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Lottery Post quoted in Powerball "what if" article

Topic closed. 14 replies. Last post 8 years ago by Todd.

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Chief Bottle Washer
New Jersey
United States
Member #1
May 31, 2000
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Posted: May 26, 2009, 4:52 pm - IP Logged

I thought I'd pass along a link to a newspaper blog post, not only because of the interesting subject matter, but also because the author referenced some comments by yours truly.

http://blogs.trb.com/entertainment/news/gambling/blog/2009/05/powerball_how_the_odds_are_in.html

When the jackpot gets large, these kinds of topics come up, and always make for interesting debate.

 

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    Janet40's avatar - yocco
    Nassau
    Bahamas
    Member #29884
    January 8, 2006
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    Posted: May 26, 2009, 9:35 pm - IP Logged

    I thought I'd pass along a link to a newspaper blog post, not only because of the interesting subject matter, but also because the author referenced some comments by yours truly.

    http://blogs.trb.com/entertainment/news/gambling/blog/2009/05/powerball_how_the_odds_are_in.html

    When the jackpot gets large, these kinds of topics come up, and always make for interesting debate.

    So it’s maybe an interesting exercise to think about, but really not possible in reality," says Todd Northrop, owner of Lottery Post, an online community of lottery enthusiasts, in response to my idea. A group in Virginia tried it a few years ago in their in-state game, but ran out of time. And that required only 10 million numbers to buy, he said. Still, they covered 80 percent of the numbers, and hit the big one, he said.

    WTG, TODD IT WOULD BE SO SWEET IF ONE OF YOUR MEMBERS WINSun Smiley

      konane's avatar - wallace
      Atlanta, GA
      United States
      Member #1265
      March 13, 2003
      3348 Posts
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      Posted: May 26, 2009, 9:45 pm - IP Logged

      Awesome!!!!!!!  Banana Big Grin  Banana

      Good luck to everyone!

        GamerMom's avatar - tails

        United States
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        April 21, 2008
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        Posted: May 26, 2009, 9:46 pm - IP Logged

        Don't care what that guy says i'm still buying my usual $20 in tix!!!

         

        Awesome article, Todd, thanks for sharing!

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
          United States
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          May 31, 2000
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          Posted: May 26, 2009, 10:02 pm - IP Logged

          So it’s maybe an interesting exercise to think about, but really not possible in reality," says Todd Northrop, owner of Lottery Post, an online community of lottery enthusiasts, in response to my idea. A group in Virginia tried it a few years ago in their in-state game, but ran out of time. And that required only 10 million numbers to buy, he said. Still, they covered 80 percent of the numbers, and hit the big one, he said.

          WTG, TODD IT WOULD BE SO SWEET IF ONE OF YOUR MEMBERS WINSun Smiley

          I agree!  We've had members who won big prizes, including the second prize in Powerball, but still waiting for the big prize.  I think the best thing will be seeing the winner wearing a LP hat and/or t-shirt at the press conference.  You can bet that's what I'll do. Cool

           

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

           

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

            Avatar
            Espanola NM
            United States
            Member #72722
            March 25, 2009
            133 Posts
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            Posted: May 26, 2009, 10:03 pm - IP Logged

            Good points in that article.

            While the wealthy could very well try the strategy of buying every single combination they can have several obstacles:

            *Sharing with another jackpot winner who picked the same numbers.  How painful would it be to share a jackpot with some random person who simply only spent $1 while you spent $195 million for that winning ticket.

            *The time constraints of actually buying 195 million tickets.   Given there are only 86,400 seconds in a 24-hr day.  It would be quite a task of getting 195 million tickets printed.  You would need a team...a large team....who are willing to stay at various stores for 24-hrs straight buying tickets. 

            *The aftermath.   Paperwork with the IRS and actually looking at all 195 million tickets to find the one with the right combination to claim.   Forget aout the logistics of where one could store 195 million tickets.  That's alot of paper!  If someone else in Powerball world actually won too......then you are also dealing with a net loss.   A 222 million jackpt that is split means only 111 million to each ticket holder.   Since one person spent 195 million.....that is a 84 million loss.

            *Also jackpots are based on annunities.   So it is based over a 30-yr span to see the bottomline rewards perhaps.  Too much work and too much effort and too much money spent on a game of chance.

              Tnplayer805's avatar - G 14_v78828750_Small.JPG
              North Dakota
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              April 5, 2005
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              Posted: May 27, 2009, 3:21 am - IP Logged

              "Keeping this train going further: You can eventually deduct all your losing tickets (the $194,999,999), meaning you'd be taxed on only the $27 million profit you'd make. But it would probably means some time with the IRS, a lot of time."

               

              Not all of the 194,999,999 will be losers. In fact I've done the math. This doesn't include tax or powerplay variables. This also doesn't take in account the VERY large increase in the final jackpot because of the large number of tickets sold for this drawing. (Example: Last Jackpot was actually $6 million higher than advertised with $48 million tickets sold. If you take the same amount sold in the last drawing (underestimated since it rolled to $222 million and with that comes even higher sales) there would be a grand total of ~ 243,000,000 tickets sold) These raw numbers also assume the player takes the annuity payments rather than cash option.

              Grand total won... $255,174,421 (If no other tickets match)
              However, the prizes under $600 are not taxed so $23,797,821 would be tax free. Again, this is underestimated because of ticket sales but you get the basic idea. Just some food for thought I suppose. (It also proves I have NO life and I'm in serious need of a girl friend)

              How are you going to win if you don't play?

                Pogo's avatar - wfl
                NC
                United States
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                January 1, 2006
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                Posted: May 27, 2009, 4:33 am - IP Logged

                Excellent article Todd - Thank You for sharing, however, the commentsmade after the blog were quite negative... I sometimes wonder how thesefolk walk around all day - apparently they need to spend a little timeat the LotteryPost to become a lil more upbeat. Anywho, thanks & let us know of any increased web traffic... Pogo

                  Kaptainess's avatar - hiro bird.jpg

                  United States
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                  July 26, 2008
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                  Posted: May 27, 2009, 7:08 am - IP Logged

                  HiYa Todd,

                  When I win the Big One on the Powerball - Will you send me a Tshirt and Hat?  Promise to wear it to pick up my check.  :-).

                    Todd's avatar - Cylon 2.gif
                    Chief Bottle Washer
                    New Jersey
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                    Posted: May 27, 2009, 7:57 am - IP Logged

                    HiYa Todd,

                    When I win the Big One on the Powerball - Will you send me a Tshirt and Hat?  Promise to wear it to pick up my check.  :-).

                    Yes, most definitely!  Of course, you can pick one up right now if you wish!

                     

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

                     

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

                      Lucky's avatar - hiro horse.jpg
                      Ohio
                      United States
                      Member #20
                      December 20, 2000
                      57063 Posts
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                      Posted: May 27, 2009, 8:08 am - IP Logged

                      Nice article Todd - It's nice to be recognized for your hard work !!!!!

                      Good Luck Lep

                        lotto lynn's avatar - Yavill
                        New York
                        United States
                        Member #65188
                        September 20, 2008
                        187 Posts
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                        Posted: May 27, 2009, 2:58 pm - IP Logged

                        I thought I'd pass along a link to a newspaper blog post, not only because of the interesting subject matter, but also because the author referenced some comments by yours truly.

                        http://blogs.trb.com/entertainment/news/gambling/blog/2009/05/powerball_how_the_odds_are_in.html

                        When the jackpot gets large, these kinds of topics come up, and always make for interesting debate.

                        Hello Todd

                        This is a very good article. And oh yes todd I will want my lottery post items. I feel a win coming on.And I hope to win

                                                                                                                                                       lotto lynnSun Smiley

                          RJOh's avatar - chipmunk
                          mid-Ohio
                          United States
                          Member #9
                          March 24, 2001
                          19894 Posts
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                          Posted: May 28, 2009, 8:50 am - IP Logged

                          I agree!  We've had members who won big prizes, including the second prize in Powerball, but still waiting for the big prize.  I think the best thing will be seeing the winner wearing a LP hat and/or t-shirt at the press conference.  You can bet that's what I'll do. Cool

                          I already have my LP cap and golf-shirt, now all I need is a winning ticket.

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

                            Avatar
                            New Member
                            Manitoba
                            Canada
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                            May 28, 2009
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                            Posted: May 28, 2009, 3:29 pm - IP Logged

                            Here in Canada you would receive all of the $254 million dollars tax free but we don't have enough people to ever have a lottery that size.  Regardless, Partylotteries here are tax free-nice eh!

                              Todd's avatar - Cylon 2.gif
                              Chief Bottle Washer
                              New Jersey
                              United States
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                              May 31, 2000
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                              Posted: May 28, 2009, 3:57 pm - IP Logged

                              I already have my LP cap and golf-shirt, now all I need is a winning ticket.

                              I hear you -- my LP hat and shirts are getting pretty worn while I'm searching for my big winner! Big Grin

                               

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

                               

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