards that it's good for America.

                        Thumbs Down

                        Is this going to be a political thread now, where people can talk about stupid things conservatives do, too?

                          lotterybraker's avatar - pyramid
                          mississippi
                          United States
                          Member #34478
                          March 3, 2006
                          5903 Posts
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                          Posted: January 8, 2016, 7:44 pm - IP Logged

                          Jackpot rolling faster than Usain BoltHyper

                          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

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

                            Piaceri's avatar - sarsony1
                            Republic of Texas
                            United States
                            Member #57557
                            January 9, 2008
                            1095 Posts
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                            Posted: January 8, 2016, 8:03 pm - IP Logged

                            Drum

                            DancePartyHyperPartyBananaDanceHurray!PartySee Ya!

                            face

                            singlewinnersinglewinnersinglewinner   

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                              Happy California
                              United States
                              Member #157856
                              August 2, 2014
                              1522 Posts
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                              Posted: January 8, 2016, 8:53 pm - IP Logged

                               Who wants to be listed as the first winner of 2016 on other websites? You will be as close to immortal as anyone can be. Every time when the jackpot grows to this level your name will be remembered and talked about.

                               I am ready how about you?

                               Especially if you are the only winner.

                               I've been rich and I've been poor. Believe me, rich is better. 

                               Attributed to Joe E. Lewis and others

                                 
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