Lottery money: How much gets returned?

Reply #5

Chewie — Mon, 21 Nov 2005 00:42:15 GMT

It doesn't matter if it is 38%, 50% or 10%. The reason people gamble is for the dream, and the percentage doesn't matter to the winner or the loser, only to the house. You bet a dollar and you win or lose. If you win, you get the prize. If you lose, you don't get the prize. You can complain all day long, and no one cares what the house percentage is. Plan on losing, and be elated when you win. Complaining abot it will make no difference what so ever.

Reply #4

CASH Only — Mon, 21 Nov 2005 00:21:44 GMT

I've said MANY times, NY Lotto pays back only 38%-40%. Yet so many still throw their money away on this game.

Reply #3

johnph77 — Sun, 20 Nov 2005 00:50:46 GMT

Lottery Player -Each state determines its own payout percentage. The usual is around your quoted 50%, some marginally lower, some as high as 70% in some games, particularly the video variety. See my web site for details.glj

Reply #2

Chewie — Sat, 19 Nov 2005 02:37:02 GMT

Every single state has a different law, within their state, to determine what happens to the money. Those laws are public information. Multi-state lotteries also follow the rules of the individual state. That is why CA gets away with paramutual and the other states don't.

Reply #1

hypersoniq — Sat, 19 Nov 2005 02:31:43 GMT

Powerball puts 30 cents of each dollar into the jackpot...explained better in their own words... WHY HAS THE CASH JACKPOT GONE DOWN?Actually, it is the annuity jackpot that has gone UP. Most people assume that we start with the annuity. We start with the cash jackpot. In the Powerball game, thirty cents of every dollar sold goes into the cash jackpot pool. The difference between the cash jackpot and the annuity jackpot depends on how much we can make in interest earnings. The more interest that... [ More ]

Lottery money: How much gets returned?

LotteryPlayer — Sat, 19 Nov 2005 01:10:42 GMT

In general, what percentage of the lottery money gets returned to the players?From reading some of the posts here, am I to assume correctly that states, on average, usually keep about 50% and return the other 50%?For example, let's assume lottery players spent $1 million. If the states are keeping 50%, then the lottery would keep $500,000 and pay out (or add to the jackpot) the remaining $500,000.Then, you have to factor in taxes. Let's assume that the remaining $500,000 is taxed at an average... [ More ]