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Powerball vs Mega Millions.

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

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pigsNtrees's avatar - pigsNtrees
Mallorn trees of Lothlorien
United States
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November 14, 2005
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Posted: April 8, 2006, 2:58 pm - IP Logged

The last time there was a Powerball winner was.

Sat, February 18, 2006

The last time there was a Mega Millions winner was.

Tuesday, February 28, 2006

A ten day difference, no wait make that seven days given the difference in the drawing dates(Sat vs Tue). Yet Mega Millions is now only six million dollars behind. Not only that check out the differences in payout.

Powerball Jackpot

$195,000,000

Cash

$91,000,000

Payout on cash Federal taxes withheld.

$68,250,000

Mega Millions Jackpot

$189,000,000

Cash

$107,000,000

Payout on cash Federal taxes withheld

$80,250,000

Quando Porca Volare!

drunk hobbit

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    Posted: April 8, 2006, 3:32 pm - IP Logged

    Powerball pays out over 29 years, MegaMillions pays out over 26.  The cash value is less for PB because they can buy a smaller bond to finance the longer payout period.  If both continue to rollover, the MM jackpot will eventually overtake PB, possibly even next week.


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      Posted: April 8, 2006, 3:34 pm - IP Logged

      Powerball pays out over 29 years, MegaMillions pays out over 26.  The cash value is less for PB because they can buy a smaller bond to finance the longer payout period.  If both continue to rollover, the MM jackpot will eventually overtake PB, possibly even next week.

      Also, the PB annuity is "graduated"-the payments increase by 4% yearly.

        pigsNtrees's avatar - pigsNtrees
        Mallorn trees of Lothlorien
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        Posted: April 8, 2006, 3:41 pm - IP Logged

        Let me say how I'm impressed I am, at all the very smart members of this board. Not only that but most times, the answers are written in such a way as to explain something that is complicated simply.

        Thanks y'all.

        Quando Porca Volare!

        drunk hobbit

          LOTTOMIKE's avatar - Lottery-063.jpg
          Tennessee
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          Posted: April 8, 2006, 5:57 pm - IP Logged

          thanks pigs n trees.....

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            Morrison, IL
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            Posted: April 8, 2006, 6:11 pm - IP Logged

            Mega Millions simply has all the states that are so big, even Powerball's 30 jurisdictions can't compete with Mega's 12. It's Mega Millions' combined population of 156 million against Powerball's 96 million. The cash values are what they are, and Powerball's is lower simply because they don't have as big a player base to sell nearly as many tickets per drawing as Mega Millions can; the only effect Powerball's back loading of the annuity has is on the annuity itself; it does not "rob" the winner of cash.

              dvdiva's avatar - 8ball

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              Posted: April 8, 2006, 11:04 pm - IP Logged

              It's not a state issue. The largest prize ever given out is Euromillions with odds 100 million less than Megamillions but no annuity. The Big Game got really big with a much lower population. Powerball's big killer has been the cap. It most likely would have broken 400 already. It would also be interesting if a large scale game in the US would offer just cash prizes but annuity and bond lawfirms have far more clout in the US than in Europe.

                RJOh's avatar - chipmunk
                mid-Ohio
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                Posted: April 8, 2006, 11:57 pm - IP Logged

                I know mathematician will say it doesn't make sense, but 10 years ago lotteries had better odds with large jackpots.  I can remember when Ohio SuperLotto a 649 games had jackpots of $50M+ and when it ended it was lucky to get to $6M+.  Could it be that some lottery players got smarter and it's actually harder for jackpots to keep rolling today?  Or maybe annuities paid better rates?

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

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                  Morrison, IL
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                  Posted: April 9, 2006, 1:29 am - IP Logged

                  It's not a state issue. The largest prize ever given out is Euromillions with odds 100 million less than Megamillions but no annuity. The Big Game got really big with a much lower population. Powerball's big killer has been the cap. It most likely would have broken 400 already. It would also be interesting if a large scale game in the US would offer just cash prizes but annuity and bond lawfirms have far more clout in the US than in Europe.

                  Well the fact remains that Mega Millions sells a lot more tickets per drawing than Powerball at any given jackpot level, even in terms of cash jackpot levels. That is the real reason Powerball takes longer for its cash jackpot to break $100 million than it does for Mega.