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Do you play alone or in a pool?

Topic closed. 22 replies. Last post 7 months ago by helpmewin.

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TheMeatman2005's avatar - lightening
Brooklyn, NY
United States
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October 29, 2015
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Posted: June 12, 2016, 11:48 am - IP Logged

When you play the lottery, do you usually play on your own or with others in a pool setting?

If you play in a pool, do you buy other tickets besides the ones you got by buying into the pool?

The Meatman

“The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

    ArizonaDream's avatar - Lottery-009.jpg

    United States
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    Posted: June 12, 2016, 12:26 pm - IP Logged

    Alone. Although I did join the one-time pool at work for the 1.5B PB back in January. I also bought 1 ticket on my own that time.

      Avatar
      Baton Rouge, LA
      United States
      Member #4602
      May 7, 2004
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      Posted: June 12, 2016, 12:46 pm - IP Logged

      I was doing both for a long time. I started a pool with a friend and it eventually grew to around 13 people. We were buying a mix of Powerball, Lotto, and MegaMillions tickets. I changed jobs so I ended up shutting down that pool. Now I just play by myself.

      Prisoner Six

      "I am not a number, I am a free man!"

        LiveInGreenBay's avatar - driver
        Green Bay
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        October 15, 2015
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        Posted: June 12, 2016, 2:21 pm - IP Logged

        No pool for me...I'm greedy!

        Never give up.  Banana

          Kingofearth's avatar - Kinnak
          Upstate NY
          United States
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          May 5, 2016
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          Posted: June 12, 2016, 2:27 pm - IP Logged

          Congratulations, you won 100 Million dollars! Now between Cash, Taxes and splitting it between 10 people you get a whole 4 million dollars!!! NO. 

            lulu1feather's avatar - 2uehclf
            Oregon
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            August 17, 2015
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            Posted: June 12, 2016, 3:00 pm - IP Logged

            Never played in a pool. I don't really know anyone personally else who even plays regularly

              ArizonaDream's avatar - Lottery-009.jpg

              United States
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              Posted: June 12, 2016, 3:00 pm - IP Logged

              Congratulations, you won 100 Million dollars! Now between Cash, Taxes and splitting it between 10 people you get a whole 4 million dollars!!! NO. 

              I could retire on 4 million.

              How'd you like to go back to work one day and find out 10 of your coworkers didn't show because they won PB?

                TheMeatman2005's avatar - lightening
                Brooklyn, NY
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                Posted: June 13, 2016, 8:43 am - IP Logged

                Congratulations, you won 100 Million dollars! Now between Cash, Taxes and splitting it between 10 people you get a whole 4 million dollars!!! NO. 

                On a $100 mil win, each of the 10 people would get roughly $5 to $6 mil.

                Figuring the IRS takes close to 40% and then state and local taxes (if any) would take another bite of your winnings.

                The Meatman

                “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                  Kingofearth's avatar - Kinnak
                  Upstate NY
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                  Posted: June 13, 2016, 1:47 pm - IP Logged

                  I could retire on 4 million.

                  How'd you like to go back to work one day and find out 10 of your coworkers didn't show because they won PB?

                  I'd buy more tickets the next time it gets high up. If it's meant to be, it will come to the tickets i buy. If the lottery won't even offer a payout that low, it isn't worth it to buy.

                    Kingofearth's avatar - Kinnak
                    Upstate NY
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                    Posted: June 13, 2016, 1:50 pm - IP Logged

                    On a $100 mil win, each of the 10 people would get roughly $5 to $6 mil.

                    Figuring the IRS takes close to 40% and then state and local taxes (if any) would take another bite of your winnings.

                    A 100M annuity gets about 65-70M in cash which split 10 ways is 6.5-7M BEFORE Taxes. Take the Federal and NY State withholding which is 33.82% and I'd walk away with a little over 4M. 

                      TheMeatman2005's avatar - lightening
                      Brooklyn, NY
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                      Posted: June 13, 2016, 2:23 pm - IP Logged

                      A 100M annuity gets about 65-70M in cash which split 10 ways is 6.5-7M BEFORE Taxes. Take the Federal and NY State withholding which is 33.82% and I'd walk away with a little over 4M. 

                      I didn't realize you were calculating on an annuity prize of $100 mil. Thought that was cash value.

                      In that case, like you said, the cash prize split 10 ways would be approximately 6.5 - 7 mil before taxes. 

                      When someone wins, the lottery takes out only 25% of the taxes due to the IRS (and a portion of state taxes) and you are responsible for the balance. The maximum fed tax is 39.6% less the 25% leaves you owing 14.6% come April 15 the following year.

                      In NY State, the tax rate is 8.82%. Combined with the federal tax, you now have a 47.82% chunk taken out of your prize.

                      So, 6.5 - 7 mil less 47.82% leaves you with 3.39 - 3.65 mil 

                      Not too bad, but not as good if won alone. Banana vs Party

                      The Meatman

                      “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                      Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                        rcbbuckeye's avatar - Lottery-043.jpg
                        Texas
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                        October 23, 2007
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                        Posted: June 13, 2016, 2:42 pm - IP Logged

                        If my pool of 8 wins MM, taking the lump sum, after all the taxes are paid we'll each clear over $14 million.

                        Good enough for me.

                        CAN'T WIN IF YOU'RE NOT IN

                        A DOLLAR AND A DREAM (OR $2)

                          zephbe's avatar - animal butterfly.jpg
                          South Carolina
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                          Posted: June 13, 2016, 6:06 pm - IP Logged

                          When I worked I played in a small pool.  Since I retired I play alone for the most part.  My sister buys tickets because I told her I wasn't sharing with any non-players--Smile

                          Every champion was once a contender who refused to give up.-Rocky Balboa

                          “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

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                            Happy California
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                            Posted: June 14, 2016, 7:14 pm - IP Logged

                             A lottery pool includes a lot of work for the leader. The leader must be trustworthy and honest.

                             A legal document must be completed.

                             Chi ha danari, trova cugini. (He who has money finds many cousins.) Italian proverb

                              TheMeatman2005's avatar - lightening
                              Brooklyn, NY
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                              Posted: June 14, 2016, 7:21 pm - IP Logged

                               A lottery pool includes a lot of work for the leader. The leader must be trustworthy and honest.

                               A legal document must be completed.

                              I Agree! 100%

                              The Meatman

                              “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                              Winning happens in a flash, Like A Bolt Of Lightning!  Patriot