New Mexico Lottery still looking for $93 million Powerball winner

Comment #26

libra926 — Sat, 20 Aug 2005 17:21:05 GMT

HAPPY SATURDAY...TO CASH ONLY ALL MY FELLOW HAPPY GAMBLERS.....EXCELLENT POINT.....regarding the Canadian Government's NOT TAXING LOTTERY WINNINGS But we all know that the American Government is very greedy.....and taxes everything it can...even in DEATH ....you cannot escape the greed of this Government...The only thing they haven't found a way to tax is:THE INTERNET.....(I better not say that toooo loudddd)hehehehheheBTW.......CASH ONLY.....what would you propose to do to keep Connectic... [ More ]

Comment #25

Todd — Mon, 15 Aug 2005 14:02:50 GMT

That's right, they just tax everything else.

Comment #24

CASH Only — Mon, 15 Aug 2005 13:48:10 GMT

Whether or not the USA is the best country in the world, Canada seems to do some things much better than here, like not taxing lottery winnings.

Comment #23

libra926 — Sat, 13 Aug 2005 20:41:45 GMT

.8/13TH...4:30PM EST HAPPY SATURDAY....8/13TH.......TO ALL MY FELLOW HAPPY GAMBLERS.....4:30pm est MPJO ....I TOTALLY AGREE WITH YOUR STATEMENT....about when the winner should recv the money as opposed to when the winner actually recvs his winning here in the States...it's unfair but as RIP SNORTER has alreadly carefully explained, it comes down to the States holding on to earn interest for themselves. After all, it doesn't take 5 mins to get Legal Reps to handle everything for you, an... [ More ]

Comment #22

Rip Snorter — Sat, 13 Aug 2005 16:43:40 GMT

This is how they will be able to start it at $15m and watch how much the jackpots increase.Or, if you prefer, this is how they'll be able to start at $7 million dollars used from ticket sales to pay off the winners who don't care about having their money invested at a low interest rate by people they don't know, and have no reason to trust to act in their best interests.The amount of money they're willing to pay out immediately to winners, after they've increased the odds against the players, wi... [ More ]

Comment #21

Bradly_60 — Sat, 13 Aug 2005 16:20:44 GMT

Also look at what Powerball is doing. They are setting up their annuitized jackpot in a way where you get more money in the later years then in the earlier years...just a way to increase the advertised jackpot more and faster. If you keep more money in the securities for more years you will earn more interest. This is how they will be able to start it at $15m and watch how much the jackpots increase.Brad

Comment #20

acronym007 — Sat, 13 Aug 2005 16:18:22 GMT

I agree Todd's employment scenerio, however this is different. You cannot write off 3 million lost on a game whereas you can write off all the expenses of being a CEO. I mean there is an actual process and a way to recover some of that. There really is no way for anyone to recover this money, I think that's what makes winning the jackpot very unique regarding taxation. I think that is whhy other countries don't tax it because it's prize money, not earned income. Yes, before you say it, you might... [ More ]

Comment #19

Rip Snorter — Sat, 13 Aug 2005 15:10:43 GMT

Acutally I don't see why lotteries invest the money for annuities in such low interest bearing bonds. They us a ~1.6% right now when you can get government securites that average over 4%. Prosecution rests.Jack

Comment #18

Bradly_60 — Sat, 13 Aug 2005 14:57:32 GMT

I have to agree with you Todd. Before the whole Cash-Option choice came about all prizes paid were annuitized over so many years. So the jackpot was worth the cash value plus all the interest. This is what lotteries have been doing for the life of them. There is nothing wrong with this. Acutally I don't see why lotteries invest the money for annuities in such low interest bearing bonds. They us a ~1.6% right now when you can get government securites that average over 4%. Now that would in... [ More ]

Comment #17

Todd — Sat, 13 Aug 2005 14:49:15 GMT

Sorry to keep disagreeing, but since the state lottery actually does give away the amount on the billboard, I don't any reason why they have to advertise the worst-case scenario.Just like my employment example, where an employer is not going to try to lure a candidate to a CEO position by saying, Come to my company, where the salary drops by 50% after you subtract out the taxes and benefit contributions! You may think you're going to get $200,000, but when you take out all the taxes, we're act... [ More ]

Comment #16

Rip Snorter — Sat, 13 Aug 2005 14:09:17 GMT

I don't see the US lotteries ever doing away with taxes on lottery winners (or anything else, once they've got a lock on it).To be honest, I don't even object to the first-crack-out-of-the-box jackpot being, what? $5 million and some change, before taxes? Maybe $3 million after taxes.What I object to is the fact that those billboards advertise something that isn't so. I believe they do it because they know if they announced in billboard letters how much they're actually giving away, people wou... [ More ]

Comment #15

acronym007 — Sat, 13 Aug 2005 12:36:57 GMT

Seems to me, in all fairness to all parties, that Lotteries SHOULD be tax free or the ACTUAL amount won should be expressed accurately. Now, I don't agree or disagree with anyone, I just think it should be done differently and I like the fact that they are tax free in Europe, Aussie, UK, etc... Why don't we do that in the USA, the lotteries certainly make enough money. Tax-free lotteries would only increase participation, thereby increasing profit, I think we all agree on that.

Comment #14

Todd — Sat, 13 Aug 2005 11:17:35 GMT

New Mexico is the only state I know of with only 90 days to claim your prize.If you want Powerball info for all the different states, including this topic, USA Mega is the best place to find it. (The Ways To Win page has this particular answer.

Comment #13

Rip Snorter — Sat, 13 Aug 2005 10:39:25 GMT

I begin to understand why people don't buy tickets for Powerball unless the jackpots have rolled enough to get some bulk to the cash prize.Win a $10 million dollar jackpot in New Mexico, you'd end up with a candy-bar, a coke, a bag of potato chips and enough left over to buy a lottery ticket.A person might well come out better with the five white ball bonus and the multiplier, rather than winning the jackpot. Might do so in other States, as well.Jack

Comment #12

Rip Snorter — Sat, 13 Aug 2005 10:23:24 GMT

Not all that much, really. Probably give themselves a few raises over in the lottery authority, hire a few cops and prosecutors to keep other folks from doing what they're doing, first thing you know it's all gone.Never was a lot, however. Never was 93 million.Jack

Comment #11

LOTTOMIKE — Sat, 13 Aug 2005 05:35:54 GMT

that would be quite a bit of money for the state to just do whatever they wanted with it.what would a state do with a big chunk of cash like that

Comment #10

DoctorEw220 — Sat, 13 Aug 2005 05:28:46 GMT

not the whole jackpot. each amount is returned to the state, and the state does whatever it wants with it.

Comment #9

LOTTOMIKE — Sat, 13 Aug 2005 04:49:58 GMT

in most states you have 180 days to claim your prize.as far as it not being claimed i think they put it into whatever state program thats being funded....

Comment #8

Just6ntlc — Sat, 13 Aug 2005 04:42:55 GMT

When someone in NM does have the winning ticket, I hope it comes soon. What would happen if NM's winning ticket isn't claimed? How long will it take before the ticket expired

Comment #7

MPJO — Sat, 13 Aug 2005 04:13:29 GMT

Todd,You need to also mention Canada where their jackpots are lump sum andtax free.You also get your money within a couple of hours of claiming it instead ofa couple of weeks in the US.You should be able to get your money that day or the next since all ticketsare bought with cash.Why let the states collect interest for 2 weeks? Mike

Comment #6

Todd — Sat, 13 Aug 2005 03:44:38 GMT

In my example above, you also don't make your $100,000 until the year is over, even though you claim to make $100,000. IMHO, it's just basic financials, and totally above-board, although I can certainly see how people could feel how you do. I personlly have no problem with the way they advertise the jackpot, because they naturally want to put the best spin on it. However, I do like the UK Lotto and Euro Millions prizes better, because they are all cash, with no taxes taken out.

Comment #5

Rip Snorter — Sat, 13 Aug 2005 03:31:54 GMT

We'll have to agree to disagree on this one, Todd. If they want to advertise the jackpot amount, they could as easily say, $55 million ($93 if you let us keep it for you). They don't . They call it a $93 million jackpot, $40 odd million of which doesn't exist today. Won't exist unless they draw the interest they predict.A person can't raffle off a horse that he plans to buy with the proceeds he gets from the raffle. It's illegal.Seems to me there's not much difference here.Jack... [ More ]

Comment #4

Todd — Sat, 13 Aug 2005 03:25:44 GMT

I understand your recent series of complaints about this, but that's been a fact about how jackpots are measured for many years now.Your argument is like saying that when someone who makes $100,000 in their job goes to apply for a mortgage, they should not be allowed to tell the bank that they make $100,000, because the government takes out 32% in taxes, plus the state takes another 7%.Oh, and then they decide to have deductions for medical insurance and a 401K plan, another $300 per month, so t... [ More ]

Comment #3

Rip Snorter — Sat, 13 Aug 2005 03:14:40 GMT

The people who might be qualified to give them 'good' advice probably aren't handing it out. The professional advice-giving legions aren't necessarily a fountainhead of un-biased suggestions devoid of motives involving getting some of that win for themselves.Jack

Comment #2

RJOh — Sat, 13 Aug 2005 03:08:51 GMT

I would guess they not only checked their ticket, but are now checking their options before making their claim. Once they make their claim, they are going to have to deal with all the people who will want to give them some bad advice.

Comment #1

Rip Snorter — Sat, 13 Aug 2005 03:05:08 GMT

This is the New Mexico Lottery's third winning Powerball jackpot. If claimed by an individual, the $93.4 million annuitized jackpot or the $52.2 million lump sum would be the Lottery's second-largest prize.Which ain't quite accurate. If the person takes the lump sum the actual amount will be $36 million after the State and US taxes are confiscated before the payment is made.Jack

New Mexico Lottery still looking for $93 million Powerball winner

Lottery Post — Sat, 13 Aug 2005 02:31:51 GMT

New Mexico Lottery officials have announced that Wednesday night's $93.4 million winning Powerball ticket was sold at a retailer in the metropolitan Albuquerque area.Additional information about the retailer is not being released at this time.No one claiming the prize had come to Lottery headquarters in Albuquerque by the time offices closed for the weekend late Friday afternoon.Additionally, no credible calls were received from an individual or individuals claiming to have the winning ticket. T... [ More ]