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What jackpot would you prefer?

Topic closed. 18 replies. Last post 8 years ago by formula.

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rubberbandman's avatar - Spawn Classic.jpg
mn
United States
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Posted: July 27, 2008, 6:31 pm - IP Logged

I know that most people would obviously take the highest amount possible, you know 100-200+, but realistically at what jackpot interval would you prefer to win; personally I would prefer to win 30 mill advertised amount which would be $10,162,5000 lump sum after tax considering the 25% fed and the 7.25 state tax of MN for 2 reasons: If I were to choose annuity, 30 mil face value would be the lowest amount in which I would receive 1 mill at least once during the annual payments; plus 10 mill is still plenty for me to live off of and invest.

That's it for me, jus interested in your opinion.

thanks!

"Gee Brain, what do you want to do tonight?"
"The same thing we do every night, Pinky- try to take over the world."

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
    United States
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    Posted: July 27, 2008, 6:58 pm - IP Logged

    rubberbandman

    Someone here on LP once posted what an ideal jackpot situation would be for them (sorry, I don't remember who), and this is really slick:

    Let's say MM or PB was pumped way up and someone hits it and doesn't come forward to claim it for awhile. Then it starts getting pumped up again and you hit it - while the media is still waiting for the "big winner" to come forward.

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      justxploring's avatar - villiarna
      Wandering Aimlessly
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      Posted: July 27, 2008, 7:59 pm - IP Logged

      The amount people need often depends on what they already have.  Then there's need vs desire.   I don't want a big house or a lavish lifestyle, so winning $1 million would be more than enough!

      As far as preference goes, of course I'd want a larger jackpot.  Then I could just give a lot of money away.

        sweetbitterkiss's avatar - hello
        Michigan
        United States
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        March 17, 2008
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        Posted: July 27, 2008, 8:26 pm - IP Logged

        right now i will be so happy if i win those 250,000 in the MM that will make my life at least for a while

        one day my life will be complete ^_^

          rcbbuckeye's avatar - Lottery-043.jpg
          Texas
          United States
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          October 23, 2007
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          Posted: July 27, 2008, 9:10 pm - IP Logged

          I actually think about this often. I play MM, Tx Lotto, Tx 2 Step and Cash 5. Aside from playing $1 each draw on Cash 5 which is Mon thru Sat, I am always trying to figure how much to play on the other games and stay within budget which is $30 -$32 a week. It comes down to the odds of each game and my wish to retire (I am REALLY sick of the furniture biz). So right now I play the most on Tx Lotto because the jackpot would provide instant retirement $ but the odds aren't crazy like MM. Tx 2 Step has the best odds but the payoff is usually around $200 - $400K, unless it rolls several times to get to around a million $. $200 -$400K won't cut it for instant retirement, but...... it would get the kids thru college and pay off bills, so it's worth it to play. Tx Lotto is the one I would prefer to hit. Not much publicity either.

            rubberbandman's avatar - Spawn Classic.jpg
            mn
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            Posted: July 27, 2008, 9:23 pm - IP Logged

            I apologize for the error I meant to say $10,162,500 instead of $10,162,5000, but you guys can infer on the situation.

             

            To Coin Toss; I think I remember that comment about the media lotto win. I thought that the person's ideal situation was that somebody would win the base of 15 PB or 12 MM immediately after a high jackpot interval on the previous drawing; that way the media attention is on the larger interval winner.

            "Gee Brain, what do you want to do tonight?"
            "The same thing we do every night, Pinky- try to take over the world."

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
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              Posted: July 27, 2008, 11:27 pm - IP Logged

              rubberbandman

              Yeah, that was it, you're right. Still a slick move!

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                ThatScaryChick's avatar - x1MqPuM
                Idaho
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                November 21, 2007
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                Posted: July 28, 2008, 12:48 am - IP Logged

                I don't care what size it is. It could be $15 million or $200 million. I would be happy just to win.

                "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

                  DC81's avatar - batman39
                  MI
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                  August 31, 2007
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                  Posted: July 28, 2008, 12:58 am - IP Logged

                  Oooh now I get to post and look greedy. LOL

                   

                  Going by Mega Millions alone since the rest of Michigan's Lotteries kind of suck and have since the MM's predecessor, The Big Game came about, I much prefer the insane odds of it over the lower odds and much much lower jackpots of the state lotteries. Higher the better for me, I think most of the attention can be avoidable as long as to take the time to at least attempt to keep your identity from the public and out of the press release. I try to only look at what it might be after tax, I take 40% (rounded up) with the full 35% federal and 4.35% state rounded up, cash value may be. I know it would probably be lower than that but I just take it at that. So it looks like this...

                   

                  15M (after taxes) = Very happy minimum to where I start playing.

                  25M (after taxes) = Very, very happy medium.

                  50M (after taxes) = Extremely happy dream jackpot.

                  Anything over 50M just makes it even better, plus the more money the more options open up in what I could do, admittedly I still would probably keep my donations to where they're tax write offs, but it does mean I'd be giving more away. Obviously I and probably everyone here would be insanely happy with anything inbetween, or even the base jackpot but if I'm going to win I'd want it to be an amount that'd allow me to do almost anything I want, at least with some reason. I wouldn't be buying a dozen cars or million dollar homes or anything like that. I'd be doing investing so the more I have the wider range of things I'd be able to invest in and the higher risk I could take, hopefully resulting in bigger returns. On the other hand I could also go the other way and be able to invest in lower risk options since the interest and dividends would be more than enough income to live off of for the rest of my life, I have some big aspirations of what I could do, the more money the quicker or more possible those aspirations could be. However it all comes down to this, if I'm going to win I want to win big! Party

                  You can't predict random.

                    Uff Da!'s avatar - InCelebration 001.jpg
                    Washington State
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                    Posted: July 28, 2008, 11:10 am - IP Logged

                    I play MM because I want the biggest jackpot possible, so I could do whatever I want and give away large amounts.  But realistically, I'm already retired, have a view-property home and "enough" to live on the rest of my life if I am very cautious finanacially and don't end up with cancer or something else that would require huge out of pocket medical costs.  But without considering gifts, the second prize of $250,000 less taxes would make me very happy.  I could pay off what's left on my mortgage, buy one more new car (which would likely last as long as I'll still be driving) and have a more comfortable cushion for medical expenses.

                      tiggs95's avatar - Lottery-036.jpg

                      United States
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                      Posted: July 28, 2008, 1:16 pm - IP Logged

                      I live in Ky and would love to hit the Win For Life..They give you 1000 minus income tax for a week for life..I keep getting 3 or 4 numbers every sat and weds night..........

                        rubberbandman's avatar - Spawn Classic.jpg
                        mn
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                        Posted: July 28, 2008, 6:30 pm - IP Logged

                        I live in Ky and would love to hit the Win For Life..They give you 1000 minus income tax for a week for life..I keep getting 3 or 4 numbers every sat and weds night..........

                        Is that real; a lottery that would pay you on a weekly basis for life or is that just for entertainment purposes.

                        "Gee Brain, what do you want to do tonight?"
                        "The same thing we do every night, Pinky- try to take over the world."

                          justxploring's avatar - villiarna
                          Wandering Aimlessly
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                          Posted: July 28, 2008, 6:52 pm - IP Logged

                          Is that real; a lottery that would pay you on a weekly basis for life or is that just for entertainment purposes.

                          If you go to the New Forum, you'll see a couple of recent articles about a doorman in NYC who won $5,000 a week for life. 

                          "The lucky doorman actually won the prize May 2, when he bought a $10 Set for Life instant ticket, which pays $5,000 a week for life and guarantees a minimum of $5 million. Winners get $65,000 every three months, or $41,926 after taxes."

                          Yes, it's for marketing purposes.  I'm pretty sure some state lotteries pay annually.   I think FL once had a $1,000 a week for life prize and paid $52,000 a year.  (Most FL games have a lump sum option if I'm not mistaken, although I rarely play scratch-offs)   

                            rubberbandman's avatar - Spawn Classic.jpg
                            mn
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                            Posted: July 28, 2008, 8:09 pm - IP Logged

                            If you go to the New Forum, you'll see a couple of recent articles about a doorman in NYC who won $5,000 a week for life. 

                            "The lucky doorman actually won the prize May 2, when he bought a $10 Set for Life instant ticket, which pays $5,000 a week for life and guarantees a minimum of $5 million. Winners get $65,000 every three months, or $41,926 after taxes."

                            Yes, it's for marketing purposes.  I'm pretty sure some state lotteries pay annually.   I think FL once had a $1,000 a week for life prize and paid $52,000 a year.  (Most FL games have a lump sum option if I'm not mistaken, although I rarely play scratch-offs)   

                            Thank you, I was looking at mn lotto website to see if we had that feature and I believe we do not (it's annuity); if you are correct that the game of -win/week for life- is used by scratch-offs, mn highest payment amount  is 500,000, so I don't think that game would be here, but thank you for you input.

                            "Gee Brain, what do you want to do tonight?"
                            "The same thing we do every night, Pinky- try to take over the world."

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                              Southwest Florida
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                              Posted: July 28, 2008, 8:36 pm - IP Logged

                              Any of them!  I'm not going to be picky!  A $100k would be nice, so would $10,000,000!Big Smile