Powerball lottery jackpot hits $200 million

Comment #46

rubberbandman — Mon, 10 Mar 2008 13:11:05 GMT

Taxes are what you pay to live in a civilized society.

--Not Unknown, I just don't know who said it.

Anyways if you are smart about the way you use your money, you can practically get it all back during tax season.

Comment #45

sirbrad — Mon, 10 Mar 2008 04:17:51 GMT

So, no it is NOT $230, at best, it will 25% of that. That is closer to the real world.

Maybe so, especially with inflation; even though the lottery does increase its annuity payment each year. However the lottery does pay out $230 million either way, but just doesn't like to say that 25% and more will go to the greedy IRS.

Comment #44

sirbrad — Mon, 10 Mar 2008 03:49:38 GMT

The average income in my area is $10,000 to $35,000. So I would be doing pretty good. I have no need for 20 cars, boats, vacations, or a million dollar house. However I could still live VERY well, and A LOT better than I do now. $2 million and up I would be the wealthiest person in my area and with the most free time.

Even those who make about $75,000 a year are never seen outside, and their homes are completely dark after 9 pm in those wealthier areas. Get what I am saying? My home would be

Comment #43

sirbrad — Mon, 10 Mar 2008 03:36:14 GMT

Yes one million and 5% interest I could retire EASILY and never touch the principal. $50,000 a year with the rest compounding. In PA that is A LOT of money. Of course I would prefer about $3 million and up. I don't even make $20,000 a year by choice, and I am doing great. I could make about $30,000 or more if I wanted to work more, but I prefer to enjoy life with more free time and less money. Which is why the lottery would truly be a dream come true, as it would allow me to do more work that I... [ More ]

Comment #42

rubberbandman — Mon, 10 Mar 2008 01:43:46 GMT

Of course nobody won, I didnt play on Saturday. When I play then I will win, I'm just takin it easy now, waitin for record levels.

Gee Brain, what do you want to do tonight?

The same thing we do every night, Pinky Try to take over the world.

Comment #41

MeFirstYouLast — Mon, 10 Mar 2008 01:04:26 GMT

So disagreement is frowned upon? Everyone agrees with you or they don't belong?

Thats not a lottery group, that is China.

I am here because I can be. To bring diversity. To not get in line and say Baaaah whenever some one speaks holy words. I commited a crime by being negative; by pointing out that there is no annuity and never will be! Because I point out the dream planned with $15M will never be $15M! The truth is too serious, or is being corrected too serious? My thinks the ego can onl... [ More ]

Comment #40

Pogo — Sun, 09 Mar 2008 20:51:13 GMT

I haven't seen negativity like this in LotteryPost ever... This site is a very up beat community of folks expressing their interests, concerns, and wishes... Just an idea but you may want to take a look at this thread first (MeFirstYouLast): Why are you here ?? - you can find it under active topics. Apologies all around if I'm off base here - Pogo

Comment #39

ThatScaryChick — Sun, 09 Mar 2008 20:47:05 GMT

Self analysing? Whatever. Judging by your posts, you take things too seriously and are a downer. I'm done.

Comment #38

MeFirstYouLast — Sun, 09 Mar 2008 20:43:10 GMT

Never said you were stupid. Maybe you're self analysing too much?

What I did say was the annuity amount is a fanasty and never was and never will be. So why quote a fantasy? Maybe because it is easier to dream about a fantasy then about reality? When you're dealling in hundreds of millions, the difference is major.

All over this blog are quotes of retiring on the $10M or $15M, and people being folloish or crazy to want more. That tells me that there are a lot of people looking into the br... [ More ]

Comment #37

lottocalgal — Sun, 09 Mar 2008 20:30:23 GMT

Tntea and Sirbrad,

You really can retire on $1,000,000? To be truly honest, living in California I couldn't-but I could live much more comfortably, because I would then be able to put away enough for retirement but still work (at a job that i liked not one that income would force me to be tied to.) The good news is, I would only need about 4 to 5 million to not work at all. I still have a ways to go before I could even think about retiring. but no I don't need $150 or even $20 million.... [ More ]

Comment #36

ThatScaryChick — Sun, 09 Mar 2008 20:21:19 GMT

Thank you Lilly! I am glad someone understands what I'm saying and knows that I'm not stupid. I was just stating the published amount not the detailed amount.

Comment #35

LuckyLilly — Sun, 09 Mar 2008 20:14:16 GMT

MeFirstYouLast, we're not stupid! None of us are being manipulated by the lottery. We comment on current jackpot levels using the published jackpot amount knowing full well that if we take cash that'll decrease the amount by half right off the bat. And of course we're adults who file taxes every year, so we know what the tax burden will be. WE KNOW WHAT THE REAL AMOUNT WILL BE.

Go to usamega.com, the sister site to this one, and find the game you're interested in and click on Jackpot Analysis... [ More ]

Comment #34

MeFirstYouLast — Sun, 09 Mar 2008 20:06:22 GMT

Ahhh. That is precisely what the Lottery Directors want you to see. They want you to see the $230M. They do not want you to even think about what the real amount will be. The diamond doesn't shine as well when it is under a spot light. One winner in 2007, did not choose the cash option, and I am convinced their poor knowledge of the English language contributed to that decision. As soon as the lottery throws the lure into the lake, I immediately cut it down to 25%. That is what I plan to win. I... [ More ]

Comment #33

ThatScaryChick — Sun, 09 Mar 2008 19:49:11 GMT

I wasn't accounting for taxes or any of that. I was just stating what the jackpot is reported to be, which is 230 million. Of course if you take the cash option it won't be that.

Comment #32

MeFirstYouLast — Sun, 09 Mar 2008 19:31:37 GMT

In the real world, it is NOT even close to $230 million. That is an imaginary number, dreamed up by accountants on some future interest rate 30 years from now. Also, that is a number that does not take into consideration any taxes or other burdens. It is a pie in the sky, a flash of light that brings the fish to the lure. The more light, the more fish.

Reality is almost every one, even the pig farmers who has no goals higher then a new pig pen for his piglets, will choose the cash value. BEFO... [ More ]

Comment #31

MeFirstYouLast — Sun, 09 Mar 2008 19:20:10 GMT

I think you have to take into consideration that those wanting the maximum that is possible are thniking beyond yesterday? They might be thinking about a life of Luxury for generations to come? They might be thinking that there is more to life then sitting in the backyard and polishing their new extended-bed pickup truck. They might be thinking that with a hundred million dollars, they don't have to retire , but can go on to become some one great, some one who can create company's, thus creating... [ More ]

Comment #30

ThatScaryChick — Sun, 09 Mar 2008 17:25:00 GMT

Looks like nobody won the jackpot and now it's about $230 million.

Comment #29

Pogo — Sun, 09 Mar 2008 15:36:35 GMT

A million after taxes put into a standard Money Market account bringing in a measley 5% per year would still give you a yearly income of around $50,000.00 before taxe... I'd say that's enough as long as you don't live anywhere with a high standard of living. Personally I would have to put it in to the stock market where it would not only earn atleast 8% per yea, but you would also be bringing in dividends (rolled over or not)... $1million sounds real good...

Comment #28

tntea — Sun, 09 Mar 2008 15:11:21 GMT

I agree, on could retire on a million if they aren't going to try to live like millionaires.

Comment #27

tntea — Sun, 09 Mar 2008 15:08:33 GMT

I could retire on less than $150 million easily.

Comment #26

sirbrad — Sun, 09 Mar 2008 09:14:00 GMT

What makes me angry is that it is idiots like this who have no concept of the true value of money who win. I could retire on $1 million easily, especially in my current area.

Comment #25

sirbrad — Sun, 09 Mar 2008 09:08:12 GMT

In some ways I would rather the $15 million than $100 million or more. Then you won't see me on world news today. $15 million after a record jackpot win would be even better.

Comment #24

mylollipop — Sun, 09 Mar 2008 08:02:03 GMT

Just win it Mylollipop, just win it

Comment #23

MeFirstYouLast — Sat, 08 Mar 2008 21:47:35 GMT

While continuing to be educated ... when will that magic maximum number be reached

Comment #22

Todd — Sat, 08 Mar 2008 21:14:44 GMT

The best place to go for information about Powerball including that question is USA Mega.

That question is answered on the Powerball FAQ page there. You'll see it if you scroll to the bottom. (Plus check out the other info

Comment #21

MeFirstYouLast — Sat, 08 Mar 2008 20:08:11 GMT

Todd:

What is the rule on roll-over for PowerBall? Something to do with a pervious maximum, then it only goes up a small percentage

Comment #20

PrisonerSix — Sat, 08 Mar 2008 19:51:37 GMT

Thank you. Since I already participate in a pool, which costs me $4 every 2 weeks/payday, I don't think it's worth it to spend more to play myself. I don't want to go overboard with it. Sometimes, I might buy a Powerball on a whim even if it's below $100 million. Sometimes I just feel lucky so I buy one, but I haven't been yet.

Comment #19

ThatScaryChick — Sat, 08 Mar 2008 17:43:33 GMT

I don't think that is a bad idea. Sometimes I play when the jackpot is low and sometimes I play when it's high. It really depends on my budget for the week/month.

Comment #18

KY Floyd — Sat, 08 Mar 2008 17:30:58 GMT

I hope you meant to say that your chances of having the only winning ticket are diminshed. That's true, but even for jackpots at or near record levels the chance of multiple winners is fairly low. For jackpots in the 50 to 150 million range the chance is much less than the chance of a single winner. Even for the recent $275 million MM jackpot there was only 1 winning ticket despite all of the numbers being birthday numbers. Even if there had been 4 winners (I think the record for MM or PB is 3... [ More ]

Comment #17

PrisonerSix — Sat, 08 Mar 2008 13:55:59 GMT

My rule for Powerball is I only play myself when it hits $100 million. My only reason for that rule is I don't want to spend too much on the lottery. The lottery pool I run at work plays every week, so I also participate through that.

Comment #16

sirbrad — Sat, 08 Mar 2008 11:26:42 GMT

Will go to at least $350 million until I hit it. I will not play again until the second prize goes up to like $2 million or whatever it is. What level does it need to get in order for that to happen? What is the record? Thought like $300 million something.

Comment #15

Mike Frazier — Sat, 08 Mar 2008 08:27:59 GMT

KY Floyd: If you aren't going to play regularly the sensible strategy would be to make your occasional plays when the jackpot is high. Even for a regular player, the sensible choice would be to concentrate your plays on higher jackpots.

I just did a thought-provoking calculation. It's based on the Pick 3, but applies to any lottery.

Your chance of winning is better if you buy 10 tickets for a single drawing than if you spend the same money buying a single ticket for each of 10 drawings. So... [ More ]

Comment #14

Prob988 — Sat, 08 Mar 2008 03:05:50 GMT

In general a wiser gambler pays close attention to the expectation value which is the ratio of potential reward to odds and risk.

Powerball only approaches casino odds when it reaches $200 million. (Right now the Powerball expectation value, adjusting for the probability of multiple winners) is about 0.86.

I usually buy a ticket when it's small, for the hell of it, but I play more when the jackpots are larger.

On a few occassions both Powerball and Megamillion have exceeded expectation... [ More ]

Comment #13

JackpotWanna — Fri, 07 Mar 2008 23:34:36 GMT

Comment #12

ThatScaryChick — Fri, 07 Mar 2008 22:22:53 GMT

I know I wouldn't be unhappy to win $15 million. I'd would take winning that amount in a heartbeat.

Comment #11

lmatlaw — Fri, 07 Mar 2008 22:11:15 GMT

Regardless of the jackpot size, you CANNOT WIN if you don't play. Would you be unhappy if you only won $15 Million?

And while the odds are the same regardkless of the jackpot, there are more tickets wagered at the higher jackpots thus diminishing your chances of holding the winning ticket.

Comment #10

KY Floyd — Fri, 07 Mar 2008 20:49:11 GMT

The logic behind only playing for higher jackpots is really simple. The odds are exactly the same for a $15 million jackpot as they are for a $50 million, $100 million, or $500 million (if it ever gets that high) jackpot. If you aren't going to play regularly the sensible strategy would be to make your occasional plays when the jackpot is high. Even for a regular player, the sensible choice would be to concentrate your plays on higher jackpots. If you're going to spend $100 on 100 chances at a j... [ More ]

Comment #9

KY Floyd — Fri, 07 Mar 2008 20:40:30 GMT

In general, any taxable income is taxed in the state in which the income was generated. If you earn or win money in Connecticut, CT has the right to collect income tax on it, and they will (assuming they know about it). Your state of residence also has the right to tax your incoem, regardless of where it comes from. The good news is that the tax you pay to another state will be credited against the taxes you pay to other states. The bad news is that with a jackpot win your tax rate in NY would b... [ More ]

Comment #8

MissNYC — Fri, 07 Mar 2008 20:10:29 GMT

I have a question...I'm from NY, but lets say I go to CT to buy tickets and win, do I pay CT lottery taxes, or NY

Comment #7

JackpotWanna — Fri, 07 Mar 2008 20:04:02 GMT

Wow 200 Million! A person can fullfill their dreams and then some. glta

Comment #6

MissNYC — Fri, 07 Mar 2008 20:03:03 GMT

Really? I don't think I'd say that. I live in Westchester and am on 287 and I-95 all the time, there's traffic, but I don't credit it to Powerball. I don't think you see the long lines you once saw 7 or 8 years ago either. Like everyone's been saying, some people won't even play unless it hits 200 million, but to be honest, I think it would take a 400+ million dollar jackpot to see lines out doors.

Comment #5

gocart1 — Fri, 07 Mar 2008 19:15:28 GMT

ITS a funny thing here on City Island in the Bronx..when Powerball has a higher jackpot the I95 northbound to CT and New England is bumper tp bumper on the day of the drawning..

Comment #4

ThatScaryChick — Fri, 07 Mar 2008 18:19:53 GMT

I know. I don't understand how people feel they can't retire on jackpots unless they are higher then $150 million.

Comment #3

lmatlaw — Fri, 07 Mar 2008 17:53:00 GMT

Right on, KY Floyd! It boggles my mind why even $10 Million wouldn't be enough to satisfy anybody.

Sure $200 Million is incredible, but the logic of why it doesn't make sense to wager at lower levels escapes me. I'd be happy with any jackpot.

In the case of Powerball it's a minimum of $15 Million. Yeah, I could be OK with that.

Comment #2

KY Floyd — Fri, 07 Mar 2008 17:40:06 GMT

Lottery players have a magic number how much would it take to retire, Cook said.

For Mike Anthony, 31, a pharmaceutical salesman, that number was right around Wednesday's jackpot of $173 million.

Yeah, it would be so very difficult to retire on the after-tax cash from a jackpot of only $50 million.

Comment #1

spy153 — Fri, 07 Mar 2008 16:19:12 GMT

I hate to admit it... but I do get very angry when joe schmoe comes in and buys one ticket (because the jackpot is high enough now ) and wins after I have been playing for years on a regular basis.

I know, I know.... that's called gambling.

Powerball lottery jackpot hits $200 million

Lottery Post — Fri, 07 Mar 2008 14:15:40 GMT

The Powerball jackpot for Saturday's drawing $200 million has once again grown large enough to draw new or infrequent players to ticket counters.

The most popular lottery games are normally the $1 and $5 games that offer chances at prizes ranging from a few bucks to $1 million. Those are the heavy hitters for most state lotteries, generating as much as half of total sales.

The customers start to change, though, when the multi-state Powerball game starts touting jackpots approaching $20... [ More ]