What's the cash value on NY Lotto?

Reply #14

Just6ntlc — Tue, 27 Jun 2006 21:10:16 GMT

With a 45 million dollar jackpot in NY Lotto, I think cash value is about 20 million. I hope NY Lotto somehow wins jackpot and takes cash value when MM gets near 45 million.

Reply #13

Prob988 — Mon, 26 Jun 2006 23:01:44 GMT

No. NY uses a graduated annuity, where payments increase with time. The MM annuity - not that I'd dream of using it - pays out the same amount each year.

Mostly the annuity idea is advertising. Only the cash value matters.

It happens that the MM and PB prizes are roughly the same size, but the advertised values would seem to claim otherwise.

Reply #12

hockeyguy858 — Sun, 25 Jun 2006 21:17:21 GMT

Don't the states that run on 26 yrs buy the same bonds that Mega Millions would buy? If so, the Cash on the current jackpot of $23M is appx. $12.9 million, or 56% of the top prize, so would that in turn make 56% of $45M the cash value

Reply #11

JAP69 — Sat, 24 Jun 2006 13:17:17 GMT

The cash value of around 19 mil is still worth a few dollars in wagers.

With 19 mil who cares about a few percentages in cash value.

Reply #10

Prob988 — Sat, 24 Jun 2006 12:44:59 GMT

Quote: Originally posted by dvdiva on June 24, 2006 The payout refers to the amount per dollar spent on a ticket returned to the player as a prize.

Currently most state run games on 26 year notes are paying around 47-49% cash. On graduated notes I'm guessing 45-47%.

That sounds reasonable. Thanks.

That would put the cash value at around $19M-20M.

I have a few tickets in this lottery tonight.

Reply #9

dvdiva — Sat, 24 Jun 2006 05:52:16 GMT

The payout refers to the amount per dollar spent on a ticket returned to the player as a prize.

Currently most state run games on 26 year notes are paying around 47-49% cash. On graduated notes I'm guessing 45-47%.

Reply #8

Just6ntlc — Fri, 23 Jun 2006 05:43:30 GMT

Prob988, since NY Lotto only has about 38-40% payout, the cash value is about 19.5 million for this draw when jackpot is $43 million. Good luck to you in NY Lotto for Saturday.

Reply #7

Prob988 — Tue, 20 Jun 2006 20:16:36 GMT

Thanks. That's where I estimated it. I didn't do a detailed calculation, but, estimated there, it has the best expectation value for large lotteries in this area at this level.

I went over to NY and picked a few tickets up.

Reply #6

Just6ntlc — Tue, 20 Jun 2006 15:20:23 GMT

I think the cash value on NY Lotto to $41 million [annunity] is about $19 million.

Reply #5

JimmySand9 — Tue, 20 Jun 2006 01:56:09 GMT

Well, it's 26-year graduated annuity so it should be exactly half or so of the advertised jackpot.

Reply #4

Prob988 — Tue, 20 Jun 2006 00:51:44 GMT

Well thanks for your helpful answer.

I still don't know the cash value of the NY Lotto, but I know if I'm ever in the market for another mother, whose resume I should review.

Meanwhile I remain curious about the cash value. If anyone else knows the answer, I would appreciate a response.

Reply #3

CASH Only — Mon, 19 Jun 2006 22:33:10 GMT

NY doesn't tell unless somebody hits and they chose cash. And if it did, I wouldn't tell you because it's a big RIPOFF.

Reply #2

Prob988 — Mon, 19 Jun 2006 22:30:46 GMT

Well that would be a concern if millions of people had not already played and run the jackpot up. It's a different matter with however many rollovers have occurred to make the annuity jackpot what it is.

I am trying to grasp the expectation value of this jackpot in particular and would like to know what percentage of the jackpot is represented by cash. This will make me better able to judge the situation now.

For this reason it would be useful to know what the cash value of the prize... [ More ]

Reply #1

CASH Only — Mon, 19 Jun 2006 21:45:21 GMT

Quote: Originally posted by Prob988 on June 19, 2006 Anybody know?

New York is one of those states that conceals the issue.

With the slim pickings in the big lotteries, I was thinking of strolling over to the state of my birth to pick up a few tickets. Is it worth it?

Yes?

No?

NY Lotto is the BIGGEST ripoff among all US lottery games. Only 38%-40% of wagers is used to pay prizes.

What's the cash value on NY Lotto?

Prob988 — Mon, 19 Jun 2006 20:24:19 GMT

Anybody know?

New York is one of those states that conceals the issue.

With the slim pickings in the big lotteries, I was thinking of strolling over to the state of my birth to pick up a few tickets. Is it worth it?

Yes?

No