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Estimated jackpot vs. Actual cash value

Topic closed. 15 replies. Last post 4 years ago by billionaire2bee.

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United States
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July 25, 2012
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Posted: March 11, 2013, 8:02 am - IP Logged

Does anyone think they should do away with the estimated jackpot and just post the actual cash values??? A friend of mine thinks it false advertisment....but I told them that its estimated that that's what you'll end up with IF you take the annunity....but like with powerball where it's 183 million vs. the actual cash value of 121 million...Me personally I couldn't care less...112 million is more than I or anyone could ever earn in our lifetimes....but what do you think?? Is it misleading or not??


    United States
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    Posted: March 11, 2013, 8:23 am - IP Logged

    No.

      hearsetrax's avatar - 0118

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      Posted: March 11, 2013, 8:45 am - IP Logged

      Does anyone think they should do away with the estimated jackpot and just post the actual cash values??? A friend of mine thinks it false advertisment....but I told them that its estimated that that's what you'll end up with IF you take the annunity....but like with powerball where it's 183 million vs. the actual cash value of 121 million...Me personally I couldn't care less...112 million is more than I or anyone could ever earn in our lifetimes....but what do you think?? Is it misleading or not??

      me thinks your friend thinks too much and needs one of these  ASAP

        dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
        Oklahoma
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        Posted: March 11, 2013, 9:14 am - IP Logged

        Nope.

        I Love Pink & Green 1908

          RJOh's avatar - chipmunk
          mid-Ohio
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          Posted: March 11, 2013, 1:06 pm - IP Logged

          Does anyone think they should do away with the estimated jackpot and just post the actual cash values??? A friend of mine thinks it false advertisment....but I told them that its estimated that that's what you'll end up with IF you take the annunity....but like with powerball where it's 183 million vs. the actual cash value of 121 million...Me personally I couldn't care less...112 million is more than I or anyone could ever earn in our lifetimes....but what do you think?? Is it misleading or not??

          The cash value is estimated too, it's based on expected sales.  Maybe they should do away with both and just surprise the winners.

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


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            Posted: March 11, 2013, 1:09 pm - IP Logged

            No.

                   Thumbs Up

              savagegoose's avatar - ProfilePho
              adelaide sa
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              Posted: March 11, 2013, 1:17 pm - IP Logged

               i would also prefer the cash option advertised over than annuity. i can go  find my own investments. so maybe both would be better.

              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


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                Posted: March 11, 2013, 1:21 pm - IP Logged

                I like the idea of the deceptively false advertised amount. It makes the jackpot grow bigger faster.

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
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                  Posted: March 11, 2013, 2:03 pm - IP Logged

                  It don't make no nevermind to me.


                                                               
                                       
                                                           

                   

                   

                   

                   

                                                                                                                     

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

                                                                                                              --Edmund Burke

                   

                   


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                    Posted: March 11, 2013, 4:30 pm - IP Logged

                    Does anyone think they should do away with the estimated jackpot and just post the actual cash values??? A friend of mine thinks it false advertisment....but I told them that its estimated that that's what you'll end up with IF you take the annunity....but like with powerball where it's 183 million vs. the actual cash value of 121 million...Me personally I couldn't care less...112 million is more than I or anyone could ever earn in our lifetimes....but what do you think?? Is it misleading or not??

                    billionaire2bee,

                    It's actually more complicated than meets the eye.  Here's everything you ever wanted to know about estimating jackpots.  And more!

                    For those who think they've found an edge in one of their studied games, this also tells them what to expect if they try to exploit it.

                    http://www.mass.gov/ig/publications/reports-and-recommendations/2012/lottery-cash-winfall-letter-july-2012.pdf

                    --Jimmy4164

                    p.s.  For those who "ALREADY KNOW" all about this, I knew too.  However, it addresses the thread opener and many may have never heard of this saga.


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                      Posted: March 11, 2013, 4:37 pm - IP Logged

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                        wisconsin
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                        Posted: March 11, 2013, 10:32 pm - IP Logged

                        I saw a billboard for the lottery. It said, "Estimated lottery jackpot 55 million dollars." I did not know that was estimated. That would suck if you won and they said, "Oh, we were off by two zeroes. We estimate that you are angry.

                        Mitch Hedberg

                        RIP

                          RJOh's avatar - chipmunk
                          mid-Ohio
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                          Posted: March 12, 2013, 12:22 am - IP Logged

                          I saw a billboard for the lottery. It said, "Estimated lottery jackpot 55 million dollars." I did not know that was estimated. That would suck if you won and they said, "Oh, we were off by two zeroes. We estimate that you are angry.

                          Mitch Hedberg

                          RIP

                          Estimates of lottery jackpots and cash values are usually conservative and based on realistic sales expectations.  Many times when jackpots are large and there's a ticket buying frenzy, they are adjusted upward after someone wins.

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

                            PlayToWin47's avatar - Lottery-041.jpg
                            Joplin MO
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                            Posted: March 12, 2013, 12:32 am - IP Logged

                            I'm fine with how they do it now.

                            At least on the lotteries I play, they mostly advertise the annuity amount, but on the web sites, they show the cash amount below in smaller print.

                              Coin Toss's avatar - shape barbed.jpg
                              Zeta Reticuli Star System
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                              Posted: March 12, 2013, 12:49 am - IP Logged

                              PlayToWin47,

                              The Missouri lottert will send you e-mails with the results of the game you choose and the advertised and cash jackpots.

                              ____________________________

                              Re: The OP,

                              billionaire2bee,

                              I doubt the lottries would change the way they do it now. It sounds better for them and you have to consider that not sll payers are as informed as people here on LP. If the lottieries dropped the advertised jackpot amounts and just mentioned the cash amount there's a lot of people out there that would say something like, "Look at that Mega Millions. At least it used to start t $12 million, now they've cut that back to $7 point something million."

                              It would be like asking a state that has raffles with 500,000 ticket sales (using Illinois as an example) to advertise it like this:

                              Play our raffle. 509 winners and 499,991 losers.

                              (Which is exactly the way it is but they're not going to promote it that way.)

                              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.