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Curious. What would the payouts be?

Topic closed. 12 replies. Last post 10 years ago by MADDOG10.

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Posted: September 8, 2006, 5:29 pm - IP Logged

Now that both Powerball and MegaMillions are growing I was wondering(actually dreaming) what the actual payouts would be for a record jackpot.  I doubt the jackpots for Powerball or Megamillions will get over $200 million this run, because I intend to win one or the other! LOL But seriously what would the amounts be for a record jackpot of $390/400/450/500 million be? I know it would never get that high but it's fun to fantasize.

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
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    Posted: September 8, 2006, 5:51 pm - IP Logged

    <Moved to Jackpot Games forum>

    Please post in the appropriate forum ... thank you.

      weshar75's avatar - Lottery-042.jpg
      Mcminnville, Oregon
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      Posted: September 8, 2006, 6:32 pm - IP Logged

      $390 million annuity jackpot for powerball would have a cash value of roughly $175.5 million in cash if it was at 45% cash value rate.-weshar75

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        Posted: September 8, 2006, 7:04 pm - IP Logged

        Thanks weshar75.  That's a nice chunk of change!  I wonder how long it would take for the lottery people to come up with the money.  I will be sure to post here the actual amount I recieve when I claim the record jackpot.  ROFL

         

        Sorry about posting in the wrong place Todd.  I wasn't sure where it should go.  A thousand apologies it will never happen again.

          floridian's avatar - DiscoBallGlowing

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          Posted: September 8, 2006, 8:10 pm - IP Logged

          Now that both Powerball and MegaMillions are growing I was wondering(actually dreaming) what the actual payouts would be for a record jackpot.  I doubt the jackpots for Powerball or Megamillions will get over $200 million this run, because I intend to win one or the other! LOL But seriously what would the amounts be for a record jackpot of $390/400/450/500 million be? I know it would never get that high but it's fun to fantasize.

          petergrfn: 

          I beleive the payouts are more like this !!!!  63.6% of the prize pool.  Example 400 million would render the claiment a cool $254,400,000 before taxes if the cash option was selected. 

          However, I think most Lottery Commissions are required by law to take out at least 25% before the claiment is cut a check.  Any remaining IRS payments are the responsibility of the claiment depending on his or her tax bracket.  SOOOOOOO that would leave a check cut in the amount of $190,800,000.

          There are many caveats to these proceedings such as if the prize is less than 12 million no annunity is available even if the claiment requested it.  And there are others in the fine print.

          Finally, I have talked to some folks recently who knew some big winners or at least said they did.  They indicated a good rule of thumb with respect to these huge jackpots is that, when all is said and done on a cash option, the claiment will receive about 1/3 of the total advertised jackpot value.  Or in my example about $133,300,000.  Not a bad return on a dollar bet.

           

          I wish all your picks are winners and your winners are monsters

          Floridian

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            Posted: September 8, 2006, 8:18 pm - IP Logged

            Thanks Floridian.    Nice Tag line at the end! Did you get that from the No limit Poker show on tv? I like watching those. I'm pretty good I win a few bucks at our weekly poker game pretty often. If I ever get to Vegas I might have to enter a small tournement to see if I can get a seat. It would be awesome just to be in the Tournement but to win WOW. This year the prize was $12million. It grows every year next year it might be $15-17million not bad return if you can get in by winning a $20 smaller tournement.

              guesser's avatar - Lottery-017.jpg

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              Posted: September 8, 2006, 9:33 pm - IP Logged

              Thanks weshar75.  That's a nice chunk of change!  I wonder how long it would take for the lottery people to come up with the money.  I will be sure to post here the actual amount I recieve when I claim the record jackpot.  ROFL

               

              Sorry about posting in the wrong place Todd.  I wasn't sure where it should go.  A thousand apologies it will never happen again.

              I don't think I'd be calling JG Wentworth just yet.........

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                Posted: September 8, 2006, 11:43 pm - IP Logged

                Not yet but someday.  At least a guy can dream.Thumbs Up

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                  Chief Bottle Washer
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                  Posted: September 9, 2006, 1:13 am - IP Logged

                  Thanks weshar75.  That's a nice chunk of change!  I wonder how long it would take for the lottery people to come up with the money.  I will be sure to post here the actual amount I recieve when I claim the record jackpot.  ROFL

                   

                  Sorry about posting in the wrong place Todd.  I wasn't sure where it should go.  A thousand apologies it will never happen again.

                  No apologies are necessary.  It is an automated message to let people know why their message was moved.

                   

                  Check the State Lottery Report Card
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                  Sign the Petition for True Lottery Drawings
                  Help eliminate computerized drawings!

                    floridian's avatar - DiscoBallGlowing

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                    Posted: September 9, 2006, 12:09 pm - IP Logged

                    petergrfn:

                     

                    Yes, I did fashion my tag line after the one used by the famous Mike Sexton, who is one of the hosts and I might add one of the people responsible for bringing the WPT (World Poker Tour) into the public view.  He is a senior like myself and a great poker player in his own right.  In fact, this year Mike decided to play some and messed around and won the Tournament of Champions. He began by winning one of the circuit events which gave him an invitation to the Tournament. 

                    Mike brought home a $1,000,000 prize.  He promply announced he was giving at least half of it to his favorite charity.  What a guy!!! Many of us are extremely proud of him.

                    Obviously, the WPT is not near as lucritive as the WSOP which you correctly indicated paid $12,000,000 to this years winner, Jamie Gold.  However, the World Series OF Poker had 9,500 plus entrants in the main event.  The buy-in was $10,000 each, which is a far cry from what I spend on Lottery tickets.

                    I love to deal with statistics so I will give you an even bigger number.  This year in Austrailia, which has become a huge poker playing continent, they have proposed a $60,000,000 winner take all tournament.  That's 60 million and the buy-in is huge something like several hundred thousand.  Next year they propose 75 million to the winner and the following year at least a 100 million dollar prize will go to the winner.  Boy, you have to be well heeled to even play in it, let alone win.  Can you imagine sitting down to play and losing your buy-in in less than 30 minutes when it could be five hundred thousand dollars?  This frequently happens at ten thousand buy-in events.

                    Anyway back to playing the Lottery.  That diversion makes blood squirt out of my eyes just thinking about it.

                    I hope all your Picks are Winners and your Winners are Monsters

                    Floridian


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                      Posted: September 9, 2006, 4:51 pm - IP Logged

                      What would MM's cash option be if the MM Jackpot set a new North American record of 370 million with 1 ticket win it all?

                        weshar75's avatar - Lottery-042.jpg
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                        Posted: September 9, 2006, 6:21 pm - IP Logged

                        What would MM's cash option be if the MM Jackpot set a new North American record of 370 million with 1 ticket win it all?

                        MM cash is usually 58% to 59% of the annuity so $370 million would be about $216 million cash.-weshar75

                          MADDOG10's avatar - smoke
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                          Posted: September 10, 2006, 2:19 pm - IP Logged

                          I think the Mega Millions has a good chance of reaching  $200  Million considering the way the numbers have come up...!

                                                                       

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