Powerball Lottery

[skyhightree1]

Too late! I won powerball last drawing! Yup! I bought a $10 ticket and got a $4 winning ticket! I didn't lose $6, I won $4... Should I go to work tomorrow?

Okay, I bought another $10 today......

Funny thing is, a lot of people that think they are ahead in lotto do the math this way.

I know exactly how much I spend yearly and win.. you can write off winning lottery tickets against your winnings in which you have to get from the lottery that you pay taxes on.

 

[ga.prime]

"According to Multi-State Lottery Association, which runs the game, the odds of having the winning Powerball ticket are 1 in 292.2 million."

WOW, those are much better odds. Gonna have to rush out and by 10k worth of tickets

Why not buy 292.2 million tickets and be assured of winning?

 

[dun]

"According to Multi-State Lottery Association, which runs the game, the odds of having the winning Powerball ticket are 1 in 292.2 million."

WOW, those are much better odds. Gonna have to rush out and by 10k worth of tickets

Why not buy 292.2 million tickets and be assured of winning?

Wouldn't want to spend all my pocket change

 

[JMJ Farms]

"According to Multi-State Lottery Association, which runs the game, the odds of having the winning Powerball ticket are 1 in 292.2 million."

WOW, those are much better odds. Gonna have to rush out and by 10k worth of tickets

Why not buy 292.2 million tickets and be assured of winning?

Because after taxes, it would be a losing proposition. Taxes get right at half. So for the sake of rounding, you would have to buy $600 million in tickets to win $400 million. And in the event there was more than one person with the winning numbers.... That'd be bad.

 

[skyhightree1]

It's now 900 Million

 

[ga.prime]

It's now 900 Million

If you win, just remember who your friends are.

 

[M-5]

There are 350million possible combinations.

 

[greybeard]

Same chance of winning if you buy a ticket or if you don't buy a ticket. Bought a ticket anyway.

50:50 chance. You will win or you won't.
A better chance of being hit by lightning while drowning.

 

[Jogeephus]

To voluntarily pay taxes just seems wrong to me.

Here is something that will help you understand the lottery better.

 

[torogmc81]

To voluntarily pay taxes just seems wrong to me.

Here is something that will help you understand the lottery better.

:clap:

 

[Son of Butch]

Someone has to win, that someone could be you

16 19 32 34 57 power ball 13

NOPE. No winner. Next drawing is estimated to be 1.3 billion dollars
odds 367 million to 1
$2 a ticket means when it's over 734 million it's no longer a sucker bet to buy a ticket.

 

[torogmc81]

Do they announce or does any one know how many numbers were bought/played??

 

[skyhightree1]

Do they announce or does any one know how many numbers were bought/played??

no

 

[JMJ Farms]

Do they announce or does any one know how many numbers were bought/played??

no

If you took the $ increase in the pot size and divided it by 2 ($2 per ticket) would this give you the number of tickets? Not sure if this would be accurate or not.

 

[skyhightree1]

It's now 900 Million

If you win, just remember who your friends are.

I got you covered ;-)

 

[skyhightree1]

Do they announce or does any one know how many numbers were bought/played??

no

If you took the $ increase in the pot size and divided it by 2 ($2 per ticket) would this give you the number of tickets? Not sure if this would be accurate or not.

not sure could be

 

[Son of Butch]

Do they announce or does any one know how many numbers were bought/played??

Yes, but not often or well reported.... 68% of all possible combinations were sold for the last drawing.
Many duplicates of the same numbers get sold, hence multiple winners and split pots when someone does hit.

Numbers 1-31 are played at a higher rate on pick your own numbers vs random computer generated "quick pick" sales.
numbers 8 16 54 are 3 of the 5 numbers that historically have been drawn with the highest frequency.
(I forgot the other 2 numbers, but I do remember they are odd and lower than 50)
I remember several years ago 1 winner hit by playing their favorite cows ear tag numbers, and said they would
never be going to slaughter.

Only a little over $1 of each $2 collected goes into the next pot.

 

[greybeard]

Do they announce or does any one know how many numbers were bought/played??

no

If you took the $ increase in the pot size and divided it by 2 ($2 per ticket) would this give you the number of tickets? Not sure if this would be accurate or not.

If I understand it right, according to news reports today, there were some lesser winners--at least one person won $40k and another won $1.44 million by getting all 5 numbers right but not the powerball #. 5 tickets sold in W. Va were worth $50k ea. 3 tickets in Texas were for $1 mil each and according to the link at the end of this post, a single ticket sold in Cove, Chambers County Tex was worth $2 million. (I assume they picked the same #s on 2 tickets.
So if, the smaller winners get paid out of the ticket sales, dividing the increase by 2 would not result in an exact correct # of tickets sold.
http://abc13.com/finance/powerball-jack ... m/1153135/

 

[Son of Butch]

30% or 60 cents out of every $2 ticket goes to state governments to fund environmental programs, school aid or in some states the general fund. Another 10% or 20 cents per ticket is spent on administration. Then there are advertising costs and whenever government is involved a small % of shrink for miscellaneous graft and slush funds need to be budgeted under varies names.
A certain % goes to pay smaller winning tickets.
As I mentioned before, only a little over $1 of each $2 collected are added to the main pot.
Winners then pay about 40% of winnings back to federal and state as income tax. Then when they spend the money... sales tax.
Only about 15% or 30 cents out of $2 are left to ever purchase any actual goods or services in the private sector.

Mafia number runners, Indian casinos and Vegas all give you better payout odds when gambling then any of the government run gambling organizations.

 

[Jogeephus]