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• CASH Only

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  June 5, 2002
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  Oct 6, 2002, 7:41 am

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  The changes for Powerball effective after last night's drawing include a lengthening in the annuity from 26 to 30 payments. This is extra noteworthy to those of you familiar with the Ohio 6/49 game. While the annuity structures for Ohio 6/49 and Powerball are now the same (30 equal yearly installments), the cash option for Ohio 6/49 is currently fixed at 44% of the annuity; however, the Powerball cash option is almost _56%_ of the annuity ($20.1 cash v $36 annuity). Perhaps this is the best example yet that the Ohio Lottery shortchanges their 6/49 lump-sum winners (though not Ohio MM winners). Remember this if you continue to play Ohio 6/49.
• wishin

  

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  Oct 6, 2002, 12:27 pm

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  Cash Only
  How were able to find the Ohio 6/49 cash option?  I been trying to locate Illinois' Lotto cash option percentage on their website and not having any luck.   The jackpot for both MM and Lotto are the same; I was wondering if the payouts were as well. 
  Thanks   
• CASH Only

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  Oct 6, 2002, 1:48 pm

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  Wishin: The Ohio 6/49 cash option percentage should be found on an interior page (look for the list of games.) Many single-state games do not give the cash option amount/percentage (although both MM/PB give the cash value amount) since interest rates fluctuate. You should be able to find within the Illinois website past Lotto winners; hopefully (they chose CASH :) the cash option amount and the annuity amount are listed; then you'd be able to compute the cash value % vs the annuity.
• Todd

  

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  Chief Bottle Washer

  New Jersey
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  May 31, 2000
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  Oct 6, 2002, 4:34 pm

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  Cash Only: Many states do not advertise the cash value, but it has nothing to do with fluctuating interest rates!  As I've said in the past, the cash value is the easiest thing for the State Lottery to calculate, because it is simply a function of how many tickets have been purchased.  It is actually more difficult for the lottery to calculate the annuity value, since that involves fluctuating return rates, not the cash value.

  I believe many states do not advertise the cash value because of the negative feelings it tends to bring -- not good for marketing.  They would much rather scream about a $10,000,000 jackpot, rather than admit that it's really worth about $2.7 million after taxes if you take the cash value.

   

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• wishin

  

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  Oct 7, 2002, 4:04 pm

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  I decided to email the office of the Illinois State Lottery.  If anyone is interested, other than me, Illinois' cash option for Lotto is approximately 51%.

   
• RJOh

  

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  mid-Ohio
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  Oct 8, 2002, 1:25 pm

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  To Wishin

  That nice to know and that more near the norm for most Jackpot cash value.  As Cashonly points out Ohio pays about 44% of the annunity on it's Superlotto jackpot, but I don't think the state deflate the cash value but rather inflate the annunity amount because that increase ticket sales.  In the past Ohio had added money to the jackpot and stated that it was simply to boost ticket sales.  If the winner chooses cash, then the state comes out ahead with no increased cost and if annunity is his choice, the state has to make up the different.  Odds are most winners will take cash.

  RJOh
• CASH Only

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  Oct 8, 2002, 3:24 pm

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  The 44% cash value of the Ohio 6/49 annuity gives the impression that lump-sum winners are being penalized, or that annuity choosers are getting a "bonus." I would think that it would be better for the Ohio Lottery to "discourage" winners from taking the annual payments, because someone at the Ohio Lottery has to keep track of all the winners who are due yearly checks.
• wishin

  

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  Oct 8, 2002, 4:12 pm

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  I'd be more than happy