Welcome Guest
Log In | Register )
You last visited December 5, 2016, 9:28 am
All times shown are
Eastern Time (GMT-5:00)

Money for Lottery

Topic closed. 6 replies. Last post 7 years ago by Stack47.

Page 1 of 1
PrintE-mailLink
Avatar
New Member
SALT LAKE CITY, UTAH
United States
Member #80621
October 1, 2009
1 Posts
Offline
Posted: October 3, 2009, 12:12 am - IP Logged

Kind of new to this and loving it...

Question, does all of the lottery winnings come from the $$ taken in for lottery tickets or is it subzidized in any way.

How much profit typically does the Lotto keep?

 

thanks for the info

 

OB

    savagegoose's avatar - ProfilePho
    adelaide sa
    Australia
    Member #37136
    April 11, 2006
    3300 Posts
    Offline
    Posted: October 7, 2009, 1:22 pm - IP Logged

    this isnt exactly how it works but its close

     

    state takes in $100m in ticket purchases

     

    assigns %60 or 60 mill in prize money

     

    divides it into brackets for ea prize pool

     

    20% top = 12m

    30% middle= 18m

    50%  lower. =30m

     

    top prize in this instance would be $12 mill, if its annuity they buy state mutual bonds and the payout is paid annually so taxes get taken out the yearly payment.

     

    say %1 interest on bonds, = 120k a year for 25 years,

    2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

    keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

      rdgrnr's avatar - walt
      Way back up in them dadgum hills, son!
      United States
      Member #73904
      April 28, 2009
      14903 Posts
      Offline
      Posted: October 8, 2009, 12:45 am - IP Logged

      I don't believe there's any need for a subsidy Oasis. They make a ton of money for flipping a few switches.

      It's a great job, no heavy lifting.


                                                   
                           
                                               

       

       

       

       

                                                                                                         

      "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                  --Edmund Burke

       

       

        Avatar
        NASHVILLE, TENN
        United States
        Member #33372
        February 20, 2006
        1044 Posts
        Offline
        Posted: October 25, 2009, 12:22 pm - IP Logged

        I don't believe there's any need for a subsidy Oasis. They make a ton of money for flipping a few switches.

        It's a great job, no heavy lifting.

        The lottory is a money maker for the states. 

         A subsidy would be sort of defeating the purpose, don't you think?

          Dollar419's avatar - Lottery-050.jpg
          Santa Ana
          United States
          Member #71159
          February 20, 2009
          651 Posts
          Offline
          Posted: October 25, 2009, 10:11 pm - IP Logged

          This is an direct question perhaps you may want to contact the state lottery office in your specifc state.

            BobP's avatar - bobp avatar.png
            Dump Water Florida
            United States
            Member #380
            June 5, 2002
            3102 Posts
            Offline
            Posted: October 26, 2009, 2:46 am - IP Logged

            I believe you will find a lottery will pre-fund prizes for new games and scratch-offs and sometimes guarantee a minimum jackpot for a faltering game as a form of advertising promotion.   As funds can come from unclaimmed prizes they aren't exactly spending from their budget.   BobP

              Avatar
              Kentucky
              United States
              Member #32652
              February 14, 2006
              7302 Posts
              Offline
              Posted: October 26, 2009, 1:47 pm - IP Logged

              Kind of new to this and loving it...

              Question, does all of the lottery winnings come from the $$ taken in for lottery tickets or is it subzidized in any way.

              How much profit typically does the Lotto keep?

               

              thanks for the info

               

              OB

              When a state begins a lottery, initual start-up costs are probably subsidized by state funds. Once the games are rolling, winnings come from the ticket sales. I'm not exactly sure but I believe lottery retailers keep a monthly debit and at the end of each month send a check to the state lottery if sales are more than payoffs or get a credit when payoffs exceed sales.