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help please with figuring outReply
Quote: Originally posted by wannawinnow on September 16, 2004please tell me if any one can ,, what amount of taxes should i expect to pay out for a winning lottery ticket for a pick 4 and winning amount of 2500.00$Here in Wisconsin, on any single winning ticket in an amount over $599 you must go to the lottery office to redeem it. Once there, they take out 30% for the Fed, and 7% for the state (that's our highest state income take bracket) -- So you leave with 63% of what you won. At the end of
Sep 18, 2004, 8:53 am - Badger - Mathematics Forum

Chances of 1,2 or three winners in PowerballReply
OK. My local TV news in TX says the cash value of the $1 Billion PowerBall Jackpot after income taxes is $325 million. (You would instantly become an evil 1%-er.) The probability of a single random ticket winning is 1 in 292201338. Nobody knows how many tickets will be bought before the fact, but 350M might be a reasonable (very rough) estimate based on history. If everybody bought a Quick Pick, the Expected Value of the cash after-tax Jackpot (per the Binomial Distribution) would be about $189
Jul 19, 2023, 8:05 pm - Orange71 - Mathematics Forum

Mega Millions Just The JackpotReply
For those answers, did you assume just one jackpot winner? If not, what number of tickets did you assume were sold? I did the 3rd calculation a while back, factoring in taxes. I remember that it didn't make sense, from an expected return viewpoint, to play Mega Millions until the jackpot was roughly $600M, so your results are in the right ballpark, and are most likely correct. The other calculation of relevance, along these lines, is the number of plays needed for the variance of the EV
Jul 16, 2023, 8:52 pm - Wavepack - Mathematics Forum

Powerball Powerplay - Is it worth wagering it?Reply
Actually, the point of my post is to show that the long-run Expected Value (weighted average return per unit bet) on a PowerPlay ticket is only higher than a regular ticket when the Jackpot is lower than a calculable threshold. (In the real world, however, we pay income taxes on net winnings, at least from a U.S. perspective, and the assumption here is all net returns are taxed at the same rate.) Most of your expected return statistically comes from the Jackpot, generally by far. The non-Jackpot
Aug 4, 2022, 4:59 pm - Orange71 - Mathematics Forum

Win the Lottery - Your Retirement Strategy (or maybe not)!Reply
Yep, good point. You'll get something back for lower-tier wins. Also, you gotta love how the (U.S.) income tax system works on this. You pay top marginal rate on all net wins, but can't deduct any net loss, and your (gambling) losses only offset against wins for losses within the same calendar year. If you win the PB or MM Jackpot in a state like California, you will probably be paying ~55% tax (combined State and Federal). Next thing will be The Bern and Pocahontas going after Social Securit
Jul 21, 2022, 5:28 pm - Orange71 - Mathematics Forum

Powerball Powerplay - Is it worth wagering it?
Powerball Powerplay - Is it worth paying the extra $1 (meaning, does it improve the expected value of the return per $ bet)? Short answer - not really. Long answer: It depends on (a) the Expected Value of the Jackpot, and (b) whether you consider improvement of a negative Expected Value of the return (less negative return per $ bet, or in other words, smaller loss) worth it. You can read about how Powerplay works at the Powerball website. Basically, you pay an extra dollar per bet
Jul 8, 2022, 5:35 pm - Orange71 - Mathematics Forum

Nonlinear regression to predict lotteriesReply
Are those statistics calculated on real tickets you bought, or they calculated on a theorical basis? It is the theoretical performance of my system. My cash in 2014 ROI was a + 5% of the total profit of the money invested (after paying the fees of 21% of profit) . Two years ago in Spain there were no gains taxes on lottery winnings , so it was much more profitable. Explain the concepts : Profit: Gross cash prize you win by hitting a draw. Benefit : Budget Amount after paying taxes on
Jan 7, 2015, 8:02 am - anubinareloaded - Mathematics Forum

Can math and logic improve chances of winning a jackpot?Reply
My fault RJOh. I was talking about matching (5) of (6) on MM's. Using my own excel system, I see where spending roughly $100K per draw, and, optimizing timing on specific combinations...a win should be realized within (5) draws and maybe less with luck. Hit five numbers for that cool $1M and that amount spent is recovered. You then pay taxes on the $1M and start over. Even if it costed $500K to win, you get it back + $500K. After big brother get's his cut, you're good. The down side? You gott
Aug 2, 2013, 1:11 am - Lucky Loser - Mathematics Forum

Can math and logic improve chances of winning a jackpot?Reply
If I had lots of $$$ to play with, I see where hitting (5) of (5) wouldn't be terribly hard at all. Timing would be the key and I'd be willing to lose a couple of times to get there, too, because I'd still see a very handsome profit. $200K-$300K after all taxes and losses is nothing to sneeze at...especially when it can be repeated. Which pick5 game can you play that consistently pays $200K-$300K for a 5 of 5 match? All the ones I know starts out at $50K-$100K and are usually won before the
Jul 31, 2013, 9:28 am - RJOh - Mathematics Forum

Can math and logic improve chances of winning a jackpot?Reply
Yep, it's all about the field of numbers and combining those numbers into combinations. The larger the field, the harder and more expensive it becomes to get closer to the winning combination. To Ronnie316's credit, though, he's proven that it can be done...albeit at an astronomical cost, and, several tries. Certain combinations can, in fact, be played at certain times which increase odds of winning by a substantial margin. Just gotta have that kind of coin to do it. We're only dealing with numb
Jul 31, 2013, 8:32 am - Lucky Loser - Mathematics Forum