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Florida 60% payouts

Topic closed. 9 replies. Last post 11 years ago by johnph77.

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Posted: April 1, 2006, 3:59 pm - IP Logged

Does anybody know when FL is supposed to have a 60% payback on its online games? How about the current percentage? I will be driving to FL in mid-October.


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    Posted: April 2, 2006, 1:27 pm - IP Logged

    Florida Lotto $32 million for Wednesday, April 5. Maybe FL can use its very large population as leverage to get MUSL to increase the payout % for Powerball.

      johnph77's avatar - avatar
      CA
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      Posted: April 2, 2006, 2:57 pm - IP Logged

      Except for Pick 3 and 4, all FL payouts on games run by the state are pari-mutuel. Pick 3 and 4 are the usual 48%-50%.

      Blessed Saint Leibowitz, keep 'em dreamin' down there..... 

      Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.

       =^.^=

        justxploring's avatar - villiarna
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        Posted: April 2, 2006, 3:13 pm - IP Logged

        Cash, am I misunderstanding you? I once posted in response to this question that I check out the payouts every time someone claims a jackpot for MegaMoney and Lotto and they are usually 70-75% (for MegaMoney) and 55-65% (for Lotto) depending on the amount of tickets purchased. I've seen payouts for the Lotto as high as 67%, but never less than 50%..usually more.  As John wrote above, the payouts are pari-mutuel including Fantasy 5 and are based upon the total revenues for that particular drawing, so it will vary from drawing to drawing.

        "Maybe FL can use its very large population as leverage to get MUSL to increase the payout % for Powerball."

        I'm the first to admit that I know a lot less about different lottery games than most people on this board, but I don't understand why Florida would have any influence on Powerball.

          dvdiva's avatar - 8ball

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          Posted: April 3, 2006, 12:07 am - IP Logged

          MUSLwould have to change the matrix if FL joined otherwise it will be years before it even breaks 200 million. Adding North Carolina will stress the current matrix enough. Currently the cash payout on the florida lottery is around 47 - 48% for the Lotto game from what I can tell. As far as MUSL paying out more forget it. Any idea that makes sense doesn't pass at MUSL.

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            Morrison, IL
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            Posted: April 3, 2006, 3:59 pm - IP Logged

            lol The MUSL will not increase its payout percentage unless all its jurisdictions agree, and it has too many that would probably not agree to it. As for Powerball's current matrix, I believe it is sufficient to include North Carolina. North Carolina will only push the population to 105 million, compared to Mega Millions' 156 million.


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              Posted: April 3, 2006, 5:38 pm - IP Logged

              Cash, am I misunderstanding you? I once posted in response to this question that I check out the payouts every time someone claims a jackpot for MegaMoney and Lotto and they are usually 70-75% (for MegaMoney) and 55-65% (for Lotto) depending on the amount of tickets purchased. I've seen payouts for the Lotto as high as 67%, but never less than 50%..usually more.  As John wrote above, the payouts are pari-mutuel including Fantasy 5 and are based upon the total revenues for that particular drawing, so it will vary from drawing to drawing.

              "Maybe FL can use its very large population as leverage to get MUSL to increase the payout % for Powerball."

              I'm the first to admit that I know a lot less about different lottery games than most people on this board, but I don't understand why Florida would have any influence on Powerball.

              I'm referring to the PAYOUT percentage of money wagered (which will eventually be 60% in the FL online games), NOT the percentage of the cash value v the annuity. Sorry if I didn't make it clear.

                justxploring's avatar - villiarna
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                Posted: April 3, 2006, 6:04 pm - IP Logged

                Cash, am I misunderstanding you? I once posted in response to this question that I check out the payouts every time someone claims a jackpot for MegaMoney and Lotto and they are usually 70-75% (for MegaMoney) and 55-65% (for Lotto) depending on the amount of tickets purchased. I've seen payouts for the Lotto as high as 67%, but never less than 50%..usually more.  As John wrote above, the payouts are pari-mutuel including Fantasy 5 and are based upon the total revenues for that particular drawing, so it will vary from drawing to drawing.

                "Maybe FL can use its very large population as leverage to get MUSL to increase the payout % for Powerball."

                I'm the first to admit that I know a lot less about different lottery games than most people on this board, but I don't understand why Florida would have any influence on Powerball.

                I'm referring to the PAYOUT percentage of money wagered (which will eventually be 60% in the FL online games), NOT the percentage of the cash value v the annuity. Sorry if I didn't make it clear.

                Oh, okay. I guess this is something I never really considered. (still don't quite know the difference) I always think of payout as cash value. I guess all I look at is the possibility of winning a big jackpot so 50% or 60% isn't an issue for me. If I win Wednesday's $32M jackpot, I'll be happy with 50%!  Smiley We have no state income tax, so that would still be over $10.4M after taxes. Of course I'd always want the most I can collect, but it doesn't have any influence on whether or not I purchase a ticket.

                But I'm still a little confused. If Florida has nothing to do with Powerball, why would the lottery have an influence on it? Are you saying that, if FL joins PB it would? That would make sense, but I thought FL was purposely trying not to participate in either MM or PB because Jeb feels it would have a negative impact on revenues. Maybe I haven't kept up with the latest news.


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                  Posted: April 6, 2006, 2:26 pm - IP Logged

                  CASH Only, this is a good question. I think the payout in Florida is somewhere between 48 and 60% currently in all games. However, all games are pari-mutuel. If they do play PB, will their payouts be pari-mutuel like CA?

                    johnph77's avatar - avatar
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                    Posted: April 6, 2006, 4:30 pm - IP Logged

                    Just6ntlc -

                    Not sure. Florida payouts on their Pick 3 and 4 games are a set amount.

                    When lotteries were legalized in California it was mandated that all payouts for all games played in the state were to be pari-mutuel. In essence, that means that even the Pick 3 game in CA is pari-mutuel, and the lower-tier prizes for MegaMillions are based on sales within California alone.

                    gl

                    j

                    Blessed Saint Leibowitz, keep 'em dreamin' down there..... 

                    Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.

                     =^.^=