Texas Lottery considers changing jackpot calculation

Comment #11

CASH Only — Mon, 13 Jun 2005 22:12:26 GMT

rj:I'm not confused. I know that if I hit Powerball, I will choose lump sum, and I will receive the full amount of the jackpot pool in cash, which currently is more than half of the annuity amount.

Comment #10

RJOh — Mon, 13 Jun 2005 21:12:44 GMT

CASH only,PowerBall and OhioSuperLottoPlus have different rules for calculating their jackpots cash amounts. It may be confusing but when you play their games(slp) their rules apply.RJOh

Comment #9

CASH Only — Sat, 11 Jun 2005 17:27:30 GMT

rj:Because OH pays out exactly half in cash, unlike Powerball, which pays according to interest rates, and has the same 30-payment annuity.

Comment #8

RJOh — Fri, 10 Jun 2005 22:20:29 GMT

Cash,How do you figure Ohio cheats players who take the cash option? They tell you the jackpot amount and how to figure the cash lump sum before you play and if you beat the 1:14M odds and win you make a choice between the two. RJOh

Comment #7

Rip Snorter — Fri, 10 Jun 2005 19:47:12 GMT

That would be nice.But when you sit down at the table you gotta play the house rules. If they say the dealer doesn't have to hit a soft seventeen, you either cash in and find another house, or you smile perlitely and plunk down another chip.Every table has a guy sitting there scowling about the house rules, the dealers, the cards and howling about the way the other players play their hands, every loss is someone elses fault, every win is skill. But those guys aren't enjoying themselves, and mo... [ More ]

Comment #6

CASH Only — Fri, 10 Jun 2005 19:38:43 GMT

RJ:Ohio still cheats cash option winners (of SLP) of the full amount in the jackpot pool.

Comment #5

MPJO — Fri, 10 Jun 2005 19:08:31 GMT

Canada does it best ......LUMP SUM TAX FREE

Comment #4

RJOh — Fri, 10 Jun 2005 19:04:30 GMT

Ohio Lottery Website 06/10/05:the MegaMillions' jackpot $12M and its cash value $7,514,088 are postedthe SuperLottoPlus' jackpot $13M is posted and the cash value posted as 50% of jackpotconclusion:MM $7.5M will pay $12M in 26 annual installmentsSLP $6.5M will pay $13M in 30 annual installmentsTruth, Confusion or both?RJOh

Comment #3

JimmySand9 — Fri, 10 Jun 2005 18:37:40 GMT

I know. It's deceptive advertising. They don't even tell you it is annuity when they advertise it. I think this is the only country where this is in practice. Most every country has all-cash lotteries.

Comment #2

qutgnt — Fri, 10 Jun 2005 18:02:43 GMT

How can anyone take this seriously. The fact lotteries announce these annuity jackpots is a crock to begin with.

Comment #1

Rip Snorter — Fri, 10 Jun 2005 17:37:24 GMT

Clowe said Thursday that he is concerned that miscalculating the lotto jackpot could undermine confidence in the game. Hohoho. Clearly, this is an example of the pitfalls associated with government-sanctioned gambling, said Nelson, an outspoken opponent of gambling. We have to be absolutely sure that everything that goes on there is open and aboveboard. The public needs to know what's going on. I need to know what's going on. Yup. All those years when a man could get busted for the Tuesday ni... [ More ]

Texas Lottery considers changing jackpot calculation

Lottery Post — Fri, 10 Jun 2005 16:30:01 GMT

Amid complaints of false advertising, Texas Lottery Commission officials will consider changing the way jackpots are paid.C. Thomas Clowe, the commission chairman, said the three-member panel will discuss this month whether to guarantee the advertised jackpot or continue basing the grand prize on a percentage of ticket sales.Clowe said Thursday that he is concerned that miscalculating the lotto jackpot could undermine confidence in the game. We want the public to have confidence in the lottery,