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Florida Lotto

Topic closed. 7 replies. Last post 10 years ago by CASH Only.

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United States
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June 5, 2002
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Posted: October 5, 2006, 1:00 pm - IP Logged

Interesting that Florida Lotto and NY Lotto were both $9 million last night. Both games rolled; $5 million in Florida, but just $1m in NY. Sure, Florida still hasn't gone multi-state, but how else can you explain the difference in the amounts in the rollovers? AFAIK Florida still hasn't caught NY in state population. Seems to me NY players more than ever are sensing that NY Lotto is the world's biggest ripoff! Does anybody know when Florida will have 60% payouts?


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    Posted: October 5, 2006, 4:40 pm - IP Logged

    I forgot to add that I will be in Florida this month. I plan to play Lotto for the 10/18 and 10/21 draws, and Mega Money for 10/20 with a friend.

      SirMetro's avatar - center
      East of Atlanta
      United States
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      Posted: October 5, 2006, 5:27 pm - IP Logged

      I forgot to add that I will be in Florida this month. I plan to play Lotto for the 10/18 and 10/21 draws, and Mega Money for 10/20 with a friend.

      I hope you have a safe trip and that you win something while your there.

      BTW...if you do hit it big...gonna go for the annuity

       ROFL

      Sorry...just couldn't resist...have fun.

        floridian's avatar - DiscoBallGlowing

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        Posted: October 5, 2006, 5:42 pm - IP Logged

        CASH only:

        Remember that Florida is composed of many retirees that have a good deal of disposable income.  I believe the latest figures show that 1,100 people a day move to Florida.  Very soon Florida will surpass New York's population.  Why do you think that the politicians go after it so hard.

        I am pretty sure that this Lottery is the most profitable in the nation.

        I believe justxploring can speak to this better than I.  She is very up on all the latest stuff in Florida. 

        When you can do the business that they do in this Lottery why go to 60% payouts.  They make more money by accident than by trying.

        Listen, the Fantasy5, pays out way over $225,000 a day to a single winner.

         

        PS. I believe the big game Florida Lotto pays out about 55 to 57%.

         

        Floridian

          justxploring's avatar - villiarna
          Wandering Aimlessly
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          Posted: October 8, 2006, 12:18 am - IP Logged

          Thanks, Floridian for your confidence in me. But I really don't keep up with the politics...I just want to win!  LOL  I see the signs all the time that say "$16 Billion to Florida Schools" and FL Law requires the lottery to pay out 50% in prizes.  It's pari-mutual so often the prize is more than advertised. You are correct about the payout.  I've seen Lotto pay higher than 60% but it averages 54-58%.  The MegaMoney, which is a 20 year annuity, usually pays more than 60% as the lump sum and I've seen it higher than 70%.  I read one press release where a player who won $2M got over $1.4M before tax.  Of course in the winter there are man more people here, so the jackpots grow. I also read many newspaper articles that said advertising is very strong in Spanish language newspapers and magazines, especially on the East Coast.

          By the way, the reason I looked for a thread about the Florida Lottery is that tonight 2 people won with these numbers. Wonder if both tickets were quickpicks. 

          6-37-41-43-45-47
            justxploring's avatar - villiarna
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            Posted: October 8, 2006, 2:51 pm - IP Logged

            Follow up:

             

            Yup!  Both of the winners bought quick picks.  One of them was right here too, about 15 miles north in South Fort Myers!  I often pass that 7-11.   

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              California
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              Posted: October 8, 2006, 6:48 pm - IP Logged

              Thanks, Floridian for your confidence in me. But I really don't keep up with the politics...I just want to win!  LOL  I see the signs all the time that say "$16 Billion to Florida Schools" and FL Law requires the lottery to pay out 50% in prizes.  It's pari-mutual so often the prize is more than advertised. You are correct about the payout.  I've seen Lotto pay higher than 60% but it averages 54-58%.  The MegaMoney, which is a 20 year annuity, usually pays more than 60% as the lump sum and I've seen it higher than 70%.  I read one press release where a player who won $2M got over $1.4M before tax.  Of course in the winter there are man more people here, so the jackpots grow. I also read many newspaper articles that said advertising is very strong in Spanish language newspapers and magazines, especially on the East Coast.

              By the way, the reason I looked for a thread about the Florida Lottery is that tonight 2 people won with these numbers. Wonder if both tickets were quickpicks. 

              6-37-41-43-45-47

              justxploring...it seems like there are two different payouts that are being referred to in this string.

              The first  is the payout of lottery sales that must go to the prize pool, which is what Florida law (per your post) sets at 50%.  This is what I think Floridian and CASH Only are referring to.

              The other is the one often used by the public, the percentage of the jackpot that is paid out as the cash option.  This is the one that MegaMoney pays out in the 60% range and where a player who won $2M got over $1.4M before taxes. 

               Now, I don't live in Florida and am not totally familiar with how the lottery works there.  If I have this wrong , please let me know.


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                Posted: October 9, 2006, 4:50 pm - IP Logged

                justxploring...it seems like there are two different payouts that are being referred to in this string.

                The first  is the payout of lottery sales that must go to the prize pool, which is what Florida law (per your post) sets at 50%.  This is what I think Floridian and CASH Only are referring to.

                The other is the one often used by the public, the percentage of the jackpot that is paid out as the cash option.  This is the one that MegaMoney pays out in the 60% range and where a player who won $2M got over $1.4M before taxes. 

                 Now, I don't live in Florida and am not totally familiar with how the lottery works there.  If I have this wrong , please let me know.

                The 60% that I've referred to would apply to all Florida online games, not Lotto. That would be the payout percentage. Compare to a maximum of 40% in NY Lotto.

                As for Florida Lotto and Mega Money, which are annuitized, the percentage of the annuity that is paid out to lump-sum winners fluctuates. The % is lower for Lotto, as the annuity is 30 annual payments.