Thread Rating:

rsactuary
rsactuary
  • Threads: 29
  • Posts: 2315
Joined: Sep 6, 2014
October 30th, 2022 at 10:06:18 AM permalink
With the rise in interest rates, the advertised jackpots have also gone up. Monday's Powerball jackpot is advertised at $1 Billion, but the cash value option is about 50% of that, at $497 million.

A year ago, the cash value option was somewhere near 75% of the advertised annuitized amount.

I can quickly see where, if it rolls a couple more times and we have another interest rate hike this week, they are going to advertise the jackpot as a world record but the cash value won't be anywhere near the highest for a while yet.
ChumpChange
ChumpChange
  • Threads: 131
  • Posts: 5112
Joined: Jun 15, 2018
October 30th, 2022 at 10:14:08 AM permalink
I don't have 20 years to wait around to get paid that much if I win. I don't believe the banks do either. I'll have 11,000 pounds of $100 bills to put into storage. That'd be close to 50,000 stacks of 100X $100 bills. Here, take one.
Dieter
Administrator
Dieter
  • Threads: 16
  • Posts: 5936
Joined: Jul 23, 2014
October 30th, 2022 at 12:24:46 PM permalink
Quote: ChumpChange

I don't have 20 years to wait around to get paid that much if I win. I don't believe the banks do either. I'll have 11,000 pounds of $100 bills to put into storage. That'd be close to 50,000 stacks of 100X $100 bills. Here, take one.
link to original post




Should you decide to store it underground, please share pictures and/or stories.
I think this could be the most entertaining money pit we've had in a while.
May the cards fall in your favor.
rxwine
rxwine
  • Threads: 215
  • Posts: 12604
Joined: Feb 28, 2010
October 30th, 2022 at 12:32:38 PM permalink
Question for anyone…

If you bought two tickets with the same numbers and you are the sole winner could you get a tax advantage by cashing one of the tickets January 1?
Sanitized for Your Protection
rsactuary
rsactuary
  • Threads: 29
  • Posts: 2315
Joined: Sep 6, 2014
October 30th, 2022 at 12:43:06 PM permalink
I guess, yes, a slight advantage? Because if you cashed both in the same year, the entire second ticket would be taxed at the highest bracket, whereas if you waited a small portion of it would be taxed at the lower levels.

However, you could invest it in T-bills and earn more interest than you would get with the tax break pretty quickly, I would think.
ChumpChange
ChumpChange
  • Threads: 131
  • Posts: 5112
Joined: Jun 15, 2018
October 30th, 2022 at 1:01:38 PM permalink
I think you have the same tax rate at over $1/2 million, so it won't save you much on taxes compared to the large jackpot. But, if you're playing for a jackpot of $10 million or less, it might be something to consider.
GenoDRPh
GenoDRPh
  • Threads: 11
  • Posts: 690
Joined: Aug 4, 2022
October 30th, 2022 at 5:40:10 PM permalink
There may or may not be tax advantages to claiming the second winning ticket after the New Year. But, in PB at least, if a winner fails to claim the jackpot and select a jackpot payment option within 60 days, the prize will be automatically paid as an annuity. That may or may not impact any tax. Might make a good extra credit question on an Accounting course exam to figure it out this hypothetical.

Gene
SOOPOO
SOOPOO
  • Threads: 123
  • Posts: 11417
Joined: Aug 8, 2010
October 30th, 2022 at 7:01:59 PM permalink
Quote: rxwine

Question for anyone…

If you bought two tickets with the same numbers and you are the sole winner could you get a tax advantage by cashing one of the tickets January 1?
link to original post



Absolutely no way to be sure. THe tax rate for top earners ‘might’ be different next year due to a likely change in house /senate.
Wizard
Administrator
Wizard
  • Threads: 1513
  • Posts: 26954
Joined: Oct 14, 2009
October 30th, 2022 at 7:07:43 PM permalink
Quote: rsactuary

I guess, yes, a slight advantage? Because if you cashed both in the same year, the entire second ticket would be taxed at the highest bracket, whereas if you waited a small portion of it would be taxed at the lower levels.

However, you could invest it in T-bills and earn more interest than you would get with the tax break pretty quickly, I would think.
link to original post



I agree with this.

Not that anyone asked, but my lottery ticket sales calculator projects 1.3 winners in Monday's drawing and a 72.76% of at least one winner.

At the risk having to serve another suspension on this topic, I hope there is no winner tomorrow.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
calwatch
calwatch
  • Threads: 14
  • Posts: 258
Joined: Feb 7, 2010
October 30th, 2022 at 8:52:15 PM permalink
Generally speaking for high jackpots like this you want to take the cash, since you can probably invest better than the 100% T-Bills that the lottery is putting your annuity payments in, but for lower jackpots like the ordinary $38 million that California is offering, taking the annuity may be the best bet, tax speaking, since you get to have $539,000+ a year (inflation adjusted) shielded from the highest rate.
Ace2
Ace2
  • Threads: 32
  • Posts: 2706
Joined: Oct 2, 2017
October 30th, 2022 at 9:04:00 PM permalink
Quote: Wizard

Not that anyone asked, but my lottery ticket sales calculator projects 1.3 winners in Monday's drawing and a 72.76% of at least one winner

So e^(-1.3) chance of no winners
It’s all about making that GTA
SOOPOO
SOOPOO
  • Threads: 123
  • Posts: 11417
Joined: Aug 8, 2010
October 31st, 2022 at 4:25:08 AM permalink
Quote: calwatch

Generally speaking for high jackpots like this you want to take the cash, since you can probably invest better than the 100% T-Bills that the lottery is putting your annuity payments in, but for lower jackpots like the ordinary $38 million that California is offering, taking the annuity may be the best bet, tax speaking, since you get to have $539,000+ a year (inflation adjusted) shielded from the highest rate.
link to original post



Except the dollars you will be getting after the first year are subject to erosion in value because of inflation. If you can invest the total windfall at a rate that beats inflation that would lead you to do better with the lump sum.

If you are able to move to a no tax state that changes things again.
Wizard
Administrator
Wizard
  • Threads: 1513
  • Posts: 26954
Joined: Oct 14, 2009
October 31st, 2022 at 5:53:35 AM permalink
Quote: Ace2

So e^(-1.3) chance of no winners
link to original post



That's a fact, Jack.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
billryan
billryan
  • Threads: 245
  • Posts: 16849
Joined: Nov 2, 2009
October 31st, 2022 at 8:16:10 AM permalink
I'd be surprised if the state you won it in would allow you to avoid taxes by moving. They'd argue you won it in NY and owe taxes on it in NY. I could be completely off base as I have no personal experience in it. You could move, but that doesn't change where the money was won.
The older I get, the better I recall things that never happened
Brickapotamus
Brickapotamus
  • Threads: 1
  • Posts: 54
Joined: Mar 27, 2022
October 31st, 2022 at 8:25:26 AM permalink
Quote: billryan

I'd be surprised if the state you won it in would allow you to avoid taxes by moving. They'd argue you won it in NY and owe taxes on it in NY. I could be completely off base as I have no personal experience in it. You could move, but that doesn't change where the money was won.
link to original post



This is a problem I would like to have.
DRich
DRich
  • Threads: 89
  • Posts: 12569
Joined: Jul 6, 2012
October 31st, 2022 at 8:59:39 AM permalink
Quote: billryan

I'd be surprised if the state you won it in would allow you to avoid taxes by moving. They'd argue you won it in NY and owe taxes on it in NY. I could be completely off base as I have no personal experience in it. You could move, but that doesn't change where the money was won.
link to original post



If you take the annuity you would definitely claim the annual payment in the state you are residing when you collect it. It is not income until you get the annual distribution.
At my age, a "Life In Prison" sentence is not much of a deterrent.
billryan
billryan
  • Threads: 245
  • Posts: 16849
Joined: Nov 2, 2009
October 31st, 2022 at 9:23:14 AM permalink
Quote: DRich

Quote: billryan

I'd be surprised if the state you won it in would allow you to avoid taxes by moving. They'd argue you won it in NY and owe taxes on it in NY. I could be completely off base as I have no personal experience in it. You could move, but that doesn't change where the money was won.
link to original post



If you take the annuity you would definitely claim the annual payment in the state you are residing when you collect it. It is not income until you get the annual distribution.
link to original post



I'm not so sure about that. It appears to me that if you win a NY State lottery jackpot, that money goes into an annuity in NY and is subject to NY state taxes, no matter where they send the check. Multi-state lotteries might work differently. Perhaps I'm reading it wrong, and I'd certainly consult an expert on lotteries before doing anything else.
The older I get, the better I recall things that never happened
TigerWu
TigerWu
  • Threads: 26
  • Posts: 5833
Joined: May 23, 2016
Thanked by
Brickapotamus
October 31st, 2022 at 10:15:36 AM permalink
Quote: Brickapotamus

Quote: billryan

I'd be surprised if the state you won it in would allow you to avoid taxes by moving. They'd argue you won it in NY and owe taxes on it in NY. I could be completely off base as I have no personal experience in it. You could move, but that doesn't change where the money was won.
link to original post



This is a problem I would like to have.
link to original post



No kidding...LOL...if I won a billion you could tax me at 99% and I'd sign the check with a smile on my face, retire immediately, and live the rest of my live in luxury.
GenoDRPh
GenoDRPh
  • Threads: 11
  • Posts: 690
Joined: Aug 4, 2022
DJTeddyBear
DJTeddyBear
  • Threads: 210
  • Posts: 11057
Joined: Nov 2, 2009
October 31st, 2022 at 7:58:30 PM permalink
Today I walked up to the lottery salesperson at my local 7-Eleven, put down $10 and said “I’d like to set this $10 on fire…” Seconds later I had my PowerBall ticket. 👍


By the way, how are the lines at the lotto store in Primm doing? 🤪



Quote: billryan

I'm not so sure about that. It appears to me that if you win a NY State lottery jackpot…
link to original post

PowerBall is run by a multi-state lottery commission. That may change things.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ ————————————————————————————————————— Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
billryan
billryan
  • Threads: 245
  • Posts: 16849
Joined: Nov 2, 2009
October 31st, 2022 at 8:04:18 PM permalink
Quote: DJTeddyBear

Today I walked up to the lottery salesperson at my local 7-Eleven, put down $10 and said “I’d like to set this $10 on fire…” Seconds later I had my PowerBall ticket. 👍


By the way, how are the lines at the lotto store in Primm doing? 🤪



Quote: billryan

I'm not so sure about that. It appears to me that if you win a NY State lottery jackpot…
link to original post

PowerBall is run by a multi-state lottery commission. That may change things.
link to original post



Absolutely. That is why you need an expert before you present your ticket
The older I get, the better I recall things that never happened
rsactuary
rsactuary
  • Threads: 29
  • Posts: 2315
Joined: Sep 6, 2014
October 31st, 2022 at 8:08:56 PM permalink
Quote: DJTeddyBear

PowerBall is run by a multi-state lottery commission. That may change things.



Irrelevant. The administer the drawing, but you are buying the ticket from the state you are in and their rules and tax laws apply. But, I am not a lawyer, so make sure you get one.
GenoDRPh
GenoDRPh
  • Threads: 11
  • Posts: 690
Joined: Aug 4, 2022
October 31st, 2022 at 8:40:36 PM permalink
Quote: rsactuary

Quote: DJTeddyBear

PowerBall is run by a multi-state lottery commission. That may change things.



Irrelevant. The administer the drawing, but you are buying the ticket from the state you are in and their rules and tax laws apply. But, I am not a lawyer, so make sure you get one.
link to original post



Link I posted earlier contains information on what state taxes lottery winnings and what states don't and how out-of-state winners are handled.

Gene
Wizard
Administrator
Wizard
  • Threads: 1513
  • Posts: 26954
Joined: Oct 14, 2009
October 31st, 2022 at 9:06:01 PM permalink
Did anyone hit it? The Powerball web site seems to be down.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
rxwine
rxwine
  • Threads: 215
  • Posts: 12604
Joined: Feb 28, 2010
October 31st, 2022 at 9:36:43 PM permalink
Now estimated at 1.2 billion for next drawing.
Sanitized for Your Protection
PlayYourCardsRight
PlayYourCardsRight
  • Threads: 11
  • Posts: 299
Joined: Dec 29, 2011
November 1st, 2022 at 12:48:00 AM permalink
No winners.
10 tickets had the front 5, but not the power ball. 3 of those 10 were bought with the multiplier.
avianrandy
avianrandy
  • Threads: 8
  • Posts: 1797
Joined: Mar 7, 2010
November 1st, 2022 at 7:06:56 AM permalink
I bought 5 tickets with the same Powerball which came out.dpubled my money exactly. What sucks is having Powerball only and Powerball with 1 number pays exactly the same did not buy the multiplier
Mission146
Mission146
  • Threads: 142
  • Posts: 16832
Joined: May 15, 2012
November 1st, 2022 at 7:33:01 AM permalink
Quote: Wizard



I agree with this.

Not that anyone asked, but my lottery ticket sales calculator projects 1.3 winners in Monday's drawing and a 72.76% of at least one winner.

At the risk having to serve another suspension on this topic, I hope there is no winner tomorrow.
link to original post



I'm hoping for a winner as soon as possible as they will sell fewer tickets for the next x months if someone wins.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
Wizard
Administrator
Wizard
  • Threads: 1513
  • Posts: 26954
Joined: Oct 14, 2009
Thanked by
DRichMission146
November 1st, 2022 at 8:39:21 AM permalink
Quote: Mission146

I'm hoping for a winner as soon as possible as they will sell fewer tickets for the next x months if someone wins.
link to original post



I have the opposite opinion. I love to see others donating money to the government.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
rxwine
rxwine
  • Threads: 215
  • Posts: 12604
Joined: Feb 28, 2010
Thanked by
Mission146
November 1st, 2022 at 8:58:03 AM permalink
Quote: Wizard

Quote: Mission146

I'm hoping for a winner as soon as possible as they will sell fewer tickets for the next x months if someone wins.
link to original post



I have the opposite opinion. I love to see others donating money to the government.
link to original post



It's the most successful tax system ever invented. No one is required to even pay it, yet it collects regularly.
Sanitized for Your Protection
Joeman
Joeman
  • Threads: 36
  • Posts: 2448
Joined: Feb 21, 2014
Thanked by
Mission146
November 1st, 2022 at 9:03:42 AM permalink
Quote: Wizard

Quote: Mission146

I'm hoping for a winner as soon as possible as they will sell fewer tickets for the next x months if someone wins.
link to original post



I have the opposite opinion. I love to see others donating money to the government.
link to original post

I'm with Mission. I don't want to have to wait in line behind all those lottery degens just to buy my 40 of OE 800! ;)
"Dealer has 'rock'... Pay 'paper!'"
DRich
DRich
  • Threads: 89
  • Posts: 12569
Joined: Jul 6, 2012
Thanked by
Mission146
November 1st, 2022 at 9:17:10 AM permalink
Quote: Joeman

I'm with Mission. I don't want to have to wait in line behind all those lottery degens just to buy my 40 of OE 800! ;)



Do they still make Old English 800? I don't think I have seen it in 20 years.
At my age, a "Life In Prison" sentence is not much of a deterrent.
billryan
billryan
  • Threads: 245
  • Posts: 16849
Joined: Nov 2, 2009
Thanked by
Mission146
November 1st, 2022 at 9:29:15 AM permalink
Quote: DRich

Quote: Joeman

I'm with Mission. I don't want to have to wait in line behind all those lottery degens just to buy my 40 of OE 800! ;)



Do they still make Old English 800? I don't think I have seen it in 20 years.
link to original post



You need to expand your social circles.
The older I get, the better I recall things that never happened
Dieter
Administrator
Dieter
  • Threads: 16
  • Posts: 5936
Joined: Jul 23, 2014
November 1st, 2022 at 10:53:27 AM permalink
Quote: DRich

Quote: Joeman

I'm with Mission. I don't want to have to wait in line behind all those lottery degens just to buy my 40 of OE 800! ;)



Do they still make Old English 800? I don't think I have seen it in 20 years.
link to original post



Pretty sure I saw Olde English last week at a fine convenience retailer.
I didn't notice if they had "fo'ties" in addition to the "tallboys".
May the cards fall in your favor.
DRich
DRich
  • Threads: 89
  • Posts: 12569
Joined: Jul 6, 2012
November 1st, 2022 at 11:47:32 AM permalink
I was shocked to read this: "In 1991, 1992, 1994, and 1995, while still owned by Pabst, Olde English was awarded a gold medal in the American Malt Liquor category at the Great American Beer Festival."

but

"In 2010, the 3.2% ABW version of Olde English was rated one of "the worst beer in the world" by RateBeer.com,"

Let's get this thread back on track. How many 40's of Old English 800 can I buy when I win the Powerball?
At my age, a "Life In Prison" sentence is not much of a deterrent.
Wizard
Administrator
Wizard
  • Threads: 1513
  • Posts: 26954
Joined: Oct 14, 2009
November 1st, 2022 at 12:14:25 PM permalink
Quote: rxwine

It's the most successful tax system ever invented. No one is required to even pay it, yet it collects regularly.
link to original post



You're absolutely right.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
Dieter
Administrator
Dieter
  • Threads: 16
  • Posts: 5936
Joined: Jul 23, 2014
November 1st, 2022 at 12:18:22 PM permalink
Quote: DRich

Let's get this thread back on track. How many 40's of Old English 800 can I buy when I win the Powerball?
link to original post



This is a more challenging question than it appears.

If you were to directly convert all your post-tax lump sum winnings to fo'ties, it would appear that the answer is about 100 million.

The problem is that I don't think the brewery produces that much annually (I haven't been on the tour, so I'm guessing that maximum annual output is closer to 10% of that).

I think that retailers know better than to stock that much, anyway.
May the cards fall in your favor.
FTB
FTB
  • Threads: 7
  • Posts: 179
Joined: Jan 5, 2019
November 1st, 2022 at 5:49:42 PM permalink
$1B Powerball jackpot... drawing on Halloween... I should have known to play unlucky 13 as the Powerball number... of course it came out...
Playing #DH Texas Poker# Texas Hold 'Em by Droid Hen Droidhen use referral code 8pjpdna
GenoDRPh
GenoDRPh
  • Threads: 11
  • Posts: 690
Joined: Aug 4, 2022
November 1st, 2022 at 6:32:52 PM permalink
Quote: Dieter

Quote: DRich

Let's get this thread back on track. How many 40's of Old English 800 can I buy when I win the Powerball?
link to original post



This is a more challenging question than it appears.

If you were to directly convert all your post-tax lump sum winnings to fo'ties, it would appear that the answer is about 100 million.

The problem is that I don't think the brewery produces that much annually (I haven't been on the tour, so I'm guessing that maximum annual output is closer to 10% of that).

I think that retailers know better than to stock that much, anyway.
link to original post



What if I take the winnings in the annuity?

Gene
Gandler
Gandler
  • Threads: 35
  • Posts: 1801
Joined: Jan 27, 2014
November 1st, 2022 at 6:44:21 PM permalink
My view on the lottery is similar as slot machines, terrible way to gamble (and even less fun), however, when the prize reaches a certain threshold, it can be worth trying (not advice, just personal views). I actually bought four lottery (Powerball) tickets today, I think this is the first time I have directly purchased tickets for myself (I did participate in some office pool some years ago I think 2017 where I contributed a few dollars along with everyone else, we won nothing, at least according to the person who was collecting the money and buying the tickets, it may have been just a donation to him for all I know, I do not follow the numbers).

While I will lose (I guess I have a 8ish% -I think- chance of winning at least 2 dollars, math is probably wrong that is off of my head), I have a miniscule chance of winning a large jackpot. If you don't buy tickets your chance of winning is zero, if you do buy tickets your chance is winning is close to zero, but infinitely above zero. I essentially flushed eight dollars down the toilet, but since the jackpot will probably not be this big again for many years if ever, I do not feel too bad with myself. The argument that I would be better off just putting that extra eight dollars into my investment account is valid, and if somebody paid eight dollars a day on lottery tickets it would be even more valid. But, a one-time payment of eight dollars so that I can wake up tomorrow and not see an email confirmation that I won will probably be great mental training to never spend money on a lottery again.

It's like playing a slot machine occasionally you will lose, and you will feel crappy losing however much on the machine, but it will train you not to like slot machines, and you increased your chances of hitting a massive jackpot exponentially (still close to zero, but infinitely above zero).

I still hold my longstanding opinion that the lottery is a scam which should not be played, and am annoyed when people buy physical tickets (especially when you are behind them at a gas station and they are picking tickets one by one like its some kind of science for some reason). But, I am just being honest about my own hypocrisy with the current jackpot.
gamerfreak
gamerfreak
  • Threads: 57
  • Posts: 3540
Joined: Dec 28, 2014
November 1st, 2022 at 7:01:22 PM permalink
Quote: Gandler

My view on the lottery is similar as slot machines, terrible way to gamble (and even less fun), however, when the prize reaches a certain threshold, it can be worth trying (not advice, just personal views). I actually bought four lottery (Powerball) tickets today, I think this is the first time I have directly purchased tickets for myself (I did participate in some office pool some years ago I think 2017 where I contributed a few dollars along with everyone else, we won nothing, at least according to the person who was collecting the money and buying the tickets, it may have been just a donation to him for all I know, I do not follow the numbers).

While I will lose (I guess I have a 8ish% -I think- chance of winning at least 2 dollars, math is probably wrong that is off of my head), I have a miniscule chance of winning a large jackpot. If you don't buy tickets your chance of winning is zero, if you do buy tickets your chance is winning is close to zero, but infinitely above zero. I essentially flushed eight dollars down the toilet, but since the jackpot will probably not be this big again for many years if ever, I do not feel too bad with myself. The argument that I would be better off just putting that extra eight dollars into my investment account is valid, and if somebody paid eight dollars a day on lottery tickets it would be even more valid. But, a one-time payment of eight dollars so that I can wake up tomorrow and not see an email confirmation that I won will probably be great mental training to never spend money on a lottery again.

It's like playing a slot machine occasionally you will lose, and you will feel crappy losing however much on the machine, but it will train you not to like slot machines, and you increased your chances of hitting a massive jackpot exponentially (still close to zero, but infinitely above zero).

I still hold my longstanding opinion that the lottery is a scam which should not be played, and am annoyed when people buy physical tickets (especially when you are behind them at a gas station and they are picking tickets one by one like its some kind of science for some reason). But, I am just being honest about my own hypocrisy with the current jackpot.
link to original post


When the jackpot gets this high, I’ll typically purchase 1 ticket to take my chances from zero to nearly zero.

I’ve never understood the ire much of this forum has against the lottery vs casino games. I get that the house edge is abysmal, but the amount wagered by the typical lottery player is orders of magnitude lower than the typical casino player. The same posters who love black chip trip reports act like buying a $3 lottery ticket is the stupidest thing a recreational gambler could do.

In PA, I haven’t seen retailers selling tickets from behind the counter in years. It’s all self-serve kiosks.
Dieter
Administrator
Dieter
  • Threads: 16
  • Posts: 5936
Joined: Jul 23, 2014
November 1st, 2022 at 7:23:57 PM permalink
Quote: GenoDRPh

Quote: Dieter

Quote: DRich

Let's get this thread back on track. How many 40's of Old English 800 can I buy when I win the Powerball?
link to original post



This is a more challenging question than it appears.

If you were to directly convert all your post-tax lump sum winnings to fo'ties, it would appear that the answer is about 100 million.

The problem is that I don't think the brewery produces that much annually (I haven't been on the tour, so I'm guessing that maximum annual output is closer to 10% of that).

I think that retailers know better than to stock that much, anyway.
link to original post



What if I take the winnings in the annuity?

Gene
link to original post



I do not believe you will experience any constraints in the total supply chain, only in your local area.

If my ciphering doesn't fail me, after around 20000 fo'ties on the first day, it won't be an issue. (This is about one full truckload - again, if we trust my figuring. I won't feel bad if you recalculate.)

Unrelated:
I encountered a Powerball "ploppy" today, investing $6 into two winning tickets (instead of fo'ties).
I know she was not a savvy player, because I had to explain that while the jackpot was the same on both sides of the state line, she would have to redeem it in the purchase state.
I think I forgot to wish her luck. Hope she wins anyway.
May the cards fall in your favor.
billryan
billryan
  • Threads: 245
  • Posts: 16849
Joined: Nov 2, 2009
November 1st, 2022 at 7:44:45 PM permalink
Use part of the money to buy a distributorship, or why not buy the company itself?
The older I get, the better I recall things that never happened
AZDuffman
AZDuffman
  • Threads: 243
  • Posts: 14386
Joined: Nov 2, 2009
November 2nd, 2022 at 4:01:13 AM permalink
Quote: gamerfreak



I’ve never understood the ire much of this forum has against the lottery vs casino games. I get that the house edge is abysmal, but the amount wagered by the typical lottery player is orders of magnitude lower than the typical casino player. The same posters who love black chip trip reports act like buying a $3 lottery ticket is the stupidest thing a recreational gambler could do.

In PA, I haven’t seen retailers selling tickets from behind the counter in years. It’s all self-serve kiosks.
link to original post


..
What I do not get is how many people at the casino buy state lottery tickets! I can see a small case for if you play the number anyhow and are there you are just buying a ticket, But scratch-offs? Why hump all the way to the casino to buy what you can at Sheetz?

To the $3 ticket I calculate the odds of SHIB hitting a few pennies to be higher so would rather drop my cash on that maybe make a few million than wast it on a lottery ticket But keep buying them, people. The government needs your money.
All animals are equal, but some are more equal than others
rxwine
rxwine
  • Threads: 215
  • Posts: 12604
Joined: Feb 28, 2010
November 2nd, 2022 at 7:03:24 AM permalink
I was actually tempted to go on a Magician's forum to see if anyone there thought there was a way to rig the lottery draw. I've never underestimated the ability of someone figuring, if not an actual edge, some equipment scam, replacement etc.,

I'm pretty sure a bunch of magicians familiar with tricks and illusions could come up with a lottery machine that would look and act real but deliver whatever balls they wanted. Many are even good at tricks which let people examine something and still not see the deception which is even better.

That would hardly be the only obstacle, but just the first.

Of course, one might completely replicate the lottery drawing room, intercept the signal, kidnap the employees, Mission Impossible style... etc., etc,


speculation, Just for fun, just for fun Don't come for me FBI.
Sanitized for Your Protection
billryan
billryan
  • Threads: 245
  • Posts: 16849
Joined: Nov 2, 2009
November 2nd, 2022 at 8:10:21 AM permalink
In my view, throwing $5 on lotto when the jackpot hits a huge amount is silly. "Investing "$30 a week in lotto is stupid.
The older I get, the better I recall things that never happened
SOOPOO
SOOPOO
  • Threads: 123
  • Posts: 11417
Joined: Aug 8, 2010
Thanked by
AxelWolf
November 2nd, 2022 at 8:27:24 AM permalink
Quote: billryan

In my view, throwing $5 on lotto when the jackpot hits a huge amount is silly. "Investing "$30 a week in lotto is stupid.
link to original post



I haven’t bought a ticket in decades. I’m sure my wife buys them every now and then. I think buying ONE ticket is +EV for me, as the dream it allows is worth more than the few dollars it costs. Any additional tickets adds no EV.

I sometimes make clearly -EV bets when golfing. I’ll bet that me and my high handicap friends all par the easiest hole. I’m around 60-70 %. The others maybe 25%. But I’ll take 10-1 even though 20-1 is closer to fair odds (two other players). The dollar I usually lose is expected. The rare time I win $10 is a boatload of fun. (Last round the other two parred it and I choked….!)
rxwine
rxwine
  • Threads: 215
  • Posts: 12604
Joined: Feb 28, 2010
November 2nd, 2022 at 8:51:01 AM permalink
Quote: SOOPOO

Quote: billryan

In my view, throwing $5 on lotto when the jackpot hits a huge amount is silly. "Investing "$30 a week in lotto is stupid.
link to original post



I haven’t bought a ticket in decades. I’m sure my wife buys them every now and then. I think buying ONE ticket is +EV for me, as the dream it allows is worth more than the few dollars it costs. Any additional tickets adds no EV.

I sometimes make clearly -EV bets when golfing. I’ll bet that me and my high handicap friends all par the easiest hole. I’m around 60-70 %. The others maybe 25%. But I’ll take 10-1 even though 20-1 is closer to fair odds (two other players). The dollar I usually lose is expected. The rare time I win $10 is a boatload of fun. (Last round the other two parred it and I choked….!)
link to original post



There's a proverb:

"If you never knowingly wasted a few dollars, then you are without sin.

If not, go and sin some more."

.something like that.
Sanitized for Your Protection
Mission146
Mission146
  • Threads: 142
  • Posts: 16832
Joined: May 15, 2012
November 2nd, 2022 at 9:26:01 AM permalink
Quote: gamerfreak


When the jackpot gets this high, I’ll typically purchase 1 ticket to take my chances from zero to nearly zero.

I’ve never understood the ire much of this forum has against the lottery vs casino games. I get that the house edge is abysmal, but the amount wagered by the typical lottery player is orders of magnitude lower than the typical casino player. The same posters who love black chip trip reports act like buying a $3 lottery ticket is the stupidest thing a recreational gambler could do.

In PA, I haven’t seen retailers selling tickets from behind the counter in years. It’s all self-serve kiosks.
link to original post



(Quote clipped to remove quote-within-quote)

What side of the state? You can get them from the kiosk or behind the counter (most places) in the Pittsburgh area.

Anyway, I'm content with my 0.000000000000000000000000% probability of winning this jackpot due to my not having a ticket.

The difference for me is that the lotteries are run by the very Government that decides what gambling the state in question is or is not permitted to have. If there is to be a lottery, then I believe the following should be done:

1.) Make all other forms of gambling legal in the state.

2.) Allow for competing lotteries both within and multi-state.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
unJon
unJon
  • Threads: 16
  • Posts: 4739
Joined: Jul 1, 2018
Thanked by
gamerfreakAxelWolf
November 2nd, 2022 at 9:49:04 AM permalink
I bought $20 worth yesterday. It’s an equivalent expected loss ($10) as playing 20 hands of basic strategy blackjack at $100. Call that 30 min of play.

I’m having more fun yesterday and today daydreaming about spending 9 figures of cash than playing BJ for 30 min.

I don’t see why one of these is more silly than another.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
  • Jump to: