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$500 Million Jackpot

Topic closed. 6 replies. Last post 11 years ago by JimmySand9.

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LottoGroups's avatar - peace

Canada
Member #35567
March 19, 2006
40 Posts
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Posted: April 1, 2006, 11:33 am - IP Logged

I am feeling optimistic that this run of Mega Millions will reach $500 million. We have 45 shares (members) in the Mega Millions group so far. I have hoping to reach 100 shares by the time the jackpot reaches $500 million.

Lotto Groups - the best way to win

    LottoL's avatar - techno eye.jpg
    Texas
    United States
    Member #33719
    February 24, 2006
    705 Posts
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    Posted: April 1, 2006, 11:40 am - IP Logged

     

    . . . . Lotto Groups - the best way to win

     

    How many times have you won?

      Jake649's avatar - scene sunovermountains.jpg

      Canada
      Member #2673
      November 2, 2003
      497 Posts
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      Posted: April 2, 2006, 10:51 am - IP Logged

      I guess it depends upon the definition of won. I would imagine that if a group won a jackpot, they would not still be playing. But if a group won some money, they would be encouraged to keep playing especailly since they have extra money to play with.

      Good luck,
      Jake

        LottoGroups's avatar - peace

        Canada
        Member #35567
        March 19, 2006
        40 Posts
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        Posted: April 2, 2006, 2:37 pm - IP Logged

        I am estimating our group will be able to buy around 900 tickets. This includes spending all of the money we can assume we will win. We plan to cover every Mega Ball several times.

        Therefore our probability of winning is around 1 in 200,000. Those are very good odds. Each member of the group wins $5 million if we hold the only winning ticket. I will leave it to Prob988 to calculate that probability.

        Lotto Groups - the best way to win

          RJOh's avatar - chipmunk
          mid-Ohio
          United States
          Member #9
          March 24, 2001
          19821 Posts
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          Posted: April 2, 2006, 6:12 pm - IP Logged

          What make you think your group buying 900 tickets is more likely to win than someone in a city that buys 10,000 tickets every drawing?  The way I see it, if you're just buying 900 randomly picked tickets, your chances aren't much better than most players playing alone.

           * you don't need to buy more tickets, just buy a winning ticket * 
             
                       Evil Looking       

            dvdiva's avatar - 8ball

            United States
            Member #2338
            September 17, 2003
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            Posted: April 2, 2006, 7:09 pm - IP Logged

            It just seems like an easy way of 45 people loosing 5 bucks instead. Even if you win at the 300 million mark thats only 2.5 million per person. You would be far better off playing a state game by yourself. If you are waiting for Mega to break the 500 million mark come back in a few years and maybe you can get tickets.

              Avatar

              United States
              Member #1826
              July 11, 2003
              2645 Posts
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              Posted: April 2, 2006, 9:53 pm - IP Logged

              I am estimating our group will be able to buy around 900 tickets. This includes spending all of the money we can assume we will win. We plan to cover every Mega Ball several times.

              Therefore our probability of winning is around 1 in 200,000. Those are very good odds. Each member of the group wins $5 million if we hold the only winning ticket. I will leave it to Prob988 to calculate that probability.

              You would not get $5 Million each. You would each get about $144,230 a year for 26 years (after federal tax withholding), or about $2,250,000 (after federal tax withholding). And that doesn't count the state taxes they'll withhold should you buy in a state in which that applies. Fortunately, you live in Canada, so that would be the end of the taxes on your money. For us in the US, they'd then go after more later on.

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