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Powerball is taking a serious beating in December!

Topic closed. 69 replies. Last post 4 years ago by RJOh.

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RJOh's avatar - chipmunk
mid-Ohio
United States
Member #9
March 24, 2001
19895 Posts
Offline
Posted: December 29, 2012, 3:15 pm - IP Logged

"If the coin flip was a dollar against 2 dollars, the one dollar bettor has an EV of 2 dollar, or 200%."

Don't want to nit-pick but one of those dollars came out of the dollar bettors pocket so he can only win $1. The the profit is 100%, even money. If the lotteries ran a coin flip game like they run their other games and a player bet a dollar and won, they would pay them $1.

You win nothing if you win $2 on a $2 scratch-off ticket. Winning a free ticket in some of the pick-5 games is only slightly different. You're still out the dollar but you won another chance to win something. 

Kentucky pays $600 for a $1 pick-3 straight ticket and when I moved here, I wondered if it was taxed. It's not because the winnings are $599 and under the IRS limit.

"Kentucky pays $600 for a $1 pick-3 straight ticket and when I moved here, I wondered if it was taxed. It's not because the winnings are $599 and under the IRS limit."

All lottery winnings can be taxed, the fact that states don't send out W-G's for amounts under $600 doesn't mean it can't.

The fact that most winners of prizes under $600 have spent more than that to finally win makes it a waste of time for the IRS to pursuit such cases.  But if the IRS got wind of someone  winning a great sum of money playing pick3 and staying under the radar by only buying single tickets to avoid winning more than $600 on a single tickets, I bet they would pursuit it.

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

    RJOh's avatar - chipmunk
    mid-Ohio
    United States
    Member #9
    March 24, 2001
    19895 Posts
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    Posted: December 29, 2012, 3:33 pm - IP Logged

    I believe PB has a inside informer and this matter needs to be investigated.

    It may be that PB lost the casual players who brought QPs and hoped for luck.  With $2+ a line, PB may be getting more serious players who avoid combinations that aren't likely to happen thus improving their odds of winning.

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


      United States
      Member #116268
      September 7, 2011
      20244 Posts
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      Posted: December 29, 2012, 5:46 pm - IP Logged

      It may be that PB lost the casual players who brought QPs and hoped for luck.  With $2+ a line, PB may be getting more serious players who avoid combinations that aren't likely to happen thus improving their odds of winning.

      I Agree! Players are getting smarter..........


        United States
        Member #116268
        September 7, 2011
        20244 Posts
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        Posted: December 29, 2012, 5:46 pm - IP Logged


          United States
          Member #116268
          September 7, 2011
          20244 Posts
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          Posted: December 29, 2012, 5:48 pm - IP Logged

          "Kentucky pays $600 for a $1 pick-3 straight ticket and when I moved here, I wondered if it was taxed. It's not because the winnings are $599 and under the IRS limit."

          All lottery winnings can be taxed, the fact that states don't send out W-G's for amounts under $600 doesn't mean it can't.

          The fact that most winners of prizes under $600 have spent more than that to finally win makes it a waste of time for the IRS to pursuit such cases.  But if the IRS got wind of someone  winning a great sum of money playing pick3 and staying under the radar by only buying single tickets to avoid winning more than $600 on a single tickets, I bet they would pursuit it.

          Right, Win $600. Lose $600. Owe no taxes..........

            Coin Toss's avatar - shape barbed.jpg
            Zeta Reticuli Star System
            United States
            Member #30470
            January 17, 2006
            10390 Posts
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            Posted: December 29, 2012, 5:48 pm - IP Logged

            When the payoff is $600 and the ticket is $1 did the player win $600 or $599?

            Scared

            Lurking

            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.

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              Kentucky
              United States
              Member #32652
              February 14, 2006
              7341 Posts
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              Posted: December 29, 2012, 6:54 pm - IP Logged

              "Kentucky pays $600 for a $1 pick-3 straight ticket and when I moved here, I wondered if it was taxed. It's not because the winnings are $599 and under the IRS limit."

              All lottery winnings can be taxed, the fact that states don't send out W-G's for amounts under $600 doesn't mean it can't.

              The fact that most winners of prizes under $600 have spent more than that to finally win makes it a waste of time for the IRS to pursuit such cases.  But if the IRS got wind of someone  winning a great sum of money playing pick3 and staying under the radar by only buying single tickets to avoid winning more than $600 on a single tickets, I bet they would pursuit it.

              "But if the IRS got wind of someone  winning a great sum of money playing pick3 and staying under the radar by only buying single tickets to avoid winning more than $600 on a single tickets, I bet they would pursuit it."

              The reason W-2Gs aren't issued for tickets under $600 is because of IRS regulations.

              Without issuing a W-2G, there is no way the IRS could get wind of it. I've cashed multiple pick-4 and pick-3 tickets in four states and never was questioned or asked for ID. It would be different if there were very few places that could cash two or three tickets, but I live in rural area and know at least five stores that will cash tickets amounting to under $2000. The cashing agents will cash up to $5000.

              Even if a player had $100,000 in pick-3 winnings they have six months to cash. If they deposit more than $10,000 at one time into their bank account, the IRS will take notice.

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                Kentucky
                United States
                Member #32652
                February 14, 2006
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                Posted: December 29, 2012, 7:09 pm - IP Logged

                When the payoff is $600 and the ticket is $1 did the player win $600 or $599?

                Scared

                Lurking

                They won $599.

                I cashed a $2600 Keno way ticket and they wanted to give me a W-2G for the entire amount. I protested because the way ticket had 15 $1 ways and only one way was over the IRS limit. The manager in the cashier cage agreed with me and they lowered the amount on the W-2G to $1499. I won't say for a fact someone cashing a huge amount of pick-3 tickets won't have a problem because I never bet that much on a pick-3 number and don't know anyone that does.


                  United States
                  Member #130815
                  July 25, 2012
                  1636 Posts
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                  Posted: December 29, 2012, 8:18 pm - IP Logged

                  You can be sure someone is looking at these PB wins with the same concern they had when all those players won using fortune cookies numbers.

                  Yeah but aren't all these winners quick pick???

                    RJOh's avatar - chipmunk
                    mid-Ohio
                    United States
                    Member #9
                    March 24, 2001
                    19895 Posts
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                    Posted: December 30, 2012, 1:19 am - IP Logged

                    Yeah but aren't all these winners quick pick???

                    That's a tricky question since some states allow partially filled out play slips to be completed by the terminal and classified a quick pick.

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