Welcome Guest
Log In | Register )
You last visited December 10, 2016, 5:13 pm
All times shown are
Eastern Time (GMT-5:00)

Multiple jackpot wins question?

Topic closed. 10 replies. Last post 11 years ago by dvdiva.

Page 1 of 1
PrintE-mailLink
Avatar

United States
Member #26330
November 16, 2005
330 Posts
Offline
Posted: April 8, 2006, 3:52 am - IP Logged

I was just thinking what would I do if I won mulitple jackpots.  I have tickets for Powerball for Sat and I'll be getting tickets for MegaMillions for Tues.  I was thinking how would someone handle this situation?  A problem I'm sure alot of us would like to have!! Not likely but fun to ponder.  I would most likely claim the Powerball jackpot first because I know a real good tax attorney in my area who knows how to handle money and invest it well.  He's also pretty well connected in town and knows bankers, cpa's and such who could help me out.  Also SC allows lottery winners to remain anonymous.  So I might give the ticket to someone else to claim the MM jackpot for me.  What would you do??  If your state didn't allow you to claim anonymously would you still try and claim both jackpots yourself?  Would you want that kind of attention, winning two large jackpot so close together?  Just a funny thought at 3:45am on a Sat morning!! LOL 

    getfashions's avatar - talina mcrow.png
    GA USA
    United States
    Member #3977
    March 9, 2004
    364 Posts
    Offline
    Posted: April 8, 2006, 7:38 am - IP Logged

    Give me a few more days and I can answer that question for you!  Got my Fantasy5, Mega Millions, and Win for Life jackposts coming right up, my son has the Powerballs covered. Wink

    Good Luck to you too there is enough out there for you too...LOLOLOLOLOLOLOLOL            Hurray!

    Do unto others as you would have them do unto you! ---Golden Rule

    Kindness goes a long way.

    Take it all the way to the bank!!!

      four4me's avatar - gate1
      MD
      United States
      Member #1701
      June 18, 2003
      8364 Posts
      Offline
      Posted: April 8, 2006, 10:18 am - IP Logged

      Quote: So I might give the ticket to someone else to claim the MM jackpot for me. 

      You give it to someone else then it belongs to someone else. If you win keep it, cash it, then if you feel like giving it to someone go ahead, or pm me i'll take care of it for you/me for half of the pot. Giving some of your money away can be a good thing tax wise. 

      What would you do??  If your state didn't allow you to claim anonymously would you still try and claim both jackpots yourself?  Yes at this point who cares with that kind of money you can get a new identity.

      Would you want that kind of attention, winning two large jackpot so close together? 

      If you won both pots it would be hard to avoid it unless you claimed one anonymously. Bash in the limelight for a few weeks then bow out and live life large. You'll have plenty of money to buy yourself any lifestyle you desire.

      If you were to win both jackpots you'd be the luckiest person on the planet.

        Uff Da!'s avatar - InCelebration 001.jpg
        Washington State
        United States
        Member #33973
        February 26, 2006
        347 Posts
        Offline
        Posted: April 8, 2006, 11:26 am - IP Logged

        The chance of winning both really close together is so remote that I'll discount the possibility.  However, if I did win one and chose to keep playing, I believe I'd have a legal document drafted that I am gifting all future winnings to my five siblings and two stepchildren.  It would be like a pool agreement, except that I'd be paying the full amount.  I think with a document like that, the IRS would have to agree that the gift of the ticket was before one knew it was a winner.  Thus, each person would pay their own share of the taxes for any winnings at their own tax rate.

          Avatar
          Morrison, IL
          United States
          Member #4657
          May 13, 2004
          1884 Posts
          Offline
          Posted: April 8, 2006, 1:30 pm - IP Logged

          Nobody in the history of Powerball and Mega Millions has ever won both jackpots.

            LOTTOMIKE's avatar - cash money.jpg
            Tennessee
            United States
            Member #7853
            October 15, 2004
            11338 Posts
            Offline
            Posted: April 8, 2006, 1:43 pm - IP Logged

            never say never it could happen.someone who won one jackpot could bankroll himself or herself to win another.....


              United States
              Member #23806
              October 16, 2005
              188 Posts
              Offline
              Posted: April 8, 2006, 1:55 pm - IP Logged

              Nobody in the history of Powerball and Mega Millions has ever won both jackpots.

              It will happen..........................

               

              IT WILL HAPPEN TO ME!

                Avatar
                NY
                United States
                Member #23835
                October 16, 2005
                3475 Posts
                Offline
                Posted: April 8, 2006, 4:54 pm - IP Logged

                never say never it could happen.someone who won one jackpot could bankroll himself or herself to win another.....

                Sure it could happen, but it's also possible that somebody could win 5 draws in a row using the same numbers each time. It's just not very likely.

                This is what probability suggests about any winner in one game winning the other game. If 1000 PB jackpot winners (and there aren't 1000 yet) each buy 1000 MM tickets every year they'll be buying  a total of 1 million tickets each year.  With odds of 1: 175,711,536, that means they can expect to have one jackpot win every 175.7 years. For a MM winner to win PB it would be about once every 145 years. Of course what really happens is never  exactly what would theoretically happen. It's possible that both PB and MM will be won on the next draw and that they'll both be won by people who previously won the other game, but it's also possible that previous winners could buy a billion tickets without winning another jackpot. That's just how probability works.

                As far as bankrolling themselves to another win, the more money you spend the more likely you are to become statistically normal, andstatistically normal in the lottery means winnning back the 50 cents on the dollar that the state doesn't keep. Gambling large sums of money is one of the surefire ways to lose large sums of money.

                  Avatar

                  United States
                  Member #26330
                  November 16, 2005
                  330 Posts
                  Offline
                  Posted: April 8, 2006, 5:03 pm - IP Logged

                  I know the possibility and probability of winning both jackpots even months or years apart is probably 1  in a billion.  But a lifetime of weird coincidences says there always a chance there's always that last card in the deck when you have the best cards that comes off and gives your opponent the win.  I know it's unlikly and I'd probably be so busy with travel and charity once I won one jackpot that I probably wouldn't play as much.  But I'd still play, buying a ticket when I felt like it or playing on betslips.  I wonder if betslips would cover my bets if I wanted to invest some major money and buy all combo's for say the FL lotto? LOL  Anyways it was just a weird thought because I was reading an article about the Iowa winner Brad Duke who won $220million and was buying $1000 dollars worth of Powerball tickets for the $365million jackpot. 

                    Avatar
                    NY
                    United States
                    Member #23835
                    October 16, 2005
                    3475 Posts
                    Offline
                    Posted: April 10, 2006, 2:12 am - IP Logged

                    Buying all of the combinations is basically impossible, but even if it could be done it may be even stupider than betting $1000 a week. The first really big jackpot I'm aware of where anybody really tried to do it was in about 1987 when the NY lotto reached 42 million or thereabouts. IIRC there were 7 winners, so each of them got about 6 million. At the time there were a little more than 6 million possible combinations.  Since the payout was an annuity they would essentially have lost half of their money. It could have been worse, because there are a few combinations that are played by hundreds or even thousands each and every drawing.

                    There is absolutely nothing you can do to make winning and turning a profit a sure thing. If you an afford to lose a few million why would you even bother?

                      dvdiva's avatar - 8ball

                      United States
                      Member #2338
                      September 17, 2003
                      2063 Posts
                      Offline
                      Posted: April 10, 2006, 2:28 am - IP Logged

                      Even if you win both you will not have the advertised jackpot for either game. You would have $135 million after federal tax. It's even lower if you have to pay state income tax. Odds of winning with the one quickpick method are 25,672,854,000,000,000 or only 25 quadrillion to one.