N.C. town abuzz over $88M Powerball lottery jackpot win

Comment #18

RJOh — Wed, 24 Jun 2009 16:53:46 GMT

The real difference is the size of the jackpot they get to advertise. Last night no one won the MegaMillions jackpot and now for the next drawing it will be $81M (cash value $50M). Had that been PowerBall with a cash value of $50M they would advertise a $104M jackpot. PowerBall can advertise a 30% larger jackpot with the same cash value because of the way they structured their annuity payouts.

Comment #17

GamerMom — Wed, 24 Jun 2009 15:26:12 GMT

My only problem with a PB annuity is that it starts out small and builds annually....well the first year would be the year I would need the most!!! I would want to move and buy a house and car somewhere else for my personal safety. It seems they have that all backwards. I know, I know, it's adjusted for inflation but the opposite would keep you more grounded: Start out big then spend the rest of your life trying to maintain what you have instead of wasting it. I think it would make people more a... [ More ]

Comment #16

dpoly1 — Tue, 23 Jun 2009 17:57:10 GMT

Wow -

you are a genius

Comment #15

Tenaj — Tue, 23 Jun 2009 10:39:13 GMT

Interesting RJOH. Maybe I will start playing jackpot games.

Comment #14

Todd — Tue, 23 Jun 2009 05:17:58 GMT

Yes, but keep in mind that the Powerball annuity is different than all others, because it increases each year. The MUSL people say that it's beneficial, because it makes the annuity as valuable in the final year as it is in the first. (Inflation makes most annuities much less valuable in the final years -- $200,000 per year will be worth a lot less 30 years from now.)

The side-effect (perhaps the intended effect) is that the annuity can increase faster than it would with a static annuity, rel... [ More ]

Comment #13

RJOh — Tue, 23 Jun 2009 04:17:47 GMT

The winner does get all the cash, the $88M is the amount it will yield if the winner is willing to allow the $40 to be invested in an annuity over the next 30 years.

It like giving someone a few packages of seeds and telling them you have given them enough food for a life time if they are willing to start a garden with those seeds and maintain it for 30 years.

Comment #12

adamc224 — Tue, 23 Jun 2009 02:49:28 GMT

congrats to the lucky winner or winners, wish it was in tennesee... at least i can go to GA and play mega millions tomorrow and win the same amount of money for less annuity but i have to pay more tax i really don't think i will care if and when i win... and don't worry lottery post i will mention your name at my press conference

also this may help the questions about difference in jackpots from the Lotteries. The mega millions corp. pays 55% to the winner in cash and powerball pays only 45... [ More ]

Comment #11

Tenaj — Tue, 23 Jun 2009 02:15:21 GMT

Nope I can't believe they stuck their foot on 88 million and made it 20 million. I'm happy for the winners too.

Comment #10

Tenaj — Tue, 23 Jun 2009 02:11:41 GMT

I almost never play jackpot games and I guess that's the reason it's shocking to me RJOH. Wow. That's a huge piece of the pie. That ain't right for them to do that. You'd think they'd at least let a person keep half the money in cash payout. It's like they give you the money and take it back.

Comment #9

wpb — Tue, 23 Jun 2009 02:04:52 GMT

Tenaj, I hear on the news tonight it would be 20 million after taxes. Can you believe that! That's a long way from 80 million. It that because it's NC or is the tax rate the same in most states? I know the winner will be happy either way and I am happy for them

Comment #8

Todd — Tue, 23 Jun 2009 01:32:52 GMT

Good point

Comment #7

RJOh — Mon, 22 Jun 2009 23:44:46 GMT

If you're a regular MegaMillions player, you might be a little shocked to see a $88M PB jackpot lump sum cash amount is only worth $40M especially when you see this Tuesday's MM $68M jackpot lump sum cash amount is over $41M.

Comment #6

maringoman — Mon, 22 Jun 2009 20:20:21 GMT

Virginia Lottery must be green with envy seeing all the money they used to get now going to North Carolina Lottery. ahhh such is life

Comment #5

Tenaj — Mon, 22 Jun 2009 20:19:43 GMT

Congratulations to him. I'm glad it happened to the town of Kings Mountain. But I can't believe if he wanted a lump sum it will only be 40 million before state and federal taxes. I thought I had read it wrong. Seems like that's what it will be after taxes. But I ain't hating on 40 million after taxes either.

Comment #4

RJOh — Mon, 22 Jun 2009 20:01:20 GMT

There's nothing anyone can do about it if they aren't very nice or needy

Comment #3

justxploring — Mon, 22 Jun 2009 19:32:47 GMT

I never thought of $88 million as extra money. Your thoughts are kind sweet, but that's not what gambling is all about. You buy a ticket, you lose or win. What kind of person you are and how badly you need the money has nothing to do with it.

Comment #2

ConstantlyB — Mon, 22 Jun 2009 17:33:51 GMT

If I were to be the one to check the winning ticket...I'd be bouncing off the wall too!

CONGRATULATIONS and BEST WISHES!!!

NORTH CAROLINAAAAAAAAAAAAAAAAA....YEAHHHHHHHH...NORTH CAROLINAAAAAAAAAAAAAAAAA

Comment #1

dpoly1 — Mon, 22 Jun 2009 14:43:41 GMT

I hope that it is a nice individual that needs the extra money !

Best wishes to the winner

N.C. town abuzz over $88M Powerball lottery jackpot win

Lottery Post — Mon, 22 Jun 2009 14:03:28 GMT

Powerball ticket worth $88 million was sold in Charlotte area

There was one question just about everybody in Kings Mountain, North Carolina, wanted answered Sunday: Who bought the winning Powerball ticket worth $88.1 million?

The N.C. Education Lottery announced the only winning ticket from Saturday's drawing was sold in Kings Mountain, a small town 30 miles west of Charlotte.

But officials said they do not know the identity of the winner, or where that person lives.

Everybody is ta... [ More ]