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Stat$talker

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Mar 30, 2023, 11:41 pm

Quote: Originally posted by Stack47 on Mar 29, 2023
Follow the yellow brick road!

"Follow the yellow brick road!"

You mean, Follow da "Gold Bullion Brick Road".!
rcbbuckeye

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Mar 30, 2023, 11:56 pm

Quote: Originally posted by Stack47 on Mar 30, 2023
When lotteries began $1 million plus lotto games, there was no choice and most of the jackpots were paid by yearly payments. Not very many players could retire on twenty pretax payments of $50,000. Spitting it among 10 players is exactly life changing either.

Did many of the Texas Lotto players take the cash after they gave that option?

Just looked it up. The last time a winner took the annuity payout in Texas Lotto was March 20, 2013.

$4 million.

CAN'T WIN IF YOU'RE NOT IN

A DOLLAR AND A DREAM (OR $2)

JUST LOOK AT THE ODDS OF ANY JACKPOT GAME, THAT WILL TELL YOU EVERYTHING YOU NEED TO KNOW
garyo1954

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Mar 31, 2023, 12:35 am

Quote: Originally posted by Stack47 on Mar 30, 2023
When lotteries began $1 million plus lotto games, there was no choice and most of the jackpots were paid by yearly payments. Not very many players could retire on twenty pretax payments of $50,000. Spitting it among 10 players is exactly life changing either.

Did many of the Texas Lotto players take the cash after they gave that option?

It would be too hard to get a group of pool players to agree to taking the annuity unless they are all family about the same age.

Pool players are in a pool because they want to get the money and be done with it. And they want immediate control of their share.

As an individual winner, at my age, it would make sense to take the lump sum for three reasons. 1) The possibility of growing the money faster. 2) Taxes would be paid at today's rate (37%). 3) Avoiding a huge tax on the kids inheritance. The lump sum makes the money available for the kids to pay up. The annuity wouldn't liquidate for the kids to have the money to pay.

But circumstances are different for others who might choose the annuity because they are poor money managers, they want a guaranteed income, or they don't want to dump a lot at once in taxes.

A pool choosing an annuity is just a lawsuit on speed since somebody is going to want control of their share and want out quickly.

G

I'm probably here unless I'm not.
Dreaming would be a perfectly useless function if it's only purpose was to entertain.
wander73

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Mar 31, 2023, 12:39 am

I am going to put my two cents in.

I wouldn't do it.

Unless you know people that know a fair system. Rather a lottery pool, I would do the stock market, I resell items.

Someone at an estate sale asked me about any lucky lottery numbers and I said there is a way you need to watch the numbers carefully. Play at your own risk.

Seeking content generation for various needs including blogs, reselling, and beyond.

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wander73

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Mar 31, 2023, 12:40 am

Quote: Originally posted by garyo1954 on Mar 31, 2023
It would be too hard to get a group of pool players to agree to taking the annuity unless they are all family about the same age.

Pool players are in a pool because they want to get the money and be done with it. And they want immediate control of their share.

As an individual winner, at my age, it would make sense to take the lump sum for three reasons. 1) The possibility of growing the money faster. 2) Taxes would be paid at today's rate (37%). 3) Avoiding a huge tax on the kids inheritance. The lump sum makes the money available for the kids to pay up. The annuity wouldn't liquidate for the kids to have the money to pay.

But circumstances are different for others who might choose the annuity because they are poor money managers, they want a guaranteed income, or they don't want to dump a lot at once in taxes.

A pool choosing an annuity is just a lawsuit on speed since somebody is going to want control of their share and want out quickly.

G

agreed

Seeking content generation for various needs including blogs, reselling, and beyond.

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winoneday

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Mar 31, 2023, 6:06 pm

Not sure why there is so much discussion on annuity versus cash payout.

Almost everyone advocates for taking the cash payout. And for a lottery pool, it would be extremely foolish to take the annuity.

And yet there is all this discussion about annuity versus cash. This not not even what this thread is about.
cottoneyedjoe

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Mar 31, 2023, 6:38 pm

Quote: Originally posted by winoneday on Mar 31, 2023
Not sure why there is so much discussion on annuity versus cash payout.

Almost everyone advocates for taking the cash payout. And for a lottery pool, it would be extremely foolish to take the annuity.

And yet there is all this discussion about annuity versus cash. This not not even what this thread is about.

Technically, you brought it up

https://www.lotterypost.com/thread/344486/7219583

$61 million is the annuitized value, which nobody takes.
winoneday

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Mar 31, 2023, 7:06 pm

Quote: Originally posted by cottoneyedjoe on Mar 31, 2023
Technically, you brought it up

https://www.lotterypost.com/thread/344486/7219583

$61 million is the annuitized value, which nobody takes.

That is a bit of a stretch.
garyo1954

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Mar 31, 2023, 9:20 pm

Quote: Originally posted by winoneday on Mar 31, 2023
That is a bit of a stretch.

A bit of a stretch, how?
Your post reads....

"Back to the topic of this thread."

"The Texas Lotto jackpot is now $61 million. Every week it becomes a better and better option for a pool of players to buy enough tickets to win it."

Not only do youpoint directly at the, "Texas Lotto jackpot is now $61 million", you also advocate that it is, "a better and better option for a pool of players."

So Joe is right. No stretch and no technicality. You said a pool of players should be looking at playing the Texas Lotto because it is $61 million.

After that it was pointed out that the $61 million is the annuity (paid to the winner over 30 years).

G

I'm probably here unless I'm not.
Dreaming would be a perfectly useless function if it's only purpose was to entertain.
winoneday

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Mar 31, 2023, 9:27 pm

Quote: Originally posted by garyo1954 on Mar 31, 2023
A bit of a stretch, how?
Your post reads....

"Back to the topic of this thread."

"The Texas Lotto jackpot is now $61 million. Every week it becomes a better and better option for a pool of players to buy enough tickets to win it."

Not only do youpoint directly at the, "Texas Lotto jackpot is now $61 million", you also advocate that it is, "a better and better option for a pool of players."

So Joe is right. No stretch and no technicality. You said a pool of players should be looking at playing the Texas Lotto because it is $61 million.

After that it was pointed out that the $61 million is the annuity (paid to the winner over 30 years).

G

I was simply repeating the advertised value. It is the same value as reported in all the ads and the list of worldwide lotteries provided on this site by Todd.

It makes it easier to use a consistent reporting value. That does not imply or infer I was advocating taking the annuity.

gary, you have demonstrated over and over by all your posts you have a complete misunderstanding how lotteries work in general and specifically how probabilities work. You are well past your "best before date". Time to "retire".
cottoneyedjoe

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Mar 31, 2023, 9:36 pm

All LP threads get derailed. It's like some weird unwritten rule around here. Complaining about it only seems to embolden the chief derailers, so my personal strategy is to make like Elsa and let it go. Perhaps even partake in the derailments once in a while.
garyo1954

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Mar 31, 2023, 9:44 pm

Quote: Originally posted by winoneday on Mar 31, 2023
I was simply repeating the advertised value. It is the same value as reported in all the ads and the list of worldwide lotteries provided on this site by Todd.

It makes it easier to use a consistent reporting value. That does not imply or infer I was advocating taking the annuity.

gary, you have demonstrated over and over by all your posts you have a complete misunderstanding how lotteries work in general and specifically how probabilities work. You are well past your "best before date". Time to "retire".

LOL.....poor little thing. Whatever bad things you say about me doesn't change the FACT that you advocated pool play for the Texas lottery since it was $61 million.

I know you're mad. You got called out (rightly so). You start a topic in this topic it gets responses and when you don't like the responses you try to question why those responses were posted. Which falls back on you.

Poor little thing.....be mad, (you'll get over it).

FYI, my friends call me Gary. Others call me garyo1954.

Please provide any posts where I've, "demonstrated over and over by all your posts you have a complete misunderstanding how lotteries work in general and specifically how probabilities work."

Oh...................(almost forgot) Thank You
G

I'm probably here unless I'm not.
Dreaming would be a perfectly useless function if it's only purpose was to entertain.
ah1963

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Apr 1, 2023, 11:31 am

Quote: Originally posted by rcbbuckeye on Mar 30, 2023
Just looked it up. The last time a winner took the annuity payout in Texas Lotto was March 20, 2013.

$4 million.

You can't pick annuity if you buy QP. Most winners are QP player thats why you don't see annuity among winning tickets. Personally, I always pick annuity when I buy Texas lotto. I want to win for a peaceful life for the rest of my life, not to hassle with money managers. Winners will get more than 2 million per year for next 30 years and is enough for a good life for anyone.
rcbbuckeye

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Apr 1, 2023, 5:34 pm

Quote: Originally posted by ah1963 on Apr 1, 2023
You can't pick annuity if you buy QP. Most winners are QP player thats why you don't see annuity among winning tickets. Personally, I always pick annuity when I buy Texas lotto. I want to win for a peaceful life for the rest of my life, not to hassle with money managers. Winners will get more than 2 million per year for next 30 years and is enough for a good life for anyone.

Not sure about that. Looking at a playslip you could check QP and check annual payments.

Maybe the terminal would kick it back. Never tried it.

CAN'T WIN IF YOU'RE NOT IN

A DOLLAR AND A DREAM (OR $2)

JUST LOOK AT THE ODDS OF ANY JACKPOT GAME, THAT WILL TELL YOU EVERYTHING YOU NEED TO KNOW
ah1963

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Apr 1, 2023, 6:17 pm

Quote: Originally posted by rcbbuckeye on Apr 1, 2023
Not sure about that. Looking at a playslip you could check QP and check annual payments.

Maybe the terminal would kick it back. Never tried it.

There is a option if you use playslip, but most people just ask clerk or use kiosk.

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