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Hoosier Lottery

Topic closed. 66 replies. Last post 9 years ago by LOTTOMIKE.

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Guru101's avatar - rw6jhh
Indiana
United States
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January 7, 2007
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Posted: August 9, 2007, 12:31 pm - IP Logged

If you take the lump sum, you can't complain about being $30 million short of the annuity prize. It's annuity, of course it's going to be a lot higher than the lump sum. It goes the same with PowerBall and Mega Millions. Also, I would like to see official documentation that the lump sum is exactly 40%.

Gonna win.Big Smile


    United States
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    February 10, 2004
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    Posted: August 9, 2007, 12:46 pm - IP Logged

    I do stand corrected. The Hoosier Lottery raffle at this rate might ACTUALLY be the best chance to win a million as long as they dont pull any funny business and pick all the numbers they said they would.  At this rate I cant see them selling any more than 100k total of these tickets out of the 325k.  Which means you have a 50k to one shot at hitting the million and a true one million to one shot per dollar.  But would you be shocked if the lottery itself wound up buying all the remaining tickets to screw the players?

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      Indiana
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      Member #29196
      December 29, 2005
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      Posted: August 9, 2007, 12:47 pm - IP Logged

      <>There is no official documentation Guru!  That's the point! 

      At one time the 40% information was posted on the website but it has since been taken down.  Along with any and all reference to the Cash Value other than the one you posted.  Which again is WRONG!

      <>Call the Hoosier Lottery and ask them what the Cash Value of the Jackpot is if you don't believe me.  Ask them specifically if it is now a flat 40% and see what they tell you. 

      I had a series of e-mail and regular mail correspondences with Esther Schneider in January of 2006.  She told me specifically that it was changed to 40% and the annuity was extended because it was her duty to return as much money to the citizens as possible.

      Jim 


      Money frees you from doing things you dislike.  Since I dislike doing nearly everything, money is handy.  - Groucho Marx

        RJOh's avatar - chipmunk
        mid-Ohio
        United States
        Member #9
        March 24, 2001
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        Posted: August 9, 2007, 12:55 pm - IP Logged

        Lets take another look at that statement:

        Q. What is the difference between the cash option and the annuity option in the Hoosier Lotto game? A. The Hoosier Lottery advertises the estimated annuity jackpot. If you win, this jackpot amount is paid in equal annual payments over 30 years. However, within sixty (60) days of the drawing, the winner may elect to receive a cash option prize paid in one lump sum. The cash option will be approximately 40%-50% of the total annuity jackpot.

        For everyone who keeps saying you're not getting the entire prize, you ARE!!!!!!!!!!!!!!!!!! The prize is advertised AS ANNUITY, NOT LUMP SUM. When you make the choice of having $18 million, which is about $13 million after taxes, that is your OPTION. The $42 million ANNUITY prize is *drumrolls* $42 million!!!!! I will say this once again, a prize is NOT just an amount of money, but also the TERMS that go along with that amount. In this case, $42 over 30 years. If you don't like it,

        DON'T PLAY THE GAME!!!

        I don't play the game because I live in Ohio, however if PowerBall's jackpot rolls to over $200M in a week or so I plan to drive to Indiana to buy some PB tickets and I may buy some Lotto tickets too. 

        Both games advertise an annuity amount and what their cash values are.  If I win either or both I will probably take the cash option. 

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

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          Indiana
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          Member #29196
          December 29, 2005
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          Posted: August 9, 2007, 1:06 pm - IP Logged

          @gutgnt:

          This promises to be interesting indeed.  To date the Hoosier Lottery has sold approximately 75,000 tickets at $20 each for approximately $1,500,000 in sales.

          The raffle offers:

          2 $1,000,000  prizes

          5 $100,000 prizes

          770 $1000 prizes

          Total prize amount of $3,270,000 

          There shortfall in prize money alone...forget about profit just prize money is approximately $1,770,000!

          I have no idea what they are going to do because there is no way they will sell the remaining 250,000 $20 tickets in 10 days.

          My guess is they will draw prizes from the total number of ticklets available rather than the total number of tickets sold.  When nobody wins the big money they'll do like they do when nobody wins the Hoosier Lottery's Lotto game and just say no winning numbers were drawn.

          They might also postpone the draw until they sell more tickets...some other lottery somehwere else did that once.

          Of course it is possible that they are posting false information as they did on the scratch off game "Cash Blast" just to get people to buy tickets.  It will be interesting to see if a 100,000 tickets or so are sold at the last minute.

          But rest assured...whatever the do it will not be in the best interest of the players.

          Jim 


          Money frees you from doing things you dislike.  Since I dislike doing nearly everything, money is handy.  - Groucho Marx

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            Indiana
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            December 29, 2005
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            Posted: August 9, 2007, 1:09 pm - IP Logged

            RJ,

            You are wrong!  The Hoosier Lottery DOES NOT advertise a Cash Value at all!  It is not posted on their web site...there is no mention of it under the official game section on their website and the only mention is the one Guru posted (from the question section) and the information posted there is WRONG!

            Go to the web site and lok for yourself. 

            Jim 


            Money frees you from doing things you dislike.  Since I dislike doing nearly everything, money is handy.  - Groucho Marx

              Guru101's avatar - rw6jhh
              Indiana
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              Member #48725
              January 7, 2007
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              Posted: August 9, 2007, 1:35 pm - IP Logged

              RJ,

              You are wrong!  The Hoosier Lottery DOES NOT advertise a Cash Value at all!  It is not posted on their web site...there is no mention of it under the official game section on their website and the only mention is the one Guru posted (from the question section) and the information posted there is WRONG!

              Go to the web site and lok for yourself. 

              Jim 

              I emailed the Hoosier Lottery a few minutes ago asking if the cash option is at a flat 40%. Lets see what they say.

              Gonna win.Big Smile

                Avatar
                Indiana
                United States
                Member #29196
                December 29, 2005
                280 Posts
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                Posted: August 9, 2007, 1:40 pm - IP Logged

                Damn I hate eating crow!  But everytime I have to I'm reminded of the words of my old Gradddad:

                Eating crow isn't so bad.  I've had to do it a lot and it isn't that bad.  After a while I got used to the taste. The real problem is the damn feathers still get stuck in my throat.

                OK...I just called the Hoosier Lottery...the official Cash Value for the Hoosier Lottery 's Lotto game is...$25,500,000!  Which by the way is 60.7% of the annuity jackpot value.

                What?

                That's right I just spoke to customer service and that's the number they gave me.  You might imagine that after all the railing I have done here at Lottery Post I was a bit taken aback to say the least.  The lady I spoke to assured me that number was correct and said the Cash Value was calculated on ticket sales and was not a flat 40%.

                What?

                <>I proceded to tell her that I had an e-mail from Esther Schneider stating that the Cash Value of the Hoosier Lottery's Lotto game was now a flat 40% and that e-mail was dated January 2006.  The conversation then went something like this:

                <>Lottery Person: You have that in writing from Mrs. Schneider?

                <>Uncle Jim: Yes I do in an e-mail from early 2006

                <>Lottery Person: Well Mrs. Schneider is no longer here.

                <>Uncle Jim: So the Cash Value is no longer a flat 40%

                <>Lottery Person: No it is based on sales.

                <>Uncle Jim: So it's been changed?

                <>Lottery Person: Apparently.

                <>Uncle Jim: When did it change?

                <>Lottery Person: I don't know but it must have if you have that in writing from Mrs. Schneider

                What?

                Well at any rate that's the scoop as of 12:38 CST.  Lunch time for me and my crow is coming out of the oven.  

                Jim

                Pass the salt please  Confused

                <> 


                Money frees you from doing things you dislike.  Since I dislike doing nearly everything, money is handy.  - Groucho Marx

                  Guru101's avatar - rw6jhh
                  Indiana
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                  Posted: August 9, 2007, 1:52 pm - IP Logged

                  Well hopefully when I get a response to the email I sent them, we'll know if everyone at the Hoosier Lottery is on the same page.

                  Gonna win.Big Smile


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                    Posted: August 9, 2007, 5:03 pm - IP Logged

                    I emailed the lottery about the raffle and they said all winning numbers will be drawn. Someone else should verify that they will in fact pick all 777 winners out of the total tickets sold not the total tickets available.

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                      Indiana
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                      Posted: August 10, 2007, 8:24 am - IP Logged

                      I'm very surprised that the Hoosier Lottery hasn't made a press announcement about their new record breaking jackpot.  Does that strike anyone else as odd? 

                      In addition I was able to confirm that they do not post the Cash Value of the jackpot anywhere.  Not on their site...not at the retailers...a customer or retailer can't even get that information from a lottery terminal print out.  They told me the reason they don't post it anywhere is because it's based on ticket sales.  They would not offer any further explanation.  

                      @Guru:

                      I will be out most of the day but I can't wait to hear the response you get from Hoosier Lottery.  I was thinking about it all night and a 60% Cash Value sounds awfully high to me.

                      @gutgnt:

                      You have an excellent point about drawing all the winners.  I'm wondering if anyone here has any idea of what is usually done.  Do lotteries usually draw Raffle winners from the pool of tickets sold or from the total number of tickets available?  Most other types of raffles draw only from the pool of tickets sold.

                      At any rate it promises to be interesting.

                      Jim 


                      Money frees you from doing things you dislike.  Since I dislike doing nearly everything, money is handy.  - Groucho Marx

                        Guru101's avatar - rw6jhh
                        Indiana
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                        Member #48725
                        January 7, 2007
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                        Posted: August 10, 2007, 2:24 pm - IP Logged

                        Well Jim, actually the record hasn't been broken, it's been tied. The previous record was at $42 million. One more roll will make a new record. Even with a new record, I don't expect any type of press release or commercial. I hardly ever see a Hoosier Lottery commercial. The Hoosier Lottery just doesn't advertise their lottery as much as others like the Kentucky Lottery. Haven't got a response from my email yet.

                        Gonna win.Big Smile

                          time*treat's avatar - radar

                          United States
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                          Posted: August 10, 2007, 2:40 pm - IP Logged

                          From the Hoosier Lottery FAQ page: 

                          Q. What is the difference between the cash option and the annuity option in the Hoosier Lotto game? A. The Hoosier Lottery advertises the estimated annuity jackpot. If you win, this jackpot amount is paid in equal annual payments over 30 years. However, within sixty (60) days of the drawing, the winner may elect to receive a cash option prize paid in one lump sum. The cash option will be approximately 40%-50% of the total annuity jackpot.

                            Guru101's avatar - rw6jhh
                            Indiana
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                            January 7, 2007
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                            Posted: August 10, 2007, 3:03 pm - IP Logged

                            From the Hoosier Lottery FAQ page: 

                            Q. What is the difference between the cash option and the annuity option in the Hoosier Lotto game? A. The Hoosier Lottery advertises the estimated annuity jackpot. If you win, this jackpot amount is paid in equal annual payments over 30 years. However, within sixty (60) days of the drawing, the winner may elect to receive a cash option prize paid in one lump sum. The cash option will be approximately 40%-50% of the total annuity jackpot.

                            Oh...thanks.LOL

                            Gonna win.Big Smile

                              RJOh's avatar - chipmunk
                              mid-Ohio
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                              Posted: August 10, 2007, 3:09 pm - IP Logged

                              From the Hoosier Lottery FAQ page: 

                              Q. What is the difference between the cash option and the annuity option in the Hoosier Lotto game? A. The Hoosier Lottery advertises the estimated annuity jackpot. If you win, this jackpot amount is paid in equal annual payments over 30 years. However, within sixty (60) days of the drawing, the winner may elect to receive a cash option prize paid in one lump sum. The cash option will be approximately 40%-50% of the total annuity jackpot.

                              I found the same answer when I did as Uncle Jim suggested and looked at the Hoosier website.

                              In case he can't find it or overlooked it this is the link:

                              http://www.in.gov/hoosierlottery/main/faq/faq.asp

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