Welcome Guest
Log In | Register )
You last visited January 18, 2017, 7:05 pm
All times shown are
Eastern Time (GMT-5:00)

Unclaimed lottery winnings

Topic closed. 4 replies. Last post 11 years ago by anonymous77.

Page 1 of 1
PrintE-mailLink
Avatar

United States
Member #13801
April 14, 2005
48 Posts
Offline
Posted: February 27, 2006, 10:26 pm - IP Logged

I read an article recently that said 12% of lottery winnings are never claimed.  The unclaimed money is kept by the lottery.

So when a lottery says that lottery players have won 40% of the lottery money, since 12% of that 40% is never claimed, doesn't that mean only about 35% (40% minus [12% of 40%]) of the lottery money is actually returned to the lottery players?

It seems to me that the only fair thing for them to do is to put that money back into the jackpots.

    Avatar
    Morrison, IL
    United States
    Member #4657
    May 13, 2004
    1884 Posts
    Offline
    Posted: February 27, 2006, 10:38 pm - IP Logged

    I'm pretty sure the lotteries use all unclaimed prizes toward the purposes they were designed for, such as education.

      Avatar
      BILOXI, MISSISSIPPI
      United States
      Member #19651
      August 3, 2005
      621 Posts
      Offline
      Posted: February 27, 2006, 11:06 pm - IP Logged

      the lotto is stealing the 12% should go to good losers no more cash to eduction a super jack-pot

        Avatar

        United States
        Member #10720
        January 23, 2005
        933 Posts
        Offline
        Posted: February 28, 2006, 12:35 am - IP Logged

        I don't understand why the ratio is 40 percent to begin with. If they raised it, people might play more to make up the difference. I wonder how much unclaimed is those discarded scratch-offs where people toss it after only revealing a few spots. I found one where the "bonus box" was unscratched (but no prize) and sometimes one where it paid maybe 4 dollars but someone missed a match. People buy 10 tickets at a time so they hurry through them and miss spots.

        Then, after you get back your 40 percent, if it's enough at one time, out comes another 28 percent.

        Hope your algorithm boost your odds at LEAST 2X or even 3X. 

          anonymous77's avatar - moon
          Seoul
          Korea, South
          Member #21859
          September 16, 2005
          346 Posts
          Offline
          Posted: February 28, 2006, 5:22 am - IP Logged

          If my memory is correct, Federal taxes alone account for approximately 10%+ of the whole prize money in MM and PB. So, when taxes are also taken into account, that percentage number (say, 35%) would go down even further.