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I have a question about when a group of co-worker hit a jacpot game

Topic closed. 24 replies. Last post 5 years ago by JusCurious.

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Posted: June 27, 2011, 5:28 pm - IP Logged

I have  always wonder  when you have a group of people get a  in pool lets say at work and they hit a jackpot game like powerball and they go cash their ticket in and some want the cash payout and some wants the annual payment does the lottery office  make all of the players pick just one way of paying there winnings  ?

    rdgrnr's avatar - walt
    Way back up in them dadgum hills, son!
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    Posted: June 27, 2011, 5:56 pm - IP Logged

    You have all that decided before you even start playing any games.

    You take the cash.


                                                 
                         
                                             

     

     

     

     

                                                                                                       

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

                                                                                                --Edmund Burke

     

     


      Canada
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      Posted: June 27, 2011, 7:14 pm - IP Logged

      I have  always wonder  when you have a group of people get a  in pool lets say at work and they hit a jackpot game like powerball and they go cash their ticket in and some want the cash payout and some wants the annual payment does the lottery office  make all of the players pick just one way of paying there winnings  ?

      Based on past stories, it appears all lottery jurisdictions require the entire group to pick cash or annuity.

      There are very few lottery games in Canada that pay annuities. That ones that do, dictate a cash payout if it is a group win.


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        Posted: June 27, 2011, 8:49 pm - IP Logged

        You have all that decided before you even start playing any games.

        You take the cash.

        thank u for the info


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          Posted: June 27, 2011, 8:50 pm - IP Logged

          Based on past stories, it appears all lottery jurisdictions require the entire group to pick cash or annuity.

          There are very few lottery games in Canada that pay annuities. That ones that do, dictate a cash payout if it is a group win.

          thank u Mario

            time*treat's avatar - radar

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            Posted: June 27, 2011, 9:07 pm - IP Logged

            I have  always wonder  when you have a group of people get a  in pool lets say at work and they hit a jackpot game like powerball and they go cash their ticket in and some want the cash payout and some wants the annual payment does the lottery office  make all of the players pick just one way of paying there winnings  ?

            Everyone takes the cash payment, then the ones that really want an annuity can go buy one.

            In neo-conned Amerika, bank robs you.
            Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

              RJOh's avatar - chipmunk
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              Posted: June 27, 2011, 9:39 pm - IP Logged

              I have  always wonder  when you have a group of people get a  in pool lets say at work and they hit a jackpot game like powerball and they go cash their ticket in and some want the cash payout and some wants the annual payment does the lottery office  make all of the players pick just one way of paying there winnings  ?

              Use to be most states would only pay one person in a pool and send him a W-2G for the taxes.  It was a real concession to allow each pool member to get his own check and W-2G for taxes.

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

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                Posted: June 27, 2011, 11:27 pm - IP Logged

                Everyone takes the cash payment, then the ones that really want an annuity can go buy one.

                I doubt we'll ever see any Lottery paying half the group in cash and getting annuities for the other half.

                  Epistrophy's avatar - Lottery-042.jpg
                  San Diego, CA
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                  Posted: June 27, 2011, 11:37 pm - IP Logged

                  Good info from all, and RJ, I remember those bad old days.  I can only imagine the conversations that resulted as people said, "Well, this is what I paid in taxes" followed by, "Let me see your return" followed by "I beg your pardon" or something to that effect.

                  Ridge, you're right in that it should be decided beforehand, but I had read about stories a while back where the disputes among the winning groups delayed the prize payment because they did not all agree on the payment option.  As I recall, in every single case, the cash option people were able to win the 12 Angry Men discussion.

                  It's just my humble opinion (though my wording will sound like Dr. Gregory House) but you'd have to be an idiot to take the annual payment option. 

                  Mayne that's too strong of a description, but given the fact that the free spending governments of the world (including our own, with the Milton Bradley play money budgets) will likely continue to devalue currencies, I'd say it's a better bet to take whatever it is now.   Again, just one man's opinion, though I know for a fact that Alexander Hamilton is not pleased, so that makes at least two.

                    redhot7's avatar - SetforLifeLogo
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                    Posted: June 28, 2011, 1:12 am - IP Logged

                    It's just my humble opinion (though my wording will sound like Dr. Gregory House) but you'd have to be an idiot to take the annual payment option.

                     

                    One advantage of taking annual payment is you always know there will always be money next year. What if you do stupid things and blow it all of? With one lump sum, you end up with nothing. With annual payment, you will always have money next year.

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                      Posted: June 28, 2011, 8:39 am - IP Logged

                      annual payment is the best choice I think the group should  just take a vote and majority would rule

                      have a winning dayHyper

                        sully16's avatar - sharan
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                        Posted: June 28, 2011, 9:01 am - IP Logged

                        I'd take the cash.Cheers

                        Did you exchange a walk on part in the war ?

                        For a lead role in a cage?

                         

                                                                    From Pink Floyd's " Wish you were here"

                          Raven62's avatar - binary
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                          Posted: June 28, 2011, 9:38 am - IP Logged

                          annual payment is the best choice I think the group should  just take a vote and majority would rule

                          Take a Vote, and the Idiots Would Rule!

                          A mind once stretched by a new idea never returns to its original dimensions!

                            rdgrnr's avatar - walt
                            Way back up in them dadgum hills, son!
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                            Posted: July 26, 2011, 7:40 pm - IP Logged

                            It's just my humble opinion (though my wording will sound like Dr. Gregory House) but you'd have to be an idiot to take the annual payment option.

                             

                            One advantage of taking annual payment is you always know there will always be money next year. What if you do stupid things and blow it all of? With one lump sum, you end up with nothing. With annual payment, you will always have money next year.

                            Letting any agency of government have anything to do with, or be in close proximity to money that belongs to you is a huge mistake.

                            Take the cash and run away from government.

                            As fast as you possibly can.

                            If you can't handle money then find someone outside of government to assist you or get your own annuity away from the greedy, grubby hands of government.

                            Our liberal federal government and all of the liberal state governments think any money you have actually belongs to them. They will eventually think of a reason to take it away from you and piss it away or give it to people who will vote for them.

                            Don't make it easy for them.


                                                                         
                                                 
                                                                     

                             

                             

                             

                             

                                                                                                                               

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

                                                                                                                        --Edmund Burke

                             

                             

                              tiggs95's avatar - Lottery-036.jpg

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                              Posted: July 26, 2011, 7:51 pm - IP Logged

                              Letting any agency of government have anything to do with, or be in close proximity to money that belongs to you is a huge mistake.

                              Take the cash and run away from government.

                              As fast as you possibly can.

                              If you can't handle money then find someone outside of government to assist you or get your own annuity away from the greedy, grubby hands of government.

                              Our liberal federal government and all of the liberal state governments think any money you have actually belongs to them. They will eventually think of a reason to take it away from you and piss it away or give it to people who will vote for them.

                              Don't make it easy for them.

                              Thanks ridge runner but could you slow down a bit tiggs is writing as fast as tiggs can..Please slow down so tiggs don't miss any thing..Thanks palsey walsey.....

                                                                                        Pure luck