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Powerball lottery in the U.S...holy $(*&$

tobywan

TRIBE Member
So the big Powerball lottery in the states has reached epic proportions...$340 million...but we all know that a HUGE amount of that is taken off in taxes, regardless of whether it's paid as a lump sum, or annual payments.

Anyone have any friends/relatives caught up in the fever?
 

Chicago Kid

TRIBE Member
When I was still living in Chicago, my uncle from Winnipeg would always be wire-transfering money to me to buy him Powerball tickets in IL...he had the fever.

One time, he sent me $100, and it cost something ridiculous like $20 CDN to send from his bank and cost me something like $24 or $26 USD to receive it at my bank in Chi. It's whack...but it was the Powerball fever.
 

Dr Funk MD

TRIBE Promoter
Originally posted by Chicago Kid
When I was still living in Chicago, my uncle from Winnipeg would always be wire-transfering money to me to buy him Powerball tickets in IL...he had the fever.

One time, he sent me $100, and it cost something ridiculous like $20 CDN to send from his bank and cost me something like $24 or $26 USD to receive it at my bank in Chi. It's whack...but it was the Powerball fever.
Why didn't he just mail you a cheque?
 

Chicago Kid

TRIBE Member
Originally posted by Dr Funk MD
Why didn't he just mail you a cheque?
Cuz, if I remember correctly, we were short on time, like it was the day before, or the day of the draw and not even UPS Express woulda gotten it to me in time. My uncle didn't really care about the cost, so as long as I bought him as many tickets as I could get for the money.

I found out about the charges after-the-fact.
 

basketballjones

TRIBE Member
why didn u just buy him the tickets and he send u the money later...then if he wins u win, since he didnt give u no loot..profit
 

SJN

TRIBE Member
never ceases to amaze me that when the jackpot is a paltry $7.5M, its not news....but when it's $20.0M+, the lemmings all run out and buy tickets....

just more proof that lotteries are idiot taxes
 

torontobarfly

TRIBE Member
Originally posted by SJN


just more proof that lotteries are idiot taxes

yes, tomorrow i'm going to go out on a limb and risk my financial future by plopping a twoonie down on the counter at the variety store for a shot at $25,000,000 and this will officially categorize me as an idiot:p
 

AshG

Member
Originally posted by SJN
never ceases to amaze me that when the jackpot is a paltry $7.5M, its not news....but when it's $20.0M+, the lemmings all run out and buy tickets....

just more proof that lotteries are idiot taxes
not necessarily.

while its common wisdom to denounce lotteries as a waste of money, in purchasing a ticket you buy not only a microscopically small chance of winning, but more tangibly, the entertainment of having a chance - there's value to that, much as there is for any other form of entertainment.

can't say i've ever bought lottery tickets but its no better or worse than most other discretionary expenses.
 

Gizmo

TRIBE Member
Second place in the Powerball Lottery went to US Senator Judd Gregg of New Hampshire.

http://gregg.senate.gov/

A staunch fiscal conservative, his $20 investment earned him $853,000. After taxes it's probably close to $500k USD, but New Hampshire has no state taxes....a motion he helped pass last year....
 

dora

TRIBE Member
My bf is in Anaheim, CA right now going to the Macromedia conference. He said Powerball fever is insance. Since they don't have Powerball in California, people are making 2 hour drives to the state line and going into Arizona to buy tickets. He said the litty convenience stores close to the border have had line ups since early morning yesterday where Californians were cueing up with thousands of dollars in hand...
 

AdRiaN

TRIBE Member
Originally posted by SJN
never ceases to amaze me that when the jackpot is a paltry $7.5M, its not news....but when it's $20.0M+, the lemmings all run out and buy tickets....
Any time the payoff of a wager exceeds the odds of winning, it's a smart gamble.

I believe the odds of winning 6/49 are somewhere in the neighbourhood of 1:13,000,000

So any jackpot above $26,000,000 is a fair bet (since you pay $2 for a ticket).
 

SJN

TRIBE Member
Originally posted by AdRiaN
Any time the payoff of a wager exceeds the odds of winning, it's a smart gamble.

I believe the odds of winning 6/49 are somewhere in the neighbourhood of 1:13,000,000

So any jackpot above $26,000,000 is a fair bet (since you pay $2 for a ticket).
The odds of having the jackpot number in 6/49 are about 1 in 14million. First, jackpots in 6/49 rarely hit 28 million. Second, as jackpots increase, the number of tickets sold increases, and chances increase that more than one ticket will hold the jackpot number (i.e., you'd be splitting it with others).

The odds of having the jackpot number in Super 7 (which do have jackpots that can get in the 28 million range) are a ridiculous 1 in 63million.

The only think you need to remember is that government operated lotteries (in Canada anyway) are structured so that they always pay out about 45-50 percent of sales in prizes. There is never a scenario where the expected return on ticket is positive. Never.
 
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physix

TRIBE Member
waste of money?


anytime the jackpot is like over 100 mil, i'll buy
a couple tickets.... it's like $2 or summat...

shit, i just won't go to Subway that week or something.


besides, it does help the economy a tad, i reckon.

i play indiana lottery more regularly, tho.
simply because i wanna get on the TV
game show version. ;)

and i have won upwards $5Gs in like scratch offs.

fuck it.


far better investment than throwing raves were...
and no one would bitch about that. ;)
 
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