Welcome Guest
Log In | Register )
You last visited December 10, 2016, 7:35 am
All times shown are
Eastern Time (GMT-5:00)

To SirMetro

Topic closed. 33 replies. Last post 10 years ago by rdc137.

Page 1 of 3
PrintE-mailLink

United States
Member #379
June 5, 2002
11296 Posts
Offline
Posted: September 19, 2006, 2:20 pm - IP Logged

I have ALWAYS felt that players should have the option of collecting their prize in LUMP SUM should they win an annuity-based prize.

The cash value of a lottery prize (minus withholdings, as this is the USA) is the personal property of the winner (or it should be) and not the government. NO lottery winner should be forced to receive periodic lottery payments (over X years or "lifetime") without being given the option of receiving the "actual retail value" of the annuity in lump sum.

IMO there are parallels between cash v annuity and the abortion issue. For obvious reasons, I won't go any further.

    SirMetro's avatar - center
    East of Atlanta
    United States
    Member #6191
    August 11, 2004
    1389 Posts
    Offline
    Posted: September 19, 2006, 3:06 pm - IP Logged

    CASH Only,

    I have always respected your "OPINION" in regards to a game's method of payout. All I have ever asked in return was the same respect for the opinions I hold as you want for your own. I have not made irresponsible and non-relevant comments within your posts because I do respect your opinion. I have even offered up “possible” scenarios’ that pose a realistic problem to support your position. But again, it was merely my personal opinion, not fact.

    I understand you don’t like annuity based lotteries. But you need to come to understand that I do not care if you don’t like annuity based lotteries and that you need to leave those who don’t care one way or the other alone as well. If you want your opinion and position to be respected and taken seriously, consider offering back the same respect to all of the others, nothing more and nothing less.

    Your position is well documented and I have no interest in changing your opinion or position. I will also continue to respect your opinion. I personally think negative opinions are a necessity within any environment. It creates cause for improvement. But for negative opinion to be effective, it should also bring forth positive events to offer improvement. Otherwise, what’s the point?

    I hope you have a safe journey to and from Florida. I also hope you well in whatever venture you chose to endeavor into.

    Sir Metro


      United States
      Member #379
      June 5, 2002
      11296 Posts
      Offline
      Posted: September 19, 2006, 3:12 pm - IP Logged

      Well, then, don't you think your 6/42 game would be better if winners had a choice of $1000 a week or, say, $750,000 lump sum? VA does offer a cash option, but it's ridiculously low at 520k, or just 10 years worth of quarterly payments.

      As you know, my NY, the home of the world's cheapest lottery game, has numerous annuity-only scratch games, including four "lifetime" scratches.

        SirMetro's avatar - center
        East of Atlanta
        United States
        Member #6191
        August 11, 2004
        1389 Posts
        Offline
        Posted: September 19, 2006, 3:25 pm - IP Logged

        I think that Players know what their options are upfront and if they don't like it, they, like you, should opt to NOT play the game. If sales remain poor, the game will, for obvious reasons, be terminated.

        On the other hand, there are those who simply don't understand how to manage money and annuity based lottery would actually be more beneficial to those individuals then a lump sum.

        I personally would love to see a cash option on the games as I believe I can create far greater wealth in a short period of time then all the monies combined over the long term of the annuity. But, again, that is my opinion and unfortunantely, not a fact.

        I also think that the cash payout of the Ga Win4Life would be more around $200,000 to $400,000 as a lump sum because the game is dependant on the long term interest accomulation to help generate the required payout. I think that is what killed it's predecessor, Lotto South. The minimum cash payout just could not retain the interest of the players enough to keep it funded. And truthfully, if all the cash value on Ga W4L was not much more then a few skipped games of the fantasy 5, I know I would consider it a waste of time.

        And btw...No, I did not know that NY had that many annuity based scratch-offs. GA only has one, a $5 version which isn't worth the paper it's printed on.


          United States
          Member #379
          June 5, 2002
          11296 Posts
          Offline
          Posted: September 19, 2006, 3:31 pm - IP Logged

          PA started a $2-per-play 6/38 game less than two years ago, with a top prize of $3000-a-month-for-life, and no cash option. A fellow LP member said the game will be retired in December. There may be other factors, but the lack of a cash option has to be a big reason.

          The new GA-KY-VA game's novelty probably has started to wear off, and, in time, the lack of a cash option in GA and KY and the cheap lump-sum prize in VA will bring a premature end to it.

            SirMetro's avatar - center
            East of Atlanta
            United States
            Member #6191
            August 11, 2004
            1389 Posts
            Offline
            Posted: September 19, 2006, 3:38 pm - IP Logged

            The W4L game has just begin to garner my interest because it finally has enough games to make tracking worthwhile. I don't care that it is multi-state. Personally, I think that is all it has going to keep it alive. I do believe if the number of grand prize winners in GA does not increase, sales will drop substantial. But again, that is just my opinion. I typically only play it a few times a month, I track it to see if it improves my picking ability for the Mega.

            What I wish was that GA had the multiplier like Texas on the Mega (or most of the PowerBall states). Now that is something to whimper and whine about.

              Rick G's avatar - avatar 1766.jpg
              FEMA Region V Camp #21
              United States
              Member #520
              July 27, 2002
              5699 Posts
              Offline
              Posted: September 19, 2006, 3:47 pm - IP Logged

              Personally, I'd take the annuity option for the reasons SirMetro mentioned.  The prize is guaranteed over a period of time, the investment has been made for me, and there is less likelihood of me squandering it or thieves stealing it from me.  When you have millions of dollars, the goal is to protect your principal.

              Great excuse to ward away the vultures..."Sorry, I won't have any more money till next year.  Come back then".  Meanwhile you can move to a nice island somewhere.

              Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).



                United States
                Member #379
                June 5, 2002
                11296 Posts
                Offline
                Posted: September 19, 2006, 3:49 pm - IP Logged

                The lack of a cash option in GA probably is not the only thing going against it. The top prize is not enough to make someone quit their job, and when there are no 6/6 tickets (most of the time) the "jackpot" does not roll over. I don't understand why all three Lotto South states got together on your 6/42; KY, a Powerball state, should have joined the MUSL multi-state jackpot game Hot Lotto, which is expanding again, and might be picking up a southern state in November. South Carolina was looking to join Lotto South at one point; LS made a terrible mistake in not letting SC in the game. It won't surprise me if the 6/42 fails to add a fourth state.

                I agree that "all" MM states should have the Megaplier. I played it in Texas last year, and won $6 (3x$2).


                  United States
                  Member #379
                  June 5, 2002
                  11296 Posts
                  Offline
                  Posted: September 19, 2006, 3:53 pm - IP Logged

                  Personally, I'd take the annuity option for the reasons SirMetro mentioned.  The prize is guaranteed over a period of time, the investment has been made for me, and there is less likelihood of me squandering it or thieves stealing it from me.  When you have millions of dollars, the goal is to protect your principal.

                  Great excuse to ward away the vultures..."Sorry, I won't have any more money till next year.  Come back then".  Meanwhile you can move to a nice island somewhere.

                  This is the point I'm trying to make. Some US lottery games (online and scratch) don't have an annuity "option"; they force you to receive the annuity payments. And as for the prize being "guaranteed", there is no guarantee on how much longer you'll live.

                    SirMetro's avatar - center
                    East of Atlanta
                    United States
                    Member #6191
                    August 11, 2004
                    1389 Posts
                    Offline
                    Posted: September 19, 2006, 4:18 pm - IP Logged

                    Of course length of life is not guaranteed, but as noted here (and please keep in mind I am making the assumption that this applies to most states) http://www.galottery.com/gen/aboutUs/faq.jsp#5

                    The payments for the annuity continues to the Estate of the Winner for the remaining duration of the annuity. The duration of the annuity has a defined "minimum" payout value or period of time. In Georgia, "The top prize of $1,000 a Week for Life will be paid quarterly in a lump sum of $13,000 each, for a minimum of 10 years"

                    So, if I hit the jackpot on W4L here in GA and died a week after making my claim, my estate would receive payments for the next 10 years. So the prize does have a guarantee that is clearly defined.

                      SirMetro's avatar - center
                      East of Atlanta
                      United States
                      Member #6191
                      August 11, 2004
                      1389 Posts
                      Offline
                      Posted: September 19, 2006, 4:21 pm - IP Logged

                      For the record, even the cash value of $93 million would not be enough for me to want to quit my job. I enjoy the work I do and odds are, I would probably try to buy the Company I work for with my winnings.


                        United States
                        Member #379
                        June 5, 2002
                        11296 Posts
                        Offline
                        Posted: September 19, 2006, 4:23 pm - IP Logged

                        But YOU'RE not guaranteed to live 10 years, or even 10 more seconds.

                        And why does GA use the phrase "lump sum" in describing the quarterly payments?

                          guesser's avatar - Lottery-017.jpg

                          United States
                          Member #41383
                          June 16, 2006
                          1969 Posts
                          Offline
                          Posted: September 19, 2006, 4:25 pm - IP Logged

                          This is the point I'm trying to make. Some US lottery games (online and scratch) don't have an annuity "option"; they force you to receive the annuity payments. And as for the prize being "guaranteed", there is no guarantee on how much longer you'll live.

                          Then - don't play those games !

                          It's that simple.

                           

                          I don't like the odds vs. payback of several games, so I simply don't play those games. 

                            SirMetro's avatar - center
                            East of Atlanta
                            United States
                            Member #6191
                            August 11, 2004
                            1389 Posts
                            Offline
                            Posted: September 19, 2006, 4:42 pm - IP Logged

                            Well, about a month ago, I was in Pocono, PA for about a week. No one there seemed to care one way or the other about the Lottery games being annuity based. At least no one I spoke to cared. And when I asked several attendants and customers if they knew about a boycott in their state against their Lucky for Life game, they was all a bit surprised and thought it sounded like a "petty waste of time and energy".

                            So, CashOnly, appearantly, your own local neighbors don't share your opinion.


                              United States
                              Member #379
                              June 5, 2002
                              11296 Posts
                              Offline
                              Posted: September 19, 2006, 4:46 pm - IP Logged

                              Well, about a month ago, I was in Pocono, PA for about a week. No one there seemed to care one way or the other about the Lottery games being annuity based. At least no one I spoke to cared. And when I asked several attendants and customers if they knew about a boycott in their state against their Lucky for Life game, they was all a bit surprised and thought it sounded like a "petty waste of time and energy".

                              So, CashOnly, appearantly, your own local neighbors don't share your opinion.

                              Powerball is annuity based (so is Mega Millions) but both have had a cash option for years.