FinsRule
Joined: Dec 23, 2009
• Posts: 3709
May 17th, 2013 at 10:26:31 AM permalink
It hit 600 million, so I guess I'll buy a ticket.
chickenman
Joined: Nov 1, 2009
• Posts: 997
May 17th, 2013 at 10:27:44 AM permalink
Jackpot now at \$600 million, cash option \$377 million. So now the largest Powerball jackpot ever and second largest after the Megabucks \$656 million in March
Wizard
Joined: Oct 14, 2009
• Posts: 22920
May 17th, 2013 at 10:48:21 AM permalink
Quote: midwestgb

Just bought my five tickets. Upon winning, I plan to donate \$10 mil. to establish a Trust Fund for the express purpose of keeping Mike in the Wizard of Odds/Vegas business for the rest of his lifetime.

Thanks! After I just lost much of my money in Cyprus, I could use it right now.

Quote: chickenman

Jackpot now at \$600 million, cash option \$377 million. So now the largest Powerball jackpot ever and second largest after the Megabucks \$656 million in March

It may pass \$656M by the drawing. I'm surprised the media hasn't been trying to find me this time. Usually whenever there is a huge jackpot I get asked lots of odds questions.
It's not whether you win or lose; it's whether or not you had a good bet.
sodawater
Joined: May 14, 2012
• Posts: 3321
May 17th, 2013 at 10:51:23 AM permalink
Quote: Wizard

I see the Powerball web site says the current \$550 million jackpot has a \$350.1 "cash value." I assume that is the lump sum option.

The highest tax rate is 35%, except if you're single it is 39.6%. Assuming one is not single, the ratio of money received after the lump sum and taxes would be 41.4%. However, that doesn't count state taxes, which vary by state. In California, the highest rate is 10.3%. All things considered, 1/3 sounds like a good rule of thumb. Assuming that figure, I show a \$2 ticket for the May 18 draw has an expected value of 94.2 cents.

except most people should take the annuity, not the cash value.

the annuity provides two things you can't get with the cash value:

1. a government guaranteed return on investment

2. no taxes on the profit of the investment

which means that if you take the annuity, the lotto uses the lump sum cash to buy annuities, then guarantees your return. and you only pay taxes once on the annuity, instead of twice on the lump sum + investment return
sodawater
Joined: May 14, 2012
• Posts: 3321
May 17th, 2013 at 11:07:03 AM permalink
Quote: Wizard

I'm surprised the media hasn't been trying to find me this time. Usually whenever there is a huge jackpot I get asked lots of odds questions.

They probably are ringing Ahigh's phone off the hook, having been tipped off by casino executives who can't stop talking about him.
Boz
Joined: Sep 22, 2011
• Posts: 5701
May 17th, 2013 at 12:20:31 PM permalink
Quote: Wizard

Thanks! After I just lost much of my money in Cyprus, I could use it right now.

It may pass \$656M by the drawing. I'm surprised the media hasn't been trying to find me this time. Usually whenever there is a huge jackpot I get asked lots of odds questions.

Maybe they dont want to hear to actual odds and value of a ticket.
ThatDonGuy
Joined: Jun 22, 2011
• Posts: 4740
May 17th, 2013 at 1:18:20 PM permalink
Quote: Wizard

It may pass \$656M by the drawing. I'm surprised the media hasn't been trying to find me this time. Usually whenever there is a huge jackpot I get asked lots of odds questions.

Do you give them any tips, like, "If you want a better chance of winning the whole thing - and let's face it, if you didn't want the whole thing, then why didn't you play on Wednesday - then pick three numbers 32 and higher, as couples with one child will tend to play "birthdates and ages", where the three birthdates and the child's age will be less than 32"?
djatc
Joined: Jan 15, 2013
• Posts: 4477
May 17th, 2013 at 1:36:06 PM permalink
The best option is to parlay the winnings into more lottery tickets, Archie Karas style.
"Man Babes" #AxelFabulous
Nareed
Joined: Nov 11, 2009
• Posts: 11413
May 17th, 2013 at 1:51:22 PM permalink
Quote: Wizard

Assuming that figure, I show a \$2 ticket for the May 18 draw has an expected value of 94.2 cents.

Does that mean it's worth more than the paper it's printed on?
Donald Trump is a fucking criminal
Maverick17
Joined: Mar 4, 2011
• Posts: 323
May 17th, 2013 at 1:52:52 PM permalink
Quote: sodawater

....

2. no taxes on the profit of the investment

which means that if you take the annuity, the lotto uses the lump sum cash to buy annuities, then guarantees your return. and you only pay taxes once on the annuity, instead of twice on the lump sum + investment return

NOPE
Statistics don't lie, they deceive.