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(Sun Sentinel)   The most gullible state in America, which will see more people buying Powerball tickets than any other state? Go on, guess   (sun-sentinel.com) divider line 176
    More: Florida, Powerball, Florida Lottery  
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6665 clicks; posted to Main » on 28 Nov 2012 at 10:28 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-28 10:45:48 AM  
For the times I do play I have the spare change sitting in my car. Better buy a ticket than having a drink break my window.
 
2012-11-28 10:45:49 AM  
PAL, princiPAL. Fail.
 
2012-11-28 10:45:58 AM  
Florida is the fourth most populous state so, on its surface, this would only seem to indicate that they are more gullible than California, Texas, and New York.
 
2012-11-28 10:46:18 AM  
Kinda off topic, but still with all this lottery mumbo-jumbo, wouldn't there be a point where you'd be guaranteed to win the lottery if the jackpot was high enough (to make profit) and if you bought enough tickets? Isn't the overall odds 1 in 176 Million or something? So 176M (exactly for easy maths) x $3 (price of ticket, or mine at least) would be $528M, which you'd have to make back that amount after taxes, so how high would that jackpot have to be before taxes? Nearly a billion dollars?
 
2012-11-28 10:46:22 AM  
So some lucky Floridiot has the best chance of being able to buy a new trailer. Good to know.
 
2012-11-28 10:48:09 AM  
Of the states that can play Powerball, the 3 most populated are:

Texas, 25 million people
New York 19.5 million people
Florida 19 million people (Plus a hell of a lot of tourists this time of year)

I'm not exactly shocked as the rest of you that the most tickets have been sold in Florida.
 
2012-11-28 10:48:15 AM  
I'd hire a Dutchman to set fire to Grover Norquist.
 
2012-11-28 10:48:27 AM  

spyderqueen: tricycleracer: I got a coffee, a muffin, and a quick-pick Powerball ticket this morning at 7-11. It's $2, BFD.

Yeah, I have no problem paying $2 to imagine for awhile what I would do with an insane amount of money. And really only $1 for me since my roommate and I go halfsies on them when it gets high.


That's a good way to wake up dead. :-)
 
2012-11-28 10:48:35 AM  

rev. dave: I'm more worried about how my life would change for the worse if I won. All I really need is to have 0 debt and I will be much happier.


Money just handed to you has transparent value. You tend to waste it because you didn't earn it. And once you've been handed alot of money, you will find it impossible to ever want to work for a living again. 

You only think you're happy. Coming into great wealth can cause a dramatic change in your life. Mostly negative. Especially with family and loved ones.

People around you will hate you. You will never be able to satisfy them.

So get rid of them? you can. And anyone else you meet after that only likes/loves you for your money.
 
2012-11-28 10:48:38 AM  
Me & the roomate bought a ticket if we will legal battle of epic proportions. We did it just for shiats and giggles. But if I do win I am buying the tackiest bathroom EVER!!! Marble toilet with a gold seat tacky.
 
2012-11-28 10:48:54 AM  

Comic Book Guy: KungFuJunkie: ChrisDe: They all hope to win, retire and live near the ocean.

I hope to win and donate $250k to a new charity...each week...for the rest of my life...and kids lives...

At a burn rate of 13 million a year, I hope for your sake your returns on principle are somewhere between Greece bonds and Bernie Madoff's Ponzi scheme.


5% on 300 mil. Compounded daily is 15 mil each year.
 
2012-11-28 10:49:21 AM  

Tommy Moo: I don't understand why more people play powerball when it gets above $300 million.


Assume your odds of winning are 1 in 150,000,000. Assume as well that that the after tax lump sum winnings for a given drawing are $149,999,999. You should not play, because the value of that ticket E= expected return is the odds of winning times the payput, so $149,999,999/150,000,000 which is less than the $1 you would pay for the ticket. If the payout is greater than $150,000,000 then you should play.

I'm not sure what the odds are or after tax lump payout is for a $500M Powerball, so I don't know if a ticket is intrinsically worth more or less than the $2 they're asking.

This is a simplified example that doesn't factor the odds of multiple winners into the value of that ticket.

Of course this doesn't consider the simple pleasure that hope provides while you ponder how you are going to tell your boss to piss off. For a couple bucks, who cares? It's only a tax on those who are bad at math if some dope at a hedge fund wanted to buy all possible combinations for $150M when the payout is guaranteed to be less than $150M. Of course some one that stupid would not be hired by a hedge fund.
 
2012-11-28 10:50:01 AM  
A fool and his money, etc.

/still holding out for Publisher's Clearinghouse
 
2012-11-28 10:50:14 AM  

Godscrack: rev. dave: I'm more worried about how my life would change for the worse if I won. All I really need is to have 0 debt and I will be much happier.

Money just handed to you has transparent value. You tend to waste it because you didn't earn it. And once you've been handed alot of money, you will find it impossible to ever want to work for a living again. 

You only think you're happy. Coming into great wealth can cause a dramatic change in your life. Mostly negative. Especially with family and loved ones.

People around you will hate you. You will never be able to satisfy them.

So get rid of them? you can. And anyone else you meet after that only likes/loves you for your money.


You just don't know where to shop.
 
2012-11-28 10:50:50 AM  

Rvalldrgg: Kinda off topic, but still with all this lottery mumbo-jumbo, wouldn't there be a point where you'd be guaranteed to win the lottery if the jackpot was high enough (to make profit) and if you bought enough tickets? Isn't the overall odds 1 in 176 Million or something? So 176M (exactly for easy maths) x $3 (price of ticket, or mine at least) would be $528M, which you'd have to make back that amount after taxes, so how high would that jackpot have to be before taxes? Nearly a billion dollars?


Back when Virginia ran its own game with only 44 balls an investor syndicate tried to do that. They ran out of time to cover all the numbers but I think they might have won anyway. The state lottery made certain rule changes to discourage such activity in the future.
 
2012-11-28 10:50:54 AM  

special20: Florida citizens were told that lottery income would go toward public schools.

LOL


It paid for me, and most of my friends, to go to college through the state's Bright Futures program, so I'm not complaining.
 
2012-11-28 10:51:05 AM  
If I win I'll be dead in a year, but what a farking year it will be.
 
2012-11-28 10:51:15 AM  
I, for one, am just thrilled at the thought of all that nice jucey Tax Money.
The Fed wins EVERY Lottery!

Could we have more lottery Tax and jump The Cliff?
 
2012-11-28 10:51:34 AM  
Two words: old people
 
2012-11-28 10:51:43 AM  

Tommy Moo: I don't understand why more people play powerball when it gets above $300 million.


Because television and radio announcers talk about the upcoming big jackpot for a week straight?
 
2012-11-28 10:52:24 AM  

Wellon Dowd: Rvalldrgg: Kinda off topic, but still with all this lottery mumbo-jumbo, wouldn't there be a point where you'd be guaranteed to win the lottery if the jackpot was high enough (to make profit) and if you bought enough tickets? Isn't the overall odds 1 in 176 Million or something? So 176M (exactly for easy maths) x $3 (price of ticket, or mine at least) would be $528M, which you'd have to make back that amount after taxes, so how high would that jackpot have to be before taxes? Nearly a billion dollars?

Back when Virginia ran its own game with only 44 balls an investor syndicate tried to do that. They ran out of time to cover all the numbers but I think they might have won anyway. The state lottery made certain rule changes to discourage such activity in the future.


Another problem with that strategy is possibly having to share the prize.
 
2012-11-28 10:52:25 AM  

Rvalldrgg: Kinda off topic, but still with all this lottery mumbo-jumbo, wouldn't there be a point where you'd be guaranteed to win the lottery if the jackpot was high enough (to make profit) and if you bought enough tickets? Isn't the overall odds 1 in 176 Million or something? So 176M (exactly for easy maths) x $3 (price of ticket, or mine at least) would be $528M, which you'd have to make back that amount after taxes, so how high would that jackpot have to be before taxes? Nearly a billion dollars?


It doesn't work because as the jackpot goes up, the number of tickets purchased goes up, so the odds of there being a second winner also go up.

If you buy every possible ticket you're guaranteed a share of the jackpot, not the whole thing. You have to split it with whoever else has a winning ticket. If there's a second winner, you're at a huge loss.
 
2012-11-28 10:52:40 AM  
Also, the quality of daydreams about spending $500 million that I'll have today is well worth a $2 ticket.
 
2012-11-28 10:52:40 AM  

SoupJohnB: A fool and his money, etc.

/still holding out for Publisher's Clearinghouse


Get Forever stamps.

Methinks is just a shill for the USPS.
 
2012-11-28 10:53:27 AM  

Rvalldrgg: Kinda off topic, but still with all this lottery mumbo-jumbo, wouldn't there be a point where you'd be guaranteed to win the lottery if the jackpot was high enough (to make profit) and if you bought enough tickets? Isn't the overall odds 1 in 176 Million or something? So 176M (exactly for easy maths) x $3 (price of ticket, or mine at least) would be $528M, which you'd have to make back that amount after taxes, so how high would that jackpot have to be before taxes? Nearly a billion dollars?


You aren't accounting for duplicate winners. If your take gets split two or three ways, you lose money.
 
2012-11-28 10:53:36 AM  

spyderqueen: ///No jury in this town would convict me


Especially if you were a multimillionaire.
 
2012-11-28 10:53:41 AM  

coinspinner: Also, the quality of daydreams about spending $500 million that I'll have today is well worth a $2 ticket.


That is a lotta good time for just $2.
 
2012-11-28 10:54:56 AM  
I wipe my ass with $2. As mentioned, daydreaming of $500m is worth throwing away $2.
 
2012-11-28 10:55:09 AM  

JokerMattly: spyderqueen: ///No jury in this town would convict me

Especially if you were a multimillionaire.


Also a plus, yes.
 
2012-11-28 10:55:31 AM  

Tommy Moo: I don't understand why more people play powerball when it gets above $300 million. Do people not realize that $500 million and $100 million are exactly the same amount of money? Both are more than you can possibly spend in your entire life. The most expensive house you could ever possibly want is somewhere around $20 million. You then have enough left over to spend $3000 every day for the rest of your life. I couldn't do that if I tried.


Well technically as your odds are winning are greater than the total cost of buying all the tickets. Its worth it... If you can buy 175 million tickets.
That said, if they also increased the payouts to the lower prizes when the jackpot got big, I might just play, but all of their payouts are ridiculously low, $100 for a 1/50,000 chance or so. Blah
 
2012-11-28 10:56:29 AM  
Everyone criticizing gullible lottery players has never gambled at a casino, not even for fun, right? Right?
 
2012-11-28 10:57:11 AM  

Brubold: KungFuJunkie: ChrisDe: They all hope to win, retire and live near the ocean.

I hope to win and donate $250k to a new charity...each week...for the rest of my life...and kids lives...

Yeah even with taxes and the hit you take for the cash option I still think you'd end up somewhere between $250-300 million. I'd keep just enough to be comfortable in a upper middle class lifestyle for the rest of my life, give some to friends and family, but the bulk would go to some good charities.


Bad idea. You're going to need something to do. Don't give the money away to somebody else. Go to college, learn how to run a charity and then do it for the next 30-40 years. You'll be happier and know exactly where the money went.
 
2012-11-28 10:57:22 AM  
When the payoff is high, that is the worst time to enter the lottery. No matter the payoff the odds of winning are the same. When the payoff is high more people enter, which means the chance of multiple winners goes up, which means the payoff to each winner goes down.

/ still bought a ticket
// get one every time I fill the vehicle
/// about every 1-2 weeks
 
2012-11-28 10:57:38 AM  

special20: Florida citizens were told that lottery income would go toward public schools.

LOL


They advertise the same thing here in Kansas City. "Help your public schools and purchase a lottery ticket."

From what I have read by some pretty credible sources, the money does go into a fund that is used for public education. However, the problem is that many state governments then transfer the money to the general fund and it is used to pay for whatever they want.

Who knows. I am sure every state is different. But I do not believe it helps education very much at all.
 
2012-11-28 10:58:36 AM  

Cast: I wipe my ass with $2.


I take my $2 to Taco Bell.

/Which results in much ass wiping
 
2012-11-28 10:58:36 AM  
I played Powerball for the first time today. I had a break during work, walked down to the local 7-11 bought a ticket. If I win, I'm gonna post pictures of the all the hookers I buy on my myFark account. They'll all be leaning against my new Ferrari.
/With my luck, I'll be struck by lightning on the way to collect my winnings
 
2012-11-28 10:59:30 AM  

wruley: special20: Florida citizens were told that lottery income would go toward public schools.

LOL

They advertise the same thing here in Kansas City. "Help your public schools and purchase a lottery ticket."

From what I have read by some pretty credible sources, the money does go into a fund that is used for public education. However, the problem is that many state governments then transfer the money to the general fund and it is used to pay for whatever they want.

Who knows. I am sure every state is different. But I do not believe it helps education very much at all.


Have you looked since Rick Scott got there?
Betting there is a suprise.
 
2012-11-28 10:59:43 AM  

Rvalldrgg: Kinda off topic, but still with all this lottery mumbo-jumbo, wouldn't there be a point where you'd be guaranteed to win the lottery if the jackpot was high enough (to make profit) and if you bought enough tickets? Isn't the overall odds 1 in 176 Million or something? So 176M (exactly for easy maths) x $3 (price of ticket, or mine at least) would be $528M, which you'd have to make back that amount after taxes, so how high would that jackpot have to be before taxes? Nearly a billion dollars?


The problem with covering the spread is that you are assuming you are the only winner. I'm pretty sure as ticket sales go up, the probability of multiple winners also does, significantly. I'll bet that the odds of at least one winner is close to 85% at this point. So it would be tough to get the cash prize at the values to give a significant return on the investment.

Even if you could cover the spread, how would you go about procuring the 176 million tickets?
 
2012-11-28 11:00:13 AM  

someguy945: Everyone criticizing gullible lottery players has never gambled at a casino, not even for fun, right? Right?


But that's, like, totally different. When I'm with my bros on a sick burner at the 'Jack table I know I'm in control. It's all skill, bro. There's no luck involved when yell "HIT!" in that dealer's face and she trembles a little bit because she knows her pit boss will be pissed that she's just handing me the keys to the place.

/Call me double-down, bro.
 
2012-11-28 11:02:38 AM  

Smeggy Smurf: Brubold: KungFuJunkie: ChrisDe: They all hope to win, retire and live near the ocean.

I hope to win and donate $250k to a new charity...each week...for the rest of my life...and kids lives...

Yeah even with taxes and the hit you take for the cash option I still think you'd end up somewhere between $250-300 million. I'd keep just enough to be comfortable in a upper middle class lifestyle for the rest of my life, give some to friends and family, but the bulk would go to some good charities.

Bad idea. You're going to need something to do. Don't give the money away to somebody else. Go to college, learn how to run a charity and then do it for the next 30-40 years. You'll be happier and know exactly where the money went.


I've been dabbling with pottery for a few years. I'd buy myself a little place with a kiln or two and spend my time doing that.
 
2012-11-28 11:02:46 AM  
I never bothered with the lottery crap until someone in my office won $32k this year.

I'm in for $4 on this drawing. I've pissed away far more money on far worse things. Hell, I've had far worse stock trades in the past.
 
2012-11-28 11:03:16 AM  

DubyaHater: I played Powerball for the first time today. I had a break during work, walked down to the local 7-11 bought a ticket. If I win, I'm gonna post pictures of the all the hookers I buy on my myFark account. They'll all be leaning against my new Ferrari.
/With my luck, I'll be struck by lightning on the way to collect my winnings


That would be like rain on my wedding day.
 
2012-11-28 11:03:49 AM  

MycroftHolmes: Lottery is tax on people who can't do math. Except, if you do the math, the EV on a ticket for this jackpot (assuming only one winner) is $3.22, using the odds and payout from this article.

If you have 2 winners, your EV drops $1.79, still not horrible if you consider that the main value in a lottery ticket is enjoyment and excitement.

Subby is gullible in terms of believing everything he has read about how bad lotteries are.


This.
 
2012-11-28 11:03:51 AM  
1. Gullibility should be judged as a rate, not a gross value. If Florida spends double what Delaware (random small state, just thrown out there) does, but that makes the rate of Delaware players 3x higher per person, which state is more gullible?

2. I've bought about four lotto tickets in my life, all for giant prize values. Then I spend a few days fantasizing about how I wouldn't screw up my whole life like 70% of big winners do while still having fun. That's worth $2.

3.

Tommy Moo: I don't understand why more people play powerball when it gets above $300 million. Do people not realize that $500 million and $100 million are exactly the same amount of money? Both are more than you can possibly spend in your entire life. The most expensive house you could ever possibly want is somewhere around $20 million. You then have enough left over to spend $3000 every day for the rest of your life. I couldn't do that if I tried.


You have family and friends that you don't even know about that would come out of the woodwork with sob stories and can't-miss business ideas, as well as every charity in the area that even has the slimmest connection to you. Some people navigate it well, but most (I heard the 70% on NPR this morning) don't.

Hell that's what bankrupted MC Hammer and pulled Michael Vick into dog fighting: scoundrel family and friends.
 
2012-11-28 11:04:17 AM  

Sybarite: If I win I'll be dead in a year, but what a farking year it will be.


That's what I'm afraid of. I drink enough as it is and my income is pretty low. Having that much money to piss away on booze...oh boy.
 
2012-11-28 11:05:42 AM  
With nothing to lose, I'd open a restaurant and poach the best talent in the country. If it ends up being a $5 million boondoggle, at least I had a lot of fun.
 
2012-11-28 11:08:13 AM  

MindStalker: Tommy Moo: I don't understand why more people play powerball when it gets above $300 million. Do people not realize that $500 million and $100 million are exactly the same amount of money? Both are more than you can possibly spend in your entire life. The most expensive house you could ever possibly want is somewhere around $20 million. You then have enough left over to spend $3000 every day for the rest of your life. I couldn't do that if I tried.

Well technically as your odds are winning are greater than the total cost of buying all the tickets. Its worth it... If you can buy 175 million tickets.
That said, if they also increased the payouts to the lower prizes when the jackpot got big, I might just play, but all of their payouts are ridiculously low, $100 for a 1/50,000 chance or so. Blah


No. Even if you were the only winner, you've covered the spread with 350million dollars for a cash payout of ~270million. Remember PowerBall is $2/ticket. Even if it was MegaMillions, covering the spread is still a bet on you are the only winner. I'm fairly positive the chance of multiple winners at this point is upwards of 50%.
 
2012-11-28 11:08:22 AM  

tricycleracer: With nothing to lose, I'd open a restaurant and poach the best talent in the country. If it ends up being a $5 million boondoggle, at least I had a lot of fun.


I want to eat at that restaurant.
 
2012-11-28 11:09:45 AM  

madgonad: tricycleracer: With nothing to lose, I'd open a restaurant and poach the best talent in the country. If it ends up being a $5 million boondoggle, at least I had a lot of fun.

I want to eat at that restaurant.


BBQ'd boondoggle sounds good.
 
2012-11-28 11:10:33 AM  
I would fund a diversified portfolio of private equity, incubators and accelerators with a a broad range of investment philosophies, risk tolerances, and hurdle rates. I would keep less than $5 mill as liquid and directly in my own name. The rest would be involved in actively funding economic growth
 
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