Buying every combination for Powerball...Is it legal?

Reply #25

THRIFTY — Wed, 15 Feb 2012 20:07:35 GMT

Look at his deep blue eyes.He is not like you and me.Do not trust him.He is from above.He is a spaceman.

The creation of colors. Black + Black=Brown, Brown + Brown=Yellow, Yellow + Yellow=White.

Should we say messing around with Genetics.

Reply #24

mcginnin56 — Wed, 15 Feb 2012 15:43:03 GMT

Yeah, I start getting carpel tunnel syndrome only after about 20 playslips.

Reply #23

mcginnin56 — Wed, 15 Feb 2012 15:36:13 GMT

And very WHITE

Reply #22

rdgrnr — Wed, 15 Feb 2012 04:37:52 GMT

Yes and thank goodness they were rich people.

Reply #21

THRIFTY — Wed, 15 Feb 2012 04:13:21 GMT

Was it legal for three assets managers from Connecticut to win a $254 millions powerball jackpot after joining the pool of possible winners with 1 LOTTERY QUICK PICK

Reply #20

Ruud — Tue, 14 Feb 2012 14:36:41 GMT

Coverage for the last Powerball roll was only 40%. I think that we'll see a $400+ million Powerball jackpot in the next year and, if it hits that level, it's a coin flip away from $500+ million.

Reply #19

psykomo — Tue, 14 Feb 2012 13:15:57 GMT

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Reply #18

FARAHSAN — Mon, 13 Feb 2012 22:26:58 GMT

It would not be worth it to invest 350M to (best case scenario) break even really because in actuality that's what it is. The after tax cash value if what you're playing for if you have 350M laying about. If the jackpot was at 500M, the after tax value would be about 200M (maybe less), assuming that they add your 350M to the prize pool (which they probably will not), how much of that goes to the jackpot? say an utopian 125M (they will keep 150M for themselves) so the new jackpot would be 325M af... [ More ]

Reply #17

rdgrnr — Mon, 13 Feb 2012 22:13:11 GMT

I think some states require that the playslips are filled out by hand also.

35 million playslips by hand? Hmmm...

I think my hand would be too tired after I had filled out only 20 million or so.

Reply #16

Stack47 — Mon, 13 Feb 2012 22:03:32 GMT

The logistics of accomplishing this feat would be staggering,

There are only five lines on most playslips so it would take 35 million. The time it would take to accurately fill them out is irrelevant even if one could get that many playslips because there isn't enough time to play them all without tying up hundreds of lottery terminals.

Having said that, I do remember a story back in the 80's when a group of investment bankers pulled it off. Forget which lottery it was.

That was done... [ More ]

Reply #15

GYM RICE — Mon, 13 Feb 2012 20:59:45 GMT

Yes...It would take some serious guts to attempt something like this because of the mulitple winners part of the equation.

Reply #14

time*treat — Mon, 13 Feb 2012 05:56:06 GMT

It hasn't been outright criminalized, but the number of combos has been upped and other rules added to make the logistics impractical.

Reply #13

mcginnin56 — Mon, 13 Feb 2012 05:41:25 GMT

Well that was a SURPRISE!, honestly wasn't evening thinking about my birthday tomorrow!

Thanks very much for the well wishe's rdgrnr! Much appreciated!

Yeah I'm hoping to trap a pick 4 str8 in the next couple of days, elusive little suckers

Reply #12

justxploring — Mon, 13 Feb 2012 05:38:55 GMT

There is a huge difference between 7 million and 175 million. There's also no guarantee that, even if it were possible to buy 175 million different combinations, there wouldn't be multiple winners.

Reply #11

mcginnin56 — Mon, 13 Feb 2012 05:34:49 GMT

You are correct Coin Toss. Just googled, and it was the Australians trying to play all the possible 7 Million+ combinations of the Virginia pick 6 lottery back in 92

Apparently they only had enough time to play 5 Million comb's only, but from the article looks like the winning ticket was from this syndicate.

BTW, they did change the lottery rules to prevent bulk purchases at lotto terminals, similar to the Mass. Ca$h Winfall scam, that game has actually been discontinued as of 1/23.

Reply #10

justxploring — Mon, 13 Feb 2012 05:33:35 GMT

No. It makes no sense. The odds are still 175 million to one.

Reply #9

rdgrnr — Mon, 13 Feb 2012 05:30:04 GMT

Well I hope ya hit a Pick4 Str8 today

Happy Birthday mcginnin

Reply #8

James1 — Mon, 13 Feb 2012 05:30:03 GMT

Yes it was Australians but I thought it was fla could be wrong though but I do recall hearing the group buy tons of tickets in fla

Reply #7

Coin Toss — Mon, 13 Feb 2012 05:26:57 GMT

Wasn't it some Australians and the Virginia lottery?

After they did it didn't the Virginia lotery pass a law about not tying up lottery terminals, so as to safeguard against that type of play

Reply #6

savagegoose — Mon, 13 Feb 2012 05:26:10 GMT

wow a register receipt! id never think of asking,. here we pay the tax on buying, at the terminal. all buyers pay tax, the winner walks off tax free.

Reply #5

mcginnin56 — Mon, 13 Feb 2012 05:22:21 GMT

You are correct, I wasn't factoring in the write off of the $350 Million.

I actually make it a point now to get a register receipt for all my ticket's, particularly for pick 4's which I spend a lot on, in the event of an IRS audit.

Just keeping the losing tickets alone is not enough proof to the IRS.

Reply #4

James1 — Mon, 13 Feb 2012 05:19:01 GMT

I remember a group of people doing this in fla in the 90s I believe on fla lotto they bought every combination and won and profited. But if someone else would of won they would of lost money.

Reply #3

savagegoose — Mon, 13 Feb 2012 05:11:50 GMT

WELL TAXES ARE ONLY ON THE PROFIT, the $350 mill you spent on tickets is a deduction.

so say it was a $500 mill cash payment, you would spend $350 on geting it, tax on the $150M profit

Reply #2

mcginnin56 — Mon, 13 Feb 2012 04:16:36 GMT

With over 175,223,510 possible combinations for Powerball @ $2/ticket you'd have to cough up $350,447,020. And whatever you win you'd likely be in the 35% tax bracket.

The logistics of accomplishing this feat would be staggering, I will not go into the tedious details; however even if you were the sole winner, after taxes you'd still be in the hole millions. Also if just one other person gets the same number that cuts jackpot in two.

Having said that, I do remember a story back in the 80's... [ More ]

Reply #1

New York — Mon, 13 Feb 2012 04:00:53 GMT

I really don't know but no one has that huge amount of money and they could try to invest $1,000,000 the most and still lose. I also don't think the powerball will reach past $325 million because everytime it's at that price, someone wins. I guess history tends to repeat itself.

Buying every combination for Powerball...Is it legal?

GYM RICE — Mon, 13 Feb 2012 03:47:33 GMT

Now that we've seen Powerball and their new $2 wage get up to over 300 million faster than any other time in the history of American lotteries, its only a matter of time before we see a 400 million or dare I say 1/2 Billion jackpot?...With that said, wouldn't Jackpots that big just bring out groups of people with very large bank accounts who have the ability to buy every combination and win the Jackpot? If its not illegal to buy every combo, couldn't someone from say Wall street already be putti... [ More ]