Lottery Savings Account

Reply #19

BobP — Thu, 17 Mar 2011 10:21:10 GMT

The question of lump sum vs spread out payments has been asked and polled a number of times. Not every state offers the option.

As to whether your employer steals the pension fund or the federal government raids the social security trust fund we're never going to see that money again. So far lottery winnings have been safe as have bank accounts even if it has taken some time to get the money back from closed banks which keeps me hopeful percentage banked portions of lottery ticket sales wo... [ More ]

Reply #18

AuntiePat — Wed, 16 Mar 2011 12:29:50 GMT

Your statement is predicated on a jackpot winner taking a lump sum prize (although, as we all know, all amounts awarded--other than the big on--are lump sum awards)--I just know when I talk about winning lotteries--I'm talking about the jackpots, not the $300 I won last week and last month on my state's version of a pick 5 game.

Before you make this type of a statement-perhaps you might need to conduct ANOTHER poll asking just how many respondents who would be so lucky to win a jackpot p... [ More ]

Reply #17

BobP — Thu, 10 Mar 2011 08:00:34 GMT

Hmmmm, so some are willing to let the lottery hold their ten million dollar jackpot and pay it out over twenty years, but not to hold ten cents out of their ticket purchase because the lottery can't be trusted, interesting.

BobP

Reply #16

Raven62 — Mon, 07 Mar 2011 22:37:24 GMT

Lottery savings Accounts give you a chance to win cash prizes instead of earning regular interest on your savings. When you put your money into a Lottery Savings Account, you're paid less interest than holders of standard savings accounts. The unpaid interest is accumulated and given as a lottery prize, usually once a month, to one of the lottery savings account holders. And that can be big money! In the U.S., Lottery Savings Accounts are only legal in Michigan: Most states that run lotteries pr... [ More ]

Reply #15

dallascowboyfan — Mon, 07 Mar 2011 13:20:30 GMT

Interesting.........

Reply #14

time*treat — Mon, 07 Mar 2011 10:26:58 GMT

Exactly. I wouldn't buy into a scheme like this with my worst enemy's dollar ... for many reasons already mentioned.

Just another pile of money they'd alter the rules on and stick their filthy mitts to later under the guise of some ginned-up e-mer-gen-cy.

Reply #13

BobP — Mon, 07 Mar 2011 09:55:18 GMT

I suspect the account is rather like a Christmas club account that doesn't pay interest, heck most savings accounts don't pay any interest to speak of in the one percent range. I also figure you set the amount and it's a done deal, not where you can change the amount as the jackpot goes up or down.

That said, there are a few advantages over alternatives.

When a wheel is played on a regular basis, lowering the amount played to save money wipes out the wheel's guarantee because all its... [ More ]

Reply #12

savagegoose — Mon, 07 Mar 2011 08:10:58 GMT

yeah out here with the advent of privacy policy announcements on every gov website. came data sharing. and data minning.

with just 1 tick in the wrong box, when filling out gov paper work. you give access to your datatoa whjole swathe of inter government departments.

from health care card, so social security, bank accounts, tax office , state dept of housing, education etc, tick that wrong box and suddenly they are all sharing info.

something similar happens when you tick i dont mi... [ More ]

Reply #11

sully16 — Mon, 07 Mar 2011 00:39:56 GMT

yikes.

Reply #10

JAP69 — Sun, 06 Mar 2011 21:49:17 GMT

Not only the reduction in prize level what are the lotteries doing.

To wager they need your personal info for your acct in their database. You have gov't tracking your spending on lotteries and this info could go to other gov't agencies.

They are tracking almost every thing you do now.

Reply #9

JAP69 — Sun, 06 Mar 2011 21:40:30 GMT

Come to think of it, this sounds like something pumpi might think up for one of his socialist lotteries.

Maybe those lotteries have been reading pumpis blog the last few years.

Reply #8

Coin Toss — Sun, 06 Mar 2011 21:35:04 GMT

I wouldn't touch anything like this.

What's to say those running the show wouldn't keep lowering the jackpot amounts?

Well you agreed to a prize reduction of _ _ %

Yeah, I did. when the jackpot was $99,000,000 and there was no ceiling on them .

Come to think of it, this sounds like something pumpi might think up for one of his socialist lotteries.

Reply #7

JAP69 — Sun, 06 Mar 2011 21:09:14 GMT

Saving money is a good idea but.

Playing the lottery is the opportunity to win money.

Reducing the prize level like 10% the math does not add up. The lottery is the winner in this deal.

If I won $50,000.00 the lottery keeps $5,000.00. That means I would have had to wager $50,000.00 to have $5,000.00 in that savings acct administered by the lottery. If you win you are paying the lottery big money even if they return the savings to you. The lottery gets to use your money interest free.

Reply #6

marcie — Sun, 06 Mar 2011 20:46:32 GMT

I am actually thinking about getting a Lottery Bank account, good Idea

Reply #5

ameriken — Sun, 06 Mar 2011 20:20:18 GMT

True, however as a whole, Americans are extremely lousy savers. The idea of a plan like this would be more than most people would ever do on their own.

Reply #4

RJOh — Sun, 06 Mar 2011 18:58:47 GMT

Sounds like something players could do on their own by reducing the amount they spend on tickets and putting the differences in a saving account.

Reply #3

ameriken — Sun, 06 Mar 2011 17:22:32 GMT

I think what he is saying is that the 10% of your ticket (or whatever % you choose) is going into a savings account even if you lose. So if you spend $5000/year in tickets, you would have $500 in a bank account which is your own money.

Since you are keeping 10% of your ticket and only wagering 90% of the ticket price, then anytime you win, you only get 90% of the prize. If it's a $10 winner, you get $9. If it's a $100,000,000 winner, you get $90,000,000.

But the original 10% would be your... [ More ]

Reply #2

savagegoose — Sun, 06 Mar 2011 14:53:53 GMT

not sure i understand, so instead of buying say $10 of lotto, i would bank a percent, and buy the remaining, so as you said, bank %10 or 1 dollar and buy $9 of lotto? then if i win? i get 90% of the prize? what happens to the %10 that was saved

Reply #1

Todd — Sun, 06 Mar 2011 13:35:57 GMT

Sounds like a great idea

Lottery Savings Account

BobP — Sun, 06 Mar 2011 11:08:31 GMT

I heard on the radio, in some countries you can open a lottery account and set a percentage amount of your ticket price to go into a savings account with a corresponding reduction in prize when you win.

This isn't the U.K. Bond lottery where the interest goes to lottery prizes among bond holders and you can get all your money back without interest at any time.

In this case, when one selects say 10% ten units out of every hundred going into a bank like savings account in your name, if... [ More ]