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Powerball now behind on cash

Topic closed. 8 replies. Last post 11 years ago by Just6ntlc.

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dvdiva's avatar - 8ball

United States
Member #2338
September 17, 2003
2063 Posts
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Posted: April 6, 2006, 12:41 am - IP Logged

195 vs. 162 but Mega is offering 2 million more in cash at 93 million. Shows what backloaded annuities do.

 Results and cash amounts off www.usamega.com

    Dream's avatar - dragon1

    United States
    Member #2399
    September 28, 2003
    143 Posts
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    Posted: April 6, 2006, 1:36 am - IP Logged

    I stopped paying attention at the annuity a while ago. Why not make it like Euro Millions?Why is everything made only to deceive people? Advertised $195M, but you only get 1/3 when you get down to business. Same thing as read the bottom line

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      New Jersey
      United States
      Member #21206
      September 4, 2005
      949 Posts
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      Posted: April 6, 2006, 9:48 am - IP Logged

      I stopped paying attention at the annuity a while ago. Why not make it like Euro Millions?Why is everything made only to deceive people? Advertised $195M, but you only get 1/3 when you get down to business. Same thing as read the bottom line

      People should not pay attention to the annuity values, which are all marketing.

      Even if one intends to take the annuity for whatever reason, the measure of true value is the cash. 

       

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        Morrison, IL
        United States
        Member #4657
        May 13, 2004
        1884 Posts
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        Posted: April 6, 2006, 12:16 pm - IP Logged

        Yeah, maybe if players stopped paying attention to the annuity values and actually PLANNED on how to invest their money, all lotteries will drop the annuity crap, or at least Powerball's capped jackpots will apply to cash value instead of annuity (I actually suggested that to the MUSL but they said that while it is more logical to apply the cap to the cash they'd have too difficult a time explaining it to the players, many of whom are stupid enough to believe the cash value is the advertised jackpot after taxes!!). According to Powerball's FAQ page, the reason lotteries have annuities is so the winners won't have to worry about investing their winnings.


          United States
          Member #379
          June 5, 2002
          11296 Posts
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          Posted: April 6, 2006, 12:23 pm - IP Logged

          Yeah, maybe if players stopped paying attention to the annuity values and actually PLANNED on how to invest their money, all lotteries will drop the annuity crap, or at least Powerball's capped jackpots will apply to cash value instead of annuity (I actually suggested that to the MUSL but they said that while it is more logical to apply the cap to the cash they'd have too difficult a time explaining it to the players, many of whom are stupid enough to believe the cash value is the advertised jackpot after taxes!!). According to Powerball's FAQ page, the reason lotteries have annuities is so the winners won't have to worry about investing their winnings.

          US lotteries were annuity-only to support companies that would make money off of players' winnings. This corruption still exists, to a smaller degree (mostly in MA and NY).

            Dream's avatar - dragon1

            United States
            Member #2399
            September 28, 2003
            143 Posts
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            Posted: April 6, 2006, 12:47 pm - IP Logged

            Yeah, maybe if players stopped paying attention to the annuity values and actually PLANNED on how to invest their money, all lotteries will drop the annuity crap, or at least Powerball's capped jackpots will apply to cash value instead of annuity (I actually suggested that to the MUSL but they said that while it is more logical to apply the cap to the cash they'd have too difficult a time explaining it to the players, many of whom are stupid enough to believe the cash value is the advertised jackpot after taxes!!). According to Powerball's FAQ page, the reason lotteries have annuities is so the winners won't have to worry about investing their winnings.

            With big jackpots these days you still have to worry about investing even after choosing annuity.


              United States
              Member #16612
              June 2, 2005
              3493 Posts
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              Posted: April 6, 2006, 2:20 pm - IP Logged

              I agree. When PB is at the cap, they should increase the cash value only. I hope PB continues to roll.

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                Morrison, IL
                United States
                Member #4657
                May 13, 2004
                1884 Posts
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                Posted: April 6, 2006, 3:03 pm - IP Logged

                Maybe when more players get smarter the MUSL will apply the cap to the cash value instead of the annuity. The games should be looked at as cash jackpot games, with the option of having the lotteries invest the winnings, instead of annuity jackpot games, with cash options. Unfortunately, us LP members are in the very small minority of lottery players, especially those of Powerball and Mega Millions, and many Powerball states do not even border Mega states, so players may not even care about the noncomparability of the two annuities.


                  United States
                  Member #16612
                  June 2, 2005
                  3493 Posts
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                  Posted: April 11, 2006, 1:30 pm - IP Logged

                  Right now, PB has the highest annunity jackpot. However, they're offering 101 million versus 107 million in cash value for MM. I think MUSL should apply the cap at cash value.