Welcome Guest
Log In | Register )
You last visited January 19, 2017, 10:37 pm
All times shown are
Eastern Time (GMT-5:00)

Something I hope we never see

Topic closed. 16 replies. Last post 10 years ago by CASH Only.

Page 1 of 2
13
PrintE-mailLink

United States
Member #379
June 5, 2002
11296 Posts
Offline
Posted: August 19, 2006, 9:37 am - IP Logged

Mega Millions and Powerball each has an excellent second prize. What if a future version of MM (or less likely PB) changes its second prize to a LIFETIME prize? And MM states either don't have a cash option for second prize, or make it cheap (the VA cash option in Lose for Life is less than 10 years' worth of payments)?


    United States
    Member #16612
    June 2, 2005
    3493 Posts
    Offline
    Posted: August 19, 2006, 12:13 pm - IP Logged

    CASH Only, I hope that MM and PB doesn't have a Lose For Life second prize. I think they should keep it as is.

      bellyache's avatar - 64x64a9wg

      United States
      Member #12618
      March 18, 2005
      2060 Posts
      Offline
      Posted: August 19, 2006, 2:51 pm - IP Logged

      Mega Millions and Powerball each has an excellent second prize. What if a future version of MM (or less likely PB) changes its second prize to a LIFETIME prize? And MM states either don't have a cash option for second prize, or make it cheap (the VA cash option in Lose for Life is less than 10 years' worth of payments)?

      I don't think that will happen. Or at least I hope it doesn't happen. Of course, if they second place lifetime prize was more then a million over time that might not be so bad.

      Dance like no one is watching.

        Avatar

        United States
        Member #10720
        January 23, 2005
        933 Posts
        Offline
        Posted: August 19, 2006, 3:13 pm - IP Logged

        I have not heard of such an idea being tossed around anywhere else. I would not really object to it if it were a decent amount that gets deposited in your bank account each week. The possible reason that the cash option on the WIN4LIFE is less than 10 years of payments is because they're guessing that 1. the average player is 65 years old or 2. that if you put that cash amount in an annuity at the same interest rate they're getting it would only require a lump sum deposit of 10x the yearly payout. I am assuming that when someone wins they do exactly that.

        I am far more afraid that one day every drawing including Mega and Powerball would be computerized. 

          ayenowitall's avatar - rod serling4.jpg

          United States
          Member #4416
          April 22, 2004
          1075 Posts
          Offline
          Posted: August 19, 2006, 3:34 pm - IP Logged

          Mega Millions and Powerball each has an excellent second prize. What if a future version of MM (or less likely PB) changes its second prize to a LIFETIME prize? And MM states either don't have a cash option for second prize, or make it cheap (the VA cash option in Lose for Life is less than 10 years' worth of payments)?

          Exactly what verifiable source of information do you have that Win For Life offers a cash option? I've never read anything about that anywhere except in your posts.

          aye'

            weshar75's avatar - Lottery-042.jpg
            Mcminnville, Oregon
            United States
            Member #3013
            December 13, 2003
            3092 Posts
            Offline
            Posted: August 19, 2006, 5:17 pm - IP Logged

            Making annual payments for anything other than the grand prize or jackpot for Mega Millions and Powerball is not a good idea.  You would alienate alot of players who buy tickets who want the lower prizes to be cash payouts.  You might as well shoot the games both in the head because you will kill those games.  I am not going to play powerball if the 5+0 prize is an annuity based.  You would be a fool to play a dumb ass game like that.-weshar75

              justxploring's avatar - villiarna
              Wandering Aimlessly
              United States
              Member #25360
              November 5, 2005
              4461 Posts
              Offline
              Posted: August 19, 2006, 5:40 pm - IP Logged

              I guess I don't understand the topic. I don't see how it could ever be divided into 26 or 30 payments. I mean $200,000 would be $6,666 x 30 years LESS taxes.

                bellyache's avatar - 64x64a9wg

                United States
                Member #12618
                March 18, 2005
                2060 Posts
                Offline
                Posted: August 19, 2006, 7:16 pm - IP Logged

                I guess I don't understand the topic. I don't see how it could ever be divided into 26 or 30 payments. I mean $200,000 would be $6,666 x 30 years LESS taxes.

                I agree. The only way this idea would work is if they made the second prize a lot bigger and I don't see that happening.

                Dance like no one is watching.


                  United States
                  Member #379
                  June 5, 2002
                  11296 Posts
                  Offline
                  Posted: August 21, 2006, 12:58 pm - IP Logged

                  GA is part of the new multi-state Lose for Life (which replaced Lotto South.) Lose for Life has a top prize of $1000-a-week-for-life paid quarterly. Neither GA nor KY offer a cash option.

                  MM and PB have substantial second prizes ($250,000 and $200,000.) I _could_ see MM changing in the future to include a lifetime payout (eg $25,000 a year for life) for second prize (5+0.) MM may want to offer a different kind of second prize than PB. I hope this NEVER happens, even if there is a cash option for second prize.

                    dvdiva's avatar - 8ball

                    United States
                    Member #2338
                    September 17, 2003
                    2063 Posts
                    Offline
                    Posted: August 21, 2006, 2:02 pm - IP Logged

                    If Megamillions can't even fix the first prize you don't have to worry about any changes to the second prize. Even if it were doubled and then an annuity I just can't see it happeneing with the current game. I also can't see them changing the current game to generate higher jackpots either. So like it or hate it we are stuck with MegaBS.

                    I'd say the only way an annuity would enter the second place winner would be a Euromillions style game where you have to pick 2 secondary numbers plus 5 white balls. A 5 white + 1 secondary could yield odds high enough to where an annuity would be possible but it would have the same annuity structure as the primary jackpot. 

                      dvdiva's avatar - 8ball

                      United States
                      Member #2338
                      September 17, 2003
                      2063 Posts
                      Offline
                      Posted: August 21, 2006, 2:25 pm - IP Logged

                      The best secondary prize I could get is in a 5/54 + 2/12 game without having the odds being way to high. Odds of that game would be 1:208 million for the primary jackpot and could easily support a $2.4 million annuity for a 54 + 1/12 win. Don't look for such creativity out of the Mega group however.

                        ayenowitall's avatar - rod serling4.jpg

                        United States
                        Member #4416
                        April 22, 2004
                        1075 Posts
                        Offline
                        Posted: August 21, 2006, 9:13 pm - IP Logged

                        CASH Only,

                        Exactly what verifiable source of information do you have that Win For Life offers a cash option in Virginia? I've never read anything about that anywhere except in your posts.

                        aye'


                          United States
                          Member #379
                          June 5, 2002
                          11296 Posts
                          Offline
                          Posted: August 22, 2006, 4:08 pm - IP Logged

                          The VA Lottery website. But since the cash option is equivalent to less than 10 years of quarterly payments, the game should be boycotted in VA as well as GA and KY.

                            ayenowitall's avatar - rod serling4.jpg

                            United States
                            Member #4416
                            April 22, 2004
                            1075 Posts
                            Offline
                            Posted: August 22, 2006, 9:25 pm - IP Logged

                            The VA Lottery website. But since the cash option is equivalent to less than 10 years of quarterly payments, the game should be boycotted in VA as well as GA and KY.

                            CASH Only,

                            Where on the VA lottery website does it mention the cash option for Win For Life? I've looked all over it and there is nothing there about such a cash option. Where is the evidence?

                            aye'


                              United States
                              Member #379
                              June 5, 2002
                              11296 Posts
                              Offline
                              Posted: August 23, 2006, 11:48 am - IP Logged

                              VA does have a (cheap) cash option. I would not lie about something like that.