$500 Million Jackpot

Reply #6

JimmySand9 — Mon, 03 Apr 2006 01:53:24 GMT

You would not get $5 Million each. You would each get about $144,230 a year for 26 years (after federal tax withholding), or about $2,250,000 (after federal tax withholding). And that doesn't count the state taxes they'll withhold should you buy in a state in which that applies. Fortunately, you live in Canada, so that would be the end of the taxes on your money. For us in the US, they'd then go after more later on.

Reply #5

dvdiva — Sun, 02 Apr 2006 23:09:18 GMT

It just seems like an easy way of 45 people loosing 5 bucks instead. Even if you win at the 300 million mark thats only 2.5 million per person. You would be far better off playing a state game by yourself. If you are waiting for Mega to break the 500 million mark come back in a few years and maybe you can get tickets.

Reply #4

RJOh — Sun, 02 Apr 2006 22:12:02 GMT

What make you think your group buying 900 tickets is more likely to win than someone in a city that buys 10,000 tickets every drawing? The way I see it, if you're just buying 900 randomly picked tickets, your chances aren't much better than most players playing alone.

Reply #3

LottoGroups — Sun, 02 Apr 2006 18:37:58 GMT

I am estimating our group will be able to buy around 900 tickets. This includes spending all of the money we can assume we will win. We plan to cover every Mega Ball several times.

Therefore our probability of winning is around 1 in 200,000. Those are very good odds. Each member of the group wins $5 million if we hold the only winning ticket. I will leave it to Prob988 to calculate that probability.

Reply #2

Jake649 — Sun, 02 Apr 2006 14:51:16 GMT

I guess it depends upon the definition of won. I would imagine that if a group won a jackpot, they would not still be playing. But if a group won some money, they would be encouraged to keep playing especailly since they have extra money to play with.

Reply #1

LottoL — Sat, 01 Apr 2006 16:40:49 GMT

. . . . Lotto Groups - the best way to win

How many times have you won

$500 Million Jackpot

LottoGroups — Sat, 01 Apr 2006 16:33:29 GMT

I am feeling optimistic that this run of Mega Millions will reach $500 million. We have 45 shares (members) in the Mega Millions group so far. I have hoping to reach 100 shares by the time the jackpot reaches $500 million.