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New Scratch-Off

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

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Nino224's avatar - Lottery-013.jpg
Miami
United States
Member #62793
July 9, 2008
673 Posts
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Posted: December 7, 2009, 3:43 am - IP Logged

On January 5 Florida is launching a new $20 scratch-off with 20 prizes from $50,000 to $200,000 a year for life. Winners get a guaranteed 20 years (4 million).

It's our first Win For Life scratch-off, which will probably get a lot of people excited, but it's really not such a good deal. I'd rather take that $20 and spread it around.

They should've looked to NY for how to do Win For Life the right way.

$1 ticket that pays $500 a week forever.

$2 ticket that pays $1,000 a week.

$5 ticket that pays $2,000 a week.

$10 ticket that pays $5,000 a week. 

$20 ticket that pays $10,000 a week.

and a $30 monster that pays $1,000,000 a year FOR LIFE.

"...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

    rdgrnr's avatar - walt
    Way back up in them dadgum hills, son!
    United States
    Member #73904
    April 28, 2009
    14903 Posts
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    Posted: December 7, 2009, 2:26 pm - IP Logged

    I wish they'd have lump sum payoffs on some of them things. Some of us old geezers ain't gonna be around long enough to collect very much.

    I just noticed recently that some of the Million Dollar winners on Virginia $20 tickets are paid in 25 year annuities. Heck, I'll be pushing up daisies long before I could collect much of that.


                                                 
                         
                                             

     

     

     

     

                                                                                                       

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

                                                                                                --Edmund Burke

     

     

      Nino224's avatar - Lottery-013.jpg
      Miami
      United States
      Member #62793
      July 9, 2008
      673 Posts
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      Posted: December 8, 2009, 3:18 am - IP Logged

      I wish they'd have lump sum payoffs on some of them things. Some of us old geezers ain't gonna be around long enough to collect very much.

      I just noticed recently that some of the Million Dollar winners on Virginia $20 tickets are paid in 25 year annuities. Heck, I'll be pushing up daisies long before I could collect much of that.

      Yeah, that's a young'uns game.

      "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

        Tnplayer805's avatar - G 14_v78828750_Small.JPG
        North Dakota
        United States
        Member #13397
        April 5, 2005
        1623 Posts
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        Posted: December 9, 2009, 4:44 pm - IP Logged

        On January 5 Florida is launching a new $20 scratch-off with 20 prizes from $50,000 to $200,000 a year for life. Winners get a guaranteed 20 years (4 million).

        It's our first Win For Life scratch-off, which will probably get a lot of people excited, but it's really not such a good deal. I'd rather take that $20 and spread it around.

        They should've looked to NY for how to do Win For Life the right way.

        $1 ticket that pays $500 a week forever.

        $2 ticket that pays $1,000 a week.

        $5 ticket that pays $2,000 a week.

        $10 ticket that pays $5,000 a week. 

        $20 ticket that pays $10,000 a week.

        and a $30 monster that pays $1,000,000 a year FOR LIFE.

        Florida had a $20 win for life ticket a year or two ago.  I won $100 on it a couple of times.  Wasn't one of my favorites though.  They've also had set for life which offered nearly the same result for the jackpot winners.  This isn't anything new for Florida.  If I play $20 in Florida...  It will be on a Gold Rush ticket.  The odds of winning $500 are great.  I've done that twice in the past.

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

          Nino224's avatar - Lottery-013.jpg
          Miami
          United States
          Member #62793
          July 9, 2008
          673 Posts
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          Posted: December 10, 2009, 2:12 am - IP Logged

          Florida had a $20 win for life ticket a year or two ago.  I won $100 on it a couple of times.  Wasn't one of my favorites though.  They've also had set for life which offered nearly the same result for the jackpot winners.  This isn't anything new for Florida.  If I play $20 in Florida...  It will be on a Gold Rush ticket.  The odds of winning $500 are great.  I've done that twice in the past.

          I guess I missed that.

          "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

            Rowen's avatar - animal eel.jpg
            Illinois
            United States
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            November 3, 2009
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            Posted: December 10, 2009, 10:40 pm - IP Logged

            Really is this any different than a game with top prize of a mil or more since they are both paid over muliple annual payments. Isn't it giving a different name to same game. Now we have a $2 Win for life game in IL that pay $50,000 a year for life which is unheard of for 2 bucks and the odds are way better than playing the state pick 6 for millions.

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              United States
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              December 13, 2009
              225 Posts
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              Posted: December 22, 2009, 11:37 am - IP Logged

              On January 5 Florida is launching a new $20 scratch-off with 20 prizes from $50,000 to $200,000 a year for life. Winners get a guaranteed 20 years (4 million).

              It's our first Win For Life scratch-off, which will probably get a lot of people excited, but it's really not such a good deal. I'd rather take that $20 and spread it around.

              They should've looked to NY for how to do Win For Life the right way.

              $1 ticket that pays $500 a week forever.

              $2 ticket that pays $1,000 a week.

              $5 ticket that pays $2,000 a week.

              $10 ticket that pays $5,000 a week. 

              $20 ticket that pays $10,000 a week.

              and a $30 monster that pays $1,000,000 a year FOR LIFE.

              The larger top prize is almost always at the expense of mid and low tier prizes.   Is it really worth it to give up the more likely prizes just for the hope of a larger top prize?   If that's the case, you might as well play the pick 5 or pick 6 draw games instead of the scratch-offs.   It's difficult to decide how much of a weighting to give to games with multiple low value prizes when comparing them with games with higher value top prizes but fewer prize categories overall but that's the thing about any so called "system", there are so many possible strategies and very little to indicate which would be best.

              Here, the $20 ticket pays out $500,000 a year for 15 years.   I suspect that if you checked the fine print, LIFE is either 20 or 15 years as they still purchase separate bonds for each payment when putting together an annuity.   I wonder what happens when those securities go belly up instead of maturing.