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(Des Moines Register)   Just like clockwork, the mass media suddenly realizes the odds on winning a lottery are really, really thin. This is a repeat from every time the jackpot has crossed $100 million   (desmoinesregister.com) divider line 149
    More: Obvious, Mega Millions, Hy-Vee, West Des Moines, office pools, Urbandale, Iowa Department of Education, lot, First Street QuikTrip  
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2894 clicks; posted to Main » on 30 Mar 2012 at 10:43 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-30 11:05:03 AM
I know how to regularly turn $200 into $2000. I just can't compound that.

I might drop $200 on the miniscule chance of winning a freaking HALF BILLION. This will involve less driving than when I blow $500 on video poker and less than I spend in a month on cigarettes and rum.

Hell, I might as well spend $400 on it, that's what I have in c-notes in my wallet. Then on Monday I can go to the bank and replenish my mad money supply because I have over $30k in the account and no debt.
 
2012-03-30 11:05:28 AM

Cythraul: You know what your odds of winning are if you don't play? I can spare a few bucks every now and again with a small but healthy sized level of hope in winning the big one. But some people do take it to extremes.


Want some real fun for a buck? Fake Lotto Scratchers on eBay (new window)

/Bought a dozen as Xmas gifts are few years ago
//The aunts and uncles went nutz
//Till they read the back
 
2012-03-30 11:05:43 AM

factoryconnection: GoodyearPimp: There's always one. Would you rather there be a "tax on people who are bad at math" or a "tax on you"? Because the things the lottery proceeds funds will be paid for somehow.

The stupid tax doesn't bother me in my state, even though its benefits paid out (to college scholarships and the public schools) are an embarrassingly small portion of the total proceeds after prizes. I like that it penalizes stupid people to benefit smart ones because I'm sort of an elitist, but it is a very inefficient way of raising money for that reason.

That being said, I bought my first-ever lotto ticket in the work pool yesterday. Like many have said, it is interesting to daydream about what I'd do with the winnings and if college trust funds for my kids, nephews and nieces carry any sort of tax benefits. For a buck, hey why not, and I certainly didn't want to be THAT GUY that didn't participate.


This guy? (new window)
 
2012-03-30 11:06:01 AM

Mr_Fabulous: I'm too lazy to look it up... but what's the lump sum option dollar value?


like $240 mil
 
2012-03-30 11:07:38 AM

mr_bunny: This guy? (new window)


Pretty much exactly what I was thinking of yesterday at lunch when my buddy brought it up. They always get a news story about them, and I couldn't stand the humiliation.
 
2012-03-30 11:08:06 AM

mr_bunny: It cracks me up that in Texas you can buy beer, smokes or chewing tobacco with your credit card, but not lotto tickets.

Wouldn't want to encourage bad behavior.


Excuse me? Never heard of Lotto Texas? We also have Powerball and Mega Millions.

Not sure what Texas you are speaking of....
 
2012-03-30 11:09:31 AM

Trance750: mr_bunny: It cracks me up that in Texas you can buy beer, smokes or chewing tobacco with your credit card, but not lotto tickets.

Wouldn't want to encourage bad behavior.

Excuse me? Never heard of Lotto Texas? We also have Powerball and Mega Millions.

Not sure what Texas you are speaking of....


What is this 'we' shiat? Of course I know about those.

I was talking about being able to buy them with anything but cash.
 
2012-03-30 11:10:57 AM
So there's a story on the news showing people buying tickets at a liquor store where four people have won mega millions there before-I would think that would be the last place to buy a ticket, you know, the whole World according to Garp thing.
 
2012-03-30 11:12:17 AM
Ted Turner Buys All Possible Mega Millions Combinations Just to Be a Dick

The late mayor of Schiller Park, a suburb of Chicago, came up with the brilliant scheme to do same when the payout exceeded the odds. Given the tax-free status of the city, it would have netted something like $75 million on a one-week $175 million investment.

But the lotteries are all set up to make that impossible. You could enter all of the possible combinations but it would take something like 5 and 1/2 years if you could make 1 entry per second.

The proper statistical way to look at this lottery is was is the Expected Value (EV)? A $500M payout ($330M after taxes) is $330M/176M = $1.88. Actually it is a little higher because $2M will probably be paid to winners of smaller prizes. So, it has a positive EV.

I'd sponsor a bunch of free Fark subscriptions if I won -- but that would violate the first rule in winning: keep it a secret (new window).
 
2012-03-30 11:12:34 AM
I don't really get the people that suddenly blow a hundred dollars on tickets when the jackpot gets large. At the point it's at now, it's even more likely to be split between multiple tickets. I'm expecting four or five winning tickets, with at least one of them being a large office pool. So in the end, the giant jackpot would net a winner nearly the same amount as one of the smaller ones that has fewer players.

I buy tickets now and then, but don't get worked into a frenzy due to the amount. I figure as long as I netted at least $10M after taxes, it would be enough to retire comfortably on. Anything above that is just extra.
 
2012-03-30 11:15:28 AM

mr_bunny: Trance750: mr_bunny: It cracks me up that in Texas you can buy beer, smokes or chewing tobacco with your credit card, but not lotto tickets.

Wouldn't want to encourage bad behavior.

Excuse me? Never heard of Lotto Texas? We also have Powerball and Mega Millions.

Not sure what Texas you are speaking of....

What is this 'we' shiat? Of course I know about those.

I was talking about being able to buy them with anything but cash.


This has always bothered me. Want to spend a single buck on lotto using a credit card? No way! Want to buy stock on margin? HERE'S $10 GRAND
 
2012-03-30 11:15:53 AM

factoryconnection: For a buck, hey why not, and I certainly didn't want to be THAT GUY that didn't participate.


Oddly enough, I know of a guy that had a similar thing happen to him. He had been in the office pool for years, decided to no longer participate, they won 20M or so. Naturally, he sued the Lottery commission because they "owed" him. I don't think he won anything more than lots of derision and scorn from everyone he knew.
 
2012-03-30 11:19:51 AM

HelloMyNameIs: mr_bunny: Trance750: mr_bunny: It cracks me up that in Texas you can buy beer, smokes or chewing tobacco with your credit card, but not lotto tickets.

Wouldn't want to encourage bad behavior.

Excuse me? Never heard of Lotto Texas? We also have Powerball and Mega Millions.

Not sure what Texas you are speaking of....

What is this 'we' shiat? Of course I know about those.

I was talking about being able to buy them with anything but cash.

This has always bothered me. Want to spend a single buck on lotto using a credit card? No way! Want to buy stock on margin? HERE'S $10 GRAND


Thank God some of us have mastered reading comprehension.
 
2012-03-30 11:20:12 AM

FumblingTowardsSanity: "One ticket please." I say.

"Only one???" The clerk asks with amazement.

"One is all I need and it is my best increase in odds. I went from no chance to a chance. Beyond that is foolishness."


Thank You! 0.000 is less than 1/eleventy million. It's science. I'll buy one ticket...not 27.

/I always picture Jim Carrey; "..so you're tellin' me there's a chance".
 
2012-03-30 11:21:29 AM
I read that a player on the Wizards dropped $10,000 on tickets for tonight. It would have sucked to be behind him in line.
 
2012-03-30 11:22:15 AM
I plan to throw $5 in, it is worth it to dream and who knows, right?
 
2012-03-30 11:25:30 AM

mr_bunny: I plan to throw $5 in, it is worth it to dream and who knows, right?


NO STOP WHAT UR DOING
AND START A REAL COMPANY. LIKE SEARS>
 
2012-03-30 11:28:30 AM

Jon iz teh kewl: mr_bunny: I plan to throw $5 in, it is worth it to dream and who knows, right?

NO STOP WHAT UR DOING
AND START A REAL COMPANY. LIKE SEARS>


I would fund the HSNT in a stupid amount, start a bbq shack, set up my friends and send Trance750 back to English Comp classes.

Because I want to make the world a better place, while being sarcastic.
 
2012-03-30 11:29:21 AM
The lump sum payout, after taxes, is over $200 million. Am I the only one that thinks that having that much money handed to you would not be a good thing? I would love to win a couple million. $200 million? No way.
 
2012-03-30 11:30:45 AM
img15.imageshack.us
 
2012-03-30 11:30:50 AM

NightOwl2255: The lump sum payout, after taxes, is over $200 million. Am I the only one that thinks that having that much money handed to you would not be a good thing? I would love to win a couple million. $200 million? No way.


Yeah, you are the only one.

"I want to be rich, just not rich rich. You know?"

*everyone else* "Nope."
 
2012-03-30 11:32:34 AM

Omnivorous: I'd sponsor a bunch of free Fark subscriptions if I won -- but that would violate the first rule in winning: keep it a secret (new window).


That is tricky, as you do opt in to all their promos and public disclosures as a winner. I've often wondered why people can't keep it on the DL but it has in part to do with the rules to get your full payout. The other part of course is that people can't contain good news.

I'm not sure how I'd be able to keep it off facebook, since it is an office pool after all. I look forward to confronting Mo Problems of which you speak.
 
2012-03-30 11:34:21 AM

Hot Rod Zoidberg: It's a 50/50 chance as I see it. Either you win or you don't.


encrypted-tbn0.google.com
 
2012-03-30 11:34:39 AM
Too big To Fail
 
2012-03-30 11:35:19 AM
I bought my ticket. Now I'm busy writing the checks. I'll mail them out when I win. There's other stuff to do, but this is a more important use of my time.
 
2012-03-30 11:35:56 AM

mr_bunny: "I want to be rich, just not rich rich. You know?"

*everyone else* "Nope."


You take $2 million and invest it. Let's say you make a safe 5%. That's $100k a year. That is not even in the ballpark of rich. Not even the same same zip code. Having $2 million in assets, that's assuming you would have all the $2 million after paying any debt, like a mortgage, is not rich. Hell, it's just barely comfortable.
 
2012-03-30 11:37:17 AM
Gonna get one...I'm feelin' lucky.


www.blogcdn.com
 
2012-03-30 11:38:46 AM

wildcardjack: I know how to regularly turn $200 into $2000. I just can't compound that.

I might drop $200 on the miniscule chance of winning a freaking HALF BILLION. This will involve less driving than when I blow $500 on video poker and less than I spend in a month on cigarettes and rum.

Hell, I might as well spend $400 on it, that's what I have in c-notes in my wallet. Then on Monday I can go to the bank and replenish my mad money supply because I have over $30k in the account and no debt.


And we are off!

Who can one up this guy? Any takers?
 
2012-03-30 11:39:22 AM

NightOwl2255: mr_bunny: "I want to be rich, just not rich rich. You know?"

*everyone else* "Nope."

You take $2 million and invest it. Let's say you make a safe 5%. That's $100k a year. That is not even in the ballpark of rich. Not even the same same zip code. Having $2 million in assets, that's assuming you would have all the $2 million after paying any debt, like a mortgage, is not rich. Hell, it's just barely comfortable.


I guess I fail to see how having a cushion of 1/5th of a billion dollars is a problem.

"This oversized novelty check is too large, my rocket car goes too fast and my diamond shoes are too tight!"
 
2012-03-30 11:40:04 AM
It's a tax on people who suck at math. I'm OK with this.
 
2012-03-30 11:40:40 AM

factoryconnection: Omnivorous: I'd sponsor a bunch of free Fark subscriptions if I won -- but that would violate the first rule in winning: keep it a secret (new window).

That is tricky, as you do opt in to all their promos and public disclosures as a winner. I've often wondered why people can't keep it on the DL but it has in part to do with the rules to get your full payout. The other part of course is that people can't contain good news.

I'm not sure how I'd be able to keep it off facebook, since it is an office pool after all. I look forward to confronting Mo Problems of which you speak.


Depends on the state. There's a few where you can claim anonymously, a few more that allow a trust to claim it on behalf of the winner, and some where you can't even hide behind a trust. If it was a single ticket winner for a jackpot of this size, I don't see them staying anonymous regardless of what state they're in. Some reporter or such would find out somehow. If I won, I wouldn't bother trying to keep it a secret immediately. I'd let everyone know, and then just pack up and leave town.
 
2012-03-30 11:41:05 AM

SoCalSurfer: wildcardjack: I know how to regularly turn $200 into $2000. I just can't compound that.

I might drop $200 on the miniscule chance of winning a freaking HALF BILLION. This will involve less driving than when I blow $500 on video poker and less than I spend in a month on cigarettes and rum.

Hell, I might as well spend $400 on it, that's what I have in c-notes in my wallet. Then on Monday I can go to the bank and replenish my mad money supply because I have over $30k in the account and no debt.

And we are off!

Who can one up this guy? Any takers?


I dunno, I figured it's been more than 26 minutes since he posted, so he's already left the building.
 
2012-03-30 11:42:46 AM

TyrantII: I get the people who buy when it gets big.

What I don't get is the people who throw down big cash when the jackpot gets big.

Some dude on the news just told a reporter he threw $40 down for just himself. There's no difference in both win % or utility to playing once for $2 and playing all those times for $40. Same chance to win, and practically the same utility.

Guess thats how you spot an idiot.


Meh, I think I'll throw down a five because the machine picks five sets of random numbers for me on the internet. Be real nifty if I won anything, but I know that whomever wins, education and roads get a monetary boost (at least in our state) so it isn't such a bad way to blow five bux.
 
2012-03-30 11:42:51 AM

mr_bunny:

"This oversized novelty check is too large, my rocket car goes too fast and my diamond shoes are too tight!"


That's why you should only have diamonds on the soles of your shoes.
 
2012-03-30 11:43:45 AM

mr_bunny: Trance750: mr_bunny: It cracks me up that in Texas you can buy beer, smokes or chewing tobacco with your credit card, but not lotto tickets.

Wouldn't want to encourage bad behavior.

Excuse me? Never heard of Lotto Texas? We also have Powerball and Mega Millions.

Not sure what Texas you are speaking of....

What is this 'we' shiat? Of course I know about those.

I was talking about being able to buy them with anything but cash.


I didn't see that until I posted my reply. My bad.
 
2012-03-30 11:43:53 AM

BurnShrike: SoCalSurfer: wildcardjack: I know how to regularly turn $200 into $2000. I just can't compound that.

I might drop $200 on the miniscule chance of winning a freaking HALF BILLION. This will involve less driving than when I blow $500 on video poker and less than I spend in a month on cigarettes and rum.

Hell, I might as well spend $400 on it, that's what I have in c-notes in my wallet. Then on Monday I can go to the bank and replenish my mad money supply because I have over $30k in the account and no debt.

And we are off!

Who can one up this guy? Any takers?

I dunno, I figured it's been more than 26 minutes since he posted, so he's already left the building.


That is one huge imaginary life he is bragging about. I, for one, totally believe him and am very impressed.
 
2012-03-30 11:44:19 AM
factoryconnection: That is tricky, as you do opt in to all their promos and public disclosures as a winner. I've often wondered why people can't keep it on the DL but it has in part to do with the rules to get your full payout. The other part of course is that people can't contain good news.

You don't have to participate in any promotions. But each state has different privacy rules about winners, which the AP article refers to but doesn't deal with specifically. The lawyer in Kentucky managed to keep his clients anonymous. However, here in Washington state you can have an LLC win -- but state law requires that the owners of the LLC be disclosed. So you would buy one level of shield -- but only for a brief time, if at all.
 
2012-03-30 11:44:46 AM

Trance750: mr_bunny: Trance750: mr_bunny: It cracks me up that in Texas you can buy beer, smokes or chewing tobacco with your credit card, but not lotto tickets.

Wouldn't want to encourage bad behavior.

Excuse me? Never heard of Lotto Texas? We also have Powerball and Mega Millions.

Not sure what Texas you are speaking of....

What is this 'we' shiat? Of course I know about those.

I was talking about being able to buy them with anything but cash.

I didn't see that until I posted my reply. My bad.


It is all cool. Just having fun with you!
 
2012-03-30 11:46:23 AM

mr_bunny: BurnShrike: SoCalSurfer: wildcardjack: I know how to regularly turn $200 into $2000. I just can't compound that.
I might drop $200 on the miniscule chance of winning a freaking HALF BILLION. This will involve less driving than when I blow $500 on video poker and less than I spend in a month on cigarettes and rum.
Hell, I might as well spend $400 on it, that's what I have in c-notes in my wallet. Then on Monday I can go to the bank and replenish my mad money supply because I have over $30k in the account and no debt.
And we are off!
Who can one up this guy? Any takers?
I dunno, I figured it's been more than 26 minutes since he posted, so he's already left the building.
That is one huge imaginary life he is bragging about. I, for one, totally believe him and am very impressed.


People with real money can get cash anytime before Monday
/It's called an ATM
//Or an in-home safe
 
2012-03-30 11:48:44 AM

Rootus: BurnShrike: Lotteries are a tax on people who are bad at math.

The usual comment from folks with no originality. And as has been pointed out millions of time, it's wrong anyway. Your statement applies to folks who buy a ticket as an investment, not as entertainment.


If you want to entertain yourself matching random numbers, buy some dice.
 
2012-03-30 11:50:29 AM

mr_bunny: I guess I fail to see how having a cushion of 1/5th of a billion dollars is a problem.


I guess I'm thinking about all the people, friends and family, that would be hitting you up. Just look at the history of people that are handed that kind of money. It's not pretty. Maybe you would be different. Maybe you would not fall into those traps. I'm just not so sure about myself. I like my life, I'm not sure it could handle that big of change.
 
2012-03-30 11:51:06 AM

RibbyK: mr_bunny: BurnShrike: SoCalSurfer: wildcardjack: I know how to regularly turn $200 into $2000. I just can't compound that.
I might drop $200 on the miniscule chance of winning a freaking HALF BILLION. This will involve less driving than when I blow $500 on video poker and less than I spend in a month on cigarettes and rum.
Hell, I might as well spend $400 on it, that's what I have in c-notes in my wallet. Then on Monday I can go to the bank and replenish my mad money supply because I have over $30k in the account and no debt.
And we are off!
Who can one up this guy? Any takers?
I dunno, I figured it's been more than 26 minutes since he posted, so he's already left the building.
That is one huge imaginary life he is bragging about. I, for one, totally believe him and am very impressed.

People with real money can get cash anytime before Monday
/It's called an ATM
//Or an in-home safe


gnomeaggedon.files.wordpress.com
 
2012-03-30 11:51:08 AM

AndreMA: Rootus: BurnShrike: Lotteries are a tax on people who are bad at math.

The usual comment from folks with no originality. And as has been pointed out millions of time, it's wrong anyway. Your statement applies to folks who buy a ticket as an investment, not as entertainment.

If you want to entertain yourself matching random numbers, buy some dice.


Dice cost the same as a ticket, but have zero chance for a billion dollar payout.
 
2012-03-30 11:51:10 AM

SoCalSurfer: wildcardjack: I know how to regularly turn $200 into $2000. I just can't compound that.

I might drop $200 on the miniscule chance of winning a freaking HALF BILLION. This will involve less driving than when I blow $500 on video poker and less than I spend in a month on cigarettes and rum.

Hell, I might as well spend $400 on it, that's what I have in c-notes in my wallet. Then on Monday I can go to the bank and replenish my mad money supply because I have over $30k in the account and no debt.

And we are off!

Who can one up this guy? Any takers?


Don't know if this tops it, but according to those win/loss statements that most casinos will print for you, if you use their player card so they can track you, I dropped over 40K at various casinos in 2011.
 
2012-03-30 11:51:32 AM
Omnivorous:

The late mayor of Schiller Park, a suburb of Chicago, came up with the brilliant scheme to do same when the payout exceeded the odds. Given the tax-free status of the city, it would have netted something like $75 million on a one-week $175 million investment.

But the lotteries are all set up to make that impossible. You could enter all of the possible combinations but it would take something like 5 and 1/2 years if you could make 1 entry per second.

I heard that the Illinois lottery now allows you to buy these lottery tickets online, so if you want to buy every combination, you don't have to wait standing around at a physical machine anymore.
 
2012-03-30 11:54:21 AM
Winning: Mugato: "Somebody's got to win"

I'm willfully ignorant about the lottery but doesn't the larger the jackpot mean more people buy tickets meaning you have even less chance of winning than usual?

No, the chance of winning remains the same. What changes is the chance that you'll be the only one with a winning ticket.


OK, so if 9 other people pick the same numbers you did and those numbers come you're looking at a 10-way split. This doesn't diminish your chances of winning, it just decreases your payoff.

Am I understand?
 
2012-03-30 11:55:10 AM

NightOwl2255: mr_bunny: I guess I fail to see how having a cushion of 1/5th of a billion dollars is a problem.

I guess I'm thinking about all the people, friends and family, that would be hitting you up. Just look at the history of people that are handed that kind of money. It's not pretty. Maybe you would be different. Maybe you would not fall into those traps. I'm just not so sure about myself. I like my life, I'm not sure it could handle that big of change.


I am betting that saying "No" would get easy very quickly.

I would love to be able to use such vast sums of money to do good things in the world. That might be worth the bullshiat that comes along with it.
 
2012-03-30 11:55:22 AM

NightOwl2255: The lump sum payout, after taxes, is over $200 million. Am I the only one that thinks that having that much money handed to you would not be a good thing? I would love to win a couple million. $200 million? No way.


So, take the annuity and the 26 yearly payments. That gives you time to adjust to your new level of wealth. A bonus for me would be in the first year I could honestly tell people that I could not give them anything as I all ready gave most of it away.
 
2012-03-30 11:55:59 AM
I got 3 numbers on last pick. With enough training, film study, and dedication I am hoping to double that to all six
 
2012-03-30 11:56:32 AM

skazzytl: Omnivorous:

The late mayor of Schiller Park, a suburb of Chicago, came up with the brilliant scheme to do same when the payout exceeded the odds. Given the tax-free status of the city, it would have netted something like $75 million on a one-week $175 million investment.

But the lotteries are all set up to make that impossible. You could enter all of the possible combinations but it would take something like 5 and 1/2 years if you could make 1 entry per second.

I heard that the Illinois lottery now allows you to buy these lottery tickets online, so if you want to buy every combination, you don't have to wait standing around at a physical machine anymore.


How exactly does this work? Lottery tickets are bearer instruments and are subject to quite a bit of scrutiny. Do online sales let you print out a ticket, and local machines somehow know not to pay out to multiple printouts of the same ticket? Or do you get physical tickets in the mail sometime after the drawing is done?
 
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