Ohio Classic Lotto Cash Option

Reply #3

Bradly_60 — Tue, 06 Jan 2009 15:01:54 GMT

I understand that they are estimates but it has been a LONG time now since 50% cash could fund a jackpot. If that is the cash they should just change it on their website. If they are just inflating the jackpot then that is wrong.

Brad

Reply #2

RJOh — Sun, 04 Jan 2009 18:12:09 GMT

I don't think it matters because they state the cash option is 50% of the jackpot amount. If you go to jackpot calculation page, it states that the jackpot pay-out is an estimate and may vary depending on the interest rates for a 30 year annuity. Maybe it's the jackpot amount that should be lowered. I entered $10M and got the following.

CASH OPTION

CASH VALUE: $5,000.000

FEDERAL TAX (25%): 1,250,000

STATE TAX (6%): 300,000

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ONE-TIME NET... [ More ]

Reply #1

Bradly_60 — Sun, 04 Jan 2009 17:11:16 GMT

I never got a response. If someone wins this game from Ohio I would look into it. The cash option needs to be more than 50%.

Brad

Ohio Classic Lotto Cash Option

Bradly_60 — Thu, 25 Dec 2008 03:34:01 GMT

I sent an email to them and asked how they expect a 50% cash option to double in their annuity time frame with today's interest rates. I just don't see how they could get that return. Unless they invest in a different way then US Treasuries but that doesn't seem right. Still no response.

Brad