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Best Odds to win a Million dollar Lottery Raffel !

Topic closed. 33 replies. Last post 8 years ago by Amazing Grace.

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RJOh's avatar - chipmunk
mid-Ohio
United States
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Posted: December 14, 2008, 2:59 pm - IP Logged

I'm reading all the links from the site.  So far, it looks like a great way to sell a home.  However, if you win a house, you better be prepared to pay the taxes and upkeep.   Of course, you could always raffle it off if it doesn't work out!   I suppose if you own a house you can rent it until you resell it. 

Any CPAs here?  I'm pretty sure you have to pay Federal and State income tax on the home you win before  taking possession of it.  So if it is appraised for a million bucks, then you might need to pay the IRS $250,000 before you even collect your prize. Not sure about the State of Maryland.  I remember when HGTV had a Dream House contest and I read the fine print.   I think the home was valued at $400,000 and in order to be declared the legal winner & move into it, you had to show the ability to pay $100,000 in income tax.   That could probably be done by taking out a mortgage on the house, right?

The winner of this lottery could find themselves in the same situation as those folks in the Oprah show audience when they were given a brand new car last year.  Fortunately most of the folks who couldn't afford the taxes on their car were able to sell them, pay the taxes with a little left over for themselves.

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

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    Michigan
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    Posted: December 14, 2008, 6:30 pm - IP Logged

    Soooooooooooooooooooo.......I guess you're saying that $50 for a chance to win $1,000,000.00 is not worth it???

     

     

     

    I dont think so because the odds are still against you. I been playing pick 3 for about 2 years almost everyday and i only won 2 times box bets, I NEVER won a straight with odds of just 1000 to 1. whats the guarantee of me winning throwing 50 dollers to win a million with odds of 30000 to 1?

    I am sorry but anyone who plays the lottery expecting to win needs to have their illness checked.

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
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      Posted: December 14, 2008, 6:55 pm - IP Logged

      Sorry, read your post after I wrote my comment. Embarassed I am pretty sure you're right, Coin Toss.   So you have to pay Federal & State income tax as well as property tax.   Regarding flipping, I'm not sure you can even take possession of the house or live in it for very long without paying the tax on the prize, so you'd have to take out a mortgage on it as soon as you win it to pay the taxes, if I'm not mistaken.

      Justxploring

      When the casinos have those slot promotions where the grand prize is a car or cash and someone wins it and asks the shift managers what they should do they are always told take the cash.

      The reasoning is if they take the cash, you have the cash to pay the tax on the winnings. Depending on what kind of car they win, that may or may not be the case.

      With a million dollar house a person better either be already slightly well off, or very sharp in such matters.

      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: December 14, 2008, 6:57 pm - IP Logged

         IMO they should have a few $250,000 prizes and a few $100,000 prizes.

         

        I agree.  That's why i didn't play the gas for life game because there were so few good prizes. 

        Did you buy a raffle ticket this year?  They're not selling as quickly as before.   I have seen some of the wealthy snowbirds plunk down $200 on 10 tickets without blinking.   However, it's their right to play (and win) like everyone else.  Yes Nod

        Speaking of Gas for Life - if someone didn't get a cash prize, the value of their prize has gone down by about 50%. 

          GamerMom's avatar - tails

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          Posted: December 14, 2008, 6:59 pm - IP Logged

          Did you buy a raffle ticket this year?  They're not selling as quickly as before.   I have seen some of the wealthy snowbirds plunk down $200 on 10 tickets without blinking.   However, it's their right to play (and win) like everyone else.  Yes Nod

          Speaking of Gas for Life - if someone didn't get a cash prize, the value of their prize has gone down by about 50%. 

          yes I noticed that.  still over 300,000 left with just a couple of weeks before the drawing. 

           

          Yes I bought 3 already (one with each check) and plan to buy one more, if there are any left, the last week in Dec.   

           

          How bout you?

            justxploring's avatar - villiarna
            Wandering Aimlessly
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            Posted: December 14, 2008, 7:12 pm - IP Logged

            Nope, but maybe I'll buy one tomorrow.   Still, there will be a total of 1,031 prizes including the $500 winners.  So that means 998,969 people will not win anything.   Someone tell me if my math is off, but if there are a million tickets sold and 998,969 people won't win any money, doesn't that also mean that more than 99% of all players will be losers?   I mean, would you do anything else in the entire world if you were told you had less than 1/2 of 1% chance of making it?

              GamerMom's avatar - tails

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              Posted: December 14, 2008, 7:21 pm - IP Logged

              Soooooooooooooooooooo.......I guess you're saying that $50 for a chance to win $1,000,000.00 is not worth it???

               

               

               

              I dont think so because the odds are still against you. I been playing pick 3 for about 2 years almost everyday and i only won 2 times box bets, I NEVER won a straight with odds of just 1000 to 1. whats the guarantee of me winning throwing 50 dollers to win a million with odds of 30000 to 1?

              I am sorry but anyone who plays the lottery expecting to win needs to have their illness checked.

              I read in the paper today there is a better chance of you having a car crash going to get the lottery tickets than actually winning the lottery.  Sure that's 100% true but the win happens to someone and you never know who it will happen to.  Why not me, i've got just as good a shot as anybody.  I was born with a rare heart birth defect.  You had just as good of a chance of being born with it but you probably didn't, didn't you?  that's just the way fate works.  I can always hope my luck will turn around and no amount of negativity will stop me from hoping one day I can at least win enough to give my kids a better future than I had when I was their age.

              By the way...  If you don't expect to win why play? It seems like you would do better to donate that $$$ to charity than play the lotto if you feel that way. 

                GamerMom's avatar - tails

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                Posted: December 14, 2008, 7:34 pm - IP Logged

                Nope, but maybe I'll buy one tomorrow.   Still, there will be a total of 1,031 prizes including the $500 winners.  So that means 998,969 people will not win anything.   Someone tell me if my math is off, but if there are a million tickets sold and 998,969 people won't win any money, doesn't that also mean that more than 99% of all players will be losers?   I mean, would you do anything else in the entire world if you were told you had less than 1/2 of 1% chance of making it?

                but that's usually the way a raffle works.  Think about it. I recently bought a $2 raffle ticket for a quilt from the local senior citizens group.  there was only one prize.  I'm not sure exactly how many tickets were sold --probably not more than 100 considering the source- but i'm sure the odds that you would win were pretty crappy.  i think it's just more exciting because there are a limited number of tickets being sold.  I wish they would lower the price; $20 per ticket seems excessive.

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                  Posted: December 15, 2008, 1:59 pm - IP Logged

                    Interesting how folks don't even pause to look at the strength and power of those odds ......at all.  

                    It sorta reminds me of the fella who just bought a 2007 Ford Taurus for 4,000 dollars. Great Deal huh ? Never mind the car had over 225,000 miles on it .  

                   

                     Plus .....if anyone at Lottery Post wins that  Million Plus ++ dollar House ......

                   Me and a lotta other folks will be tickled to death ....to take it off their hands for a HALF MILLION tax free dollars within 24 hours. 

                                                         $$$$$$$$$      Lovies

                  Maybe it's just that  a lot of people are smart enough to look at more than the odds. The odds are meaningless without also looking at the risk and thereward.  In this case you're risking 50 times as much as on a typical lottery ticket, so a better view is to compare this to a lottery with odds of 1 in 1.55 million. You can do better than that on some of the pick 5 games if they roll over a few times. Then there's the actual value of the house. An offer to buy it for half a million, after the "winner" has paid income tax on a full million would mean they were playing for a real prize of perhaps $150k.  The only way the house has a value of a million dollars, is if somebody was already planning to buy a comparable house in that area.

                    ThatScaryChick's avatar - x1MqPuM
                    Idaho
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                    Posted: December 15, 2008, 4:26 pm - IP Logged

                    Did you buy a raffle ticket this year?  They're not selling as quickly as before.   I have seen some of the wealthy snowbirds plunk down $200 on 10 tickets without blinking.   However, it's their right to play (and win) like everyone else.  Yes Nod

                    Speaking of Gas for Life - if someone didn't get a cash prize, the value of their prize has gone down by about 50%. 

                    I bought one raffle ticket a little bit ago. Last year I bought seven (I never drop that much money on one game at once) and didn't win a dime. But this year, I decided not to make the same mistake like last time. I am only buying one. If I win something, cool. If I don't, I only be out the 10 bucks.

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

                      WIN  D's avatar - q05Q0
                      Stone Mountain*Georgia
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                      Posted: December 15, 2008, 8:18 pm - IP Logged

                            Cash 3  has odds of ...... 1 in 1000  win potential of 500 bucks   

                           The House has odds of .....1 in 31,000   win potential of one Million +  bucks 

                       

                          Only 31 times ......more odds than Cash 3 ......  but a pay out that's 2000 +  times more dollars  !  

                            ........ Most other large games you may end up having  to split the pot .....but not on this one.   

                       

                                                                                      Unless you want ..... 

                       

                       

                             P.S. 

                             Get 5 of your friends to go in with you for 10 bucks  ....... win $200,000.00 + each !

                       

                              Sounds like a good bet to me !   I Agree!

                       

                       

                      The only real failure .....is the failure to try.                               

                                                    Luck is a very rare thing....... Odds not so much. 

                                                    Odds never change .....but probability does. 

                                                                                                             Win d    

                        mymonthlypicks's avatar - spider
                        Virginia Beach,Va
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                        Posted: December 22, 2008, 9:54 am - IP Logged

                        I bought 6 tickets Va and 2 tickets in NC last year and didn't win a thing so far I got 2 in Va and thinking of getting another one or two since their not selling, Their only Selling 440,000 but I don't believe their going to make it and only sell around 250,000 tickets. So far this month they sold less then 112,000 tickets, Their 328,422 tickets remaining with only 9 Days left before the Drawing

                        If OBAMA'S The ANSWER

                        How STUPID was the QUESTION?

                          mymonthlypicks's avatar - spider
                          Virginia Beach,Va
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                          Posted: December 26, 2008, 9:28 pm - IP Logged

                          271,761 Tickets left and only 5 day remaining. Only sold 168,239 as of 8:01 pm today(Virginia Raffle)

                          If OBAMA'S The ANSWER

                          How STUPID was the QUESTION?

                            Todd's avatar - Cylon 2.gif
                            Chief Bottle Washer
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                            Posted: December 26, 2008, 10:00 pm - IP Logged

                            271,761 Tickets left and only 5 day remaining. Only sold 168,239 as of 8:01 pm today(Virginia Raffle)

                            It's really strange how some states always sell out before the draw, but other states barely manage to break even.  I imagine that it has to do with (a) the way they structure the particular raffle, and (b) proper marketing.  If people don't see the game as exciting — whether in the marketing message or in the cost vs. prizes/odds — they won't buy it.

                            I personally think that those states that generally stick with traditional lotto games (and rules) do much better with raffles and other new games.  The states that try to tinker too much with the formula of each game end up with a confused player base that cannot draw a distinction between the different games.

                            Just my 2¢.

                             

                            Check the State Lottery Report Card
                            What grade did your lottery earn?

                             

                            Sign the Petition for True Lottery Drawings
                            Help eliminate computerized drawings!

                              mymonthlypicks's avatar - spider
                              Virginia Beach,Va
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                              Posted: December 26, 2008, 10:29 pm - IP Logged

                              It's really strange how some states always sell out before the draw, but other states barely manage to break even.  I imagine that it has to do with (a) the way they structure the particular raffle, and (b) proper marketing.  If people don't see the game as exciting — whether in the marketing message or in the cost vs. prizes/odds — they won't buy it.

                              I personally think that those states that generally stick with traditional lotto games (and rules) do much better with raffles and other new games.  The states that try to tinker too much with the formula of each game end up with a confused player base that cannot draw a distinction between the different games.

                              Just my 2¢.

                              This is the first time I seen Virginia having trouble selling Raffle ticket, I know last year NC didn't sell their and havn't seen anything about them bringing it back. here in Virginia it's a marketing problem, I talk to several people at the stores selling raffle ticket and they don't even know anything about it also I seen NO advertising on the raffle other then their Website, All I can say I better hit this year (LOL) fingers cross since this is most like the Last one.

                              If OBAMA'S The ANSWER

                              How STUPID was the QUESTION?