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POWERBALL CREATES WORLD'S FIRST BILLION-DOLLAR JACKPOT

Topic closed. 567 replies. Last post 11 months ago by AbsolutelyFun.

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Posted: January 10, 2016, 11:59 pm - IP Logged

Can see my share of a $2,000,000,000,000 Jackpot...Thinking of...That will be nice!

    TRUEBELIEVER's avatar - DiscoBallGlowing
    OXFORD NC
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    January 24, 2011
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    Posted: January 11, 2016, 12:03 am - IP Logged

    Hoe many people are going to different states to buy tickets.

     

    also what state are you in and where you going

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      United States
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      Posted: January 11, 2016, 12:09 am - IP Logged

      Chicago, IL...Will have at least one, if not, the only winning ticket!

        golfer1960's avatar - Lottery-003.jpg
        Eatontown, NJ
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        Member #119670
        November 29, 2011
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        Posted: January 11, 2016, 12:26 am - IP Logged

        All those QP and no winner... Picking your own numbers is better

        Sorry Kyle, no one who picked their own numbers won either. Unhappy

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          January 5, 2016
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          Posted: January 11, 2016, 12:35 am - IP Logged

          If you think that's kinky I'd probably show up to pick up my check at lotto HQ in full Drag.  Like Hollywood level quality.  I'm sure With that kinda of money I could fly in RuPaul's team to make me over so I'd be in a decent disguise and unrecognisable.

          at least you'd have something to laugh at when the photo makes the news.

          Yeah and just imagine the look on the faces of the officials at the Lottery HQ when the check your I.D. and you are NOT in drag on the I.D.  Just change your name to Bruce Jenner!

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            NY
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            Posted: January 11, 2016, 1:06 am - IP Logged

            I think a better analogy would be if you went to pay for that .99 soft drink and they charged you $3 instead, saying "oh .99 was the price back in 1986"

            An even better analogy would be buying a $0.99 drink that's advertised as being 30 ounces and finding out that you get one ounce now and another ounce every year for the next 29 years.

            Of course they more or less get around that by
            1. listing a cash value and/or
            2.having a disclaimer about the 30 annuity payments somewhere in the fine print.
            3. Saying it really is the full amount because all the annuity payments add up to that much.

            Still, I've got no doubt that a private company advertising something that way would be sued by the state attorney general. We've all heard car ads that include all the disclaimers to cover the laws regarding  truth in lending.

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              NY
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              Posted: January 11, 2016, 1:11 am - IP Logged

              I'm certain Mega Millions will change their matrix now. Even with their most recent matrix change, MM never gets high enough.

              The Wednesday night PB clearly set a new record by a wide margin in terms of the cash value and the advertised annuity, but MM still has two records that offer some insight into what's possible.

              Through the Wednesday drawing PB sold a total of 956,583,464 tickets. The run leading to the MM record of $656 million (annuity) sold 1,491,082,270 tickets. That's 56% more tickets before producing a winner. Powerball needs to sell almost 535 million more tickets without a winner to beat that record. Also, that was done with odds of 1 in 175 million, compared to the current powerball odds of 1 in 292 million.   MM sold 8.5 times the odds to produce a winner. As of Wednesday PB has sold 3.3 times the odds. To reach 8.5 times the odds they'd need to sell another 1.525 billion tickets, reaching an advertised jackpot in excess of 2.8 billion (1.75 billion cash, and  potentially producing a legitimate after-tax billionaire).

              The current PB jackpot is clearly extraordinary, but it's still well shy of what MM did 4 years ago, in terms of probability. MM is still a viable game if people want a chance for some pretty big prizes with odds that are somewhat better, and it's got the potential to occasionally  reach very high levels. Of course there are very few politicians who aren't interested in collecting as much revenue as possible as soon as they can, so maybe the current PB run will make the powers that be decide it's time to revamp MM.

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                NY
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                Posted: January 11, 2016, 1:17 am - IP Logged

                Right, but it would require more than 2.43 billion tickets to be sold....a lambda value more than 8 (which represents the number of expected winners by this roll). We would be in the 99.98th percentile. Fine to dream about but not likely

                If the jackpot is not claimed then the funds are returned to the states, divvied based on their contribution to the pot.

                You're ignoring the fact that we're currently already more than 1/3 of the way there, and perhaps you're also forgetting that the odds of a roll on the drawing that brings it to (or past) $2.69 billion aren't part of the probability (though it certainly may affect the number of winners we finally get).

                If sales for this drawing increase by just 5% we'll see a jump of $442 million and sales of 463 million tickets. Do it 2 more times and the jackpot will roll from $2.275 billion, and a comparatively modest bump of $415 million would bring it to $2.69 billion. Given the same cash ratio that would be $1.667.8 billion cash value. Paying 39.6% income tax across th board with no deductions, exemptions, or even breaks for lower brackets would leave you with $1 billion, plus about $7.3 million for pocket money.

                If we do have sales of 463 million tickets for 3 consecutive drawings there will be a  20.5% chance of a rollover for each drawing. The probability of that is 0.86% or 1 in 116. Very unlikely, but still better than the chance of getting a box hit in pick 3.

                If we get there in only 2 rollovers we'd need increases of $581 million (current 949>1.53 >2.111 >2.692). That would mean sales of 608 million tickets for each drawing. That would be a 12.48% chance of rolling for each drawing, so a 1.56% chance (1 in 64).

                The best chance would be for a whopping increase for this and the next drawing. If we get a jump of 750 million we'd have sales of 785 million tickets and a 6.8% chance of rolling.  We'd then need a jump of $991 million to reach the 2.69 that has a potential net of $1 billion.

                At some point I expect we'll run up against players' willingness and ability to spend money on tickets. I expect sales for this one to  easily surpass the last one, but at some point we run out of new players and the players who were  spending a lot will run out of money they're willing to spend. If sales level off or decrease it takes longer to get there and the chances go down.

                  sirbrad's avatar - Lottery-062.jpg
                  PA
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                  Posted: January 11, 2016, 1:55 am - IP Logged

                  They also changed the matrix solely to produce billion dollar jackpots and expected it to happen by 2022. Looks like it came much earlier!

                    JAMORA's avatar - ladyclover
                    NC
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                    Posted: January 11, 2016, 2:02 am - IP Logged

                    It's really $806 million..the rest is an illusion based on the claimant allowing them to 'invest' it for them...

                    "Don't waste time, it's the stuff life's made of..."

                      whiteballz's avatar - Lottery-015.jpg
                      Nutley, New Jersey
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                      Posted: January 11, 2016, 3:27 am - IP Logged

                      Cool

                      .

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                        Posted: January 11, 2016, 3:58 am - IP Logged

                        I am sure someone has posted something similar to this. But don't have time to read them all.

                        There was "One" Jackpot winner so far from the new matrix since October 2015.

                        These large Jackpots will be available possibly 3 to 5 times each year if they keep it this way.

                        Don't get too discouraged if you don't hit it big, there will be many more like this in 2016.

                        But good luck to all that are trying. Watch your wallet too! That is a very important thing nowadays.

                        Estimated 48% in taxes total for Ohio if you take the "Cash Value". That's okay with me though.

                        But, Remember there will be more chances down the road.

                        May I please ask how you got 48% taxes total in Ohio to take the Cash Value? 

                        I ask because I know that the Federal Tax is 39.6% and according to the USAMega website Ohio tax is 4% so I get 43.6% as the total tax for anyone who wins in Ohio. 

                        Please help me figure out where the rest is.  Thanks ahead of time.

                          mightwin's avatar - questns

                          United States
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                          Posted: January 11, 2016, 4:53 am - IP Logged

                          May I please ask how you got 48% taxes total in Ohio to take the Cash Value? 

                          I ask because I know that the Federal Tax is 39.6% and according to the USAMega website Ohio tax is 4% so I get 43.6% as the total tax for anyone who wins in Ohio. 

                          Please help me figure out where the rest is.  Thanks ahead of time.

                          Maybe they figured in local taxes?

                            OneTrickpony's avatar - thought

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                            Posted: January 11, 2016, 5:42 am - IP Logged

                            Yeah you will be subject to paying 6% (GA Lottery Tax) of the Cash Option should you be lucky enough to hit it.

                             

                            So if you're the sole winner of the $806 Cash Option then you will hand over a massive $48,360,000 to the State Of Georgia.

                             

                            Assuming you knew for sure you were going to win all by yourself then it's well worth catching a plane back to your home state to save yourself a small fortune. 

                            Heck even if you have to split that with another winner you'd still owe over $24 Million to GA.  I'd go with the "fly home" option if you're feeling like you're going to beat those 292,000,000 to 1 odds.

                            Thanks AbsolutelyFun, and everyone who replied.  Back 20-25 years ago I lived in New Jersey and worked in New York City and filed State tax returns for both.  Since they had a reciprocity agreement, my taxes were pretty much halfway between NJ & NY taxes, which was fair.  But this is an out-and-out smash and grab to me though.  I'll stick close to home from now on.

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                              Simpsonville
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                              January 22, 2015
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                              Posted: January 11, 2016, 5:52 am - IP Logged

                              Hoe many people are going to different states to buy tickets.

                               

                              also what state are you in and where you going

                              If no winner Thursday may venture up to Ohio just over 90 miles and or to Indiana 35 miles from KY.

                                 
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