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Proposed Lot 'O Play Amendment....

Topic closed. 7 replies. Last post 11 years ago by CASH Only.

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Louisville, KY
United States
Member #15734
May 20, 2005
203 Posts
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Posted: November 14, 2005, 6:12 pm - IP Logged

Taken directly from ohiolottery.com:

OHIO LOTTERY COMMISSION

NOTICE OF PUBLIC HEARING ON
THE AMENDMENT OF AN EXISTING
OHIO LOTTERY ON-LINE GAME RULE

Notice is hereby given that the Ohio Lottery Commission intends to adopt amendments to one (1) Ohio Lottery On-line Game Rule in Proposed Form. A public hearing will be conducted on December 19, 2005, at the Frank J. Lausche Building, 615 W. Superior Avenue, 4th floor, Cleveland, Ohio 44113, at 9:00 A.M. in accordance with the Administrative Procedures Act, (Chapter 119, Ohio Revised Code). Any person affected by the proposed action may appear and be heard at the hearing in accordance with Section 119.03(C), Ohio Revised Code.

The On-line Game Rule to be considered for amendment is 3770:1-9-50, Lot ‘O Play™. The amendments to the Lot ‘O Play™ game rule pertain to how the twenty-six (26) annuity payments shall be distributed.


 OHIO LOTTERY COMMISSION
STATE OF OHIO

QUAN T. KIRK
CHIEF LEGAL COUNSEL

Wonder what they plan on doing.. maybe changing it to all cash???
    DoctorEw220's avatar - alien helmet.jpg
    Yinzer Country, PA
    United States
    Member #4067
    March 18, 2004
    2741 Posts
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    Posted: November 14, 2005, 6:19 pm - IP Logged

    I have a feeling that they may make the annuity either 30 years, or they would make the payments gradually increase.

    I've redone my website.  Go to www.dr-ew.com.  I kept a lot of the old stuff, and I've added some new stuff.  Look for more new stuff in the coming weeks.


      United States
      Member #379
      June 5, 2002
      11296 Posts
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      Posted: November 15, 2005, 9:52 am - IP Logged

      The LoP annuity should be eliminated. As it stands now the cash value is 50% of the annuity instead of a floating percentage, so cash option winners are getting a raw deal.

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        Sparta, NJ
        United States
        Member #18331
        July 9, 2005
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        Posted: November 15, 2005, 9:55 am - IP Logged

        The LoP annuity should be eliminated. As it stands now the cash value is 50% of the annuity instead of a floating percentage, so cash option winners are getting a raw deal.

        You found an annuity you didn't like. Who'd a thunk it. 

        Cheers

        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

        I only trust myself - and that's a questionable choice


          United States
          Member #379
          June 5, 2002
          11296 Posts
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          Posted: November 15, 2005, 9:58 am - IP Logged

          The LoP annuity should be eliminated. As it stands now the cash value is 50% of the annuity instead of a floating percentage, so cash option winners are getting a raw deal.

          You found an annuity you didn't like. Who'd a thunk it. 

          chew:

          It's not the annuity that I dislike; it's the cash value %. The Mega Millions annuity is the same as LoP (26 equal payments), but the cash value percentage is significantly higher.

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            Louisville, KY
            United States
            Member #15734
            May 20, 2005
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            Posted: November 15, 2005, 1:50 pm - IP Logged

            I think DrEw is right though... since the notice says "changing how the payments are made," I now think that they are changing it to either 30 years (like SLP was) or graduating it every year. The graduation idea is stupid thoguh... who would want a first year payment in a $4.3M JP to be less than $100,000 (minus taxes)?!?

              Bradly_60's avatar - disney37
              Atlantic Mine, Michigan
              United States
              Member #416
              June 23, 2002
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              Posted: November 15, 2005, 3:20 pm - IP Logged

              The way they figure the annuity is just a way for them to inflate the jackpot amount.  Higher jackpots mean higher sales and they can do that with just changing the annuitized table.  If it was my job to raise as much money as possible I would do the same.

              Brad


                United States
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                Posted: November 15, 2005, 4:29 pm - IP Logged
                OH should realize LoP is a much different game than Super Lotto Plus was. Either make the jackpot all-cash or retire it. New Jersey Lucky 7 lasted only five weeks in 1990.