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Powerball Lottery Discussion Thread

 
Old 11-27-2012, 01:26 PM
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Powerball Lottery Discussion Thread

.... since we have a Mega Millions thread: https://acurazine.com/forums/ramblings-12/mega-millions-%24000m-loser-851693/

So who's playing? Not played in CA Anyone wanna buy me a ticket (or two, or three)?

1:57PM EST November 27. 2012 - Wednesday's record Powerball jackpot will now be worth at least $500 million.

Based on soaring sales Sunday and Monday, lottery officials Tuesday decided to boost the Powerball jackpot from $425 million.

Lottery officials are expecting word of a half-billion dollar jackpot to set off a fresh round of frenzied ticket buying.

"Typically, 60% of sales occur the last day,'' says Chuck Strutt, executive director of the Multi-State Lottery Association. "We'll see how many people decide to play $500 million."

The odds of pulling the six winning numbers are slim: one in 175 million. But sales in many of the 42 states, the District of Columbia and the U.S. Virgin Islands have been up since the jackpot hit an estimated $325 million last weekend.

Tickets are normally available about an hour before the drawing, which is scheduled for 10:59 ET Wednesday.

Wednesday's Powerball jackpot won't come close to the $656 million MegaMillions jackpot paid out in April. That jackpot rolled over — and got substantially bigger — several times before the numbers were picked on three tickets.
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Old 11-27-2012, 01:58 PM
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time to make it rain!
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Old 11-27-2012, 02:04 PM
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Gotta remember to buy some
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Old 11-27-2012, 02:16 PM
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suckas gonna be suckered.
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Old 11-27-2012, 03:08 PM
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I got mine . I now have a 10 in 176 million chance to win. It's looking good. Should I call PayPal if I win?

Last edited by nfnsquared; 11-27-2012 at 03:10 PM.
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Old 11-27-2012, 03:31 PM
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Suckers. The casino is where its at.
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Old 11-27-2012, 03:40 PM
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I would ask for it in nickels.
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Old 11-27-2012, 03:47 PM
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Old 11-27-2012, 03:49 PM
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<iframe width="640" height="360" src="http://www.youtube.com/embed/eNiR5ZTb_MA?feature=player_detailpage" frameborder="0" allowfullscreen></iframe>
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Old 11-27-2012, 04:07 PM
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Odds of winning if you buy one single $2 play:
1 in 175,223,510.00


Odds of winning if you don't buy at all: 0

Why not give yourself a $2 chance? You probably spend more than $2 for this morning's cup of coffee.

If you do strike it, you can buy the coffee plantation and have a happy ending every time you drink your coffee
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Old 11-27-2012, 04:22 PM
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Old 11-27-2012, 05:54 PM
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office pool + buying it on my own.

last week I spent $20 on the Saturday drawing and came up with squat. But I'm still gonna play
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Old 11-27-2012, 08:49 PM
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When the megamillions was $650M, our office pool had about $200 in it. We won a total of $14, lol.

I've got $10 in this one. If I win it, after I'm done with all the boring cliche stuff (pay off bills, set up trusts, yadda yadda yadda), I'm going to move to Albuquerque. Then I'm going to open a chain of fried chicken restaurants. I shall name it: Los Pollos Hermanos. Then I'm going to hire this guy to make random appearances to ask the customers how their meals are.
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Old 11-27-2012, 08:59 PM
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Thats awesome.

I would change my name to hide from relatives and moochers and build a house in the appalachian mountains.

Number one cause of death from a multi million jackpot winner: Murder followed by suicide.
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Old 11-27-2012, 08:59 PM
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I'd wall myself up in a nice estate and live there until I die.
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Old 11-27-2012, 09:35 PM
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coke and whores for me
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Old 11-27-2012, 11:13 PM
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Old 11-27-2012, 11:25 PM
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Phenom 300 for me. Netjets share for when I want to drink and fly.
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Old 11-28-2012, 12:58 PM
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ZOMG!!! I just won $40,000 with the Powerball Lotto!!!!!

I'm rich bitch! Gonna blow it all on coke and whores

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Old 11-28-2012, 01:03 PM
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Whore
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Old 11-28-2012, 01:14 PM
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Old 11-28-2012, 02:33 PM
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It's up to $550mil now.
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Old 11-28-2012, 02:40 PM
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Yup thread title change. I gots mine
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Old 11-28-2012, 02:46 PM
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I just received an email that said I already won

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Old 11-28-2012, 03:10 PM
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As a stat person, I selected 1,2,3,4,5 PB 6...
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Old 11-28-2012, 04:09 PM
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bought 1, plus I got in on the office pool
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Old 11-28-2012, 04:09 PM
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I would shit myself if I won, then clone 20 Kate Uptons to clean me up.
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Old 11-28-2012, 04:34 PM
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$550M!?
Lump Sum: $242,067.38
Annuity (after taxes): $15,865.38 (a total of $412,500.00)

http://www.afterlotto.com/lottery_calculator.html

Heck of a difference. I wonder if an annuity would be safer, from a lifestyle perspective. I know, I know, why let the lottery commission keep your winnings in their account, but think about the cost of maintaining a half a Bil yourself (with the help of greedy accountants and lawyers). IDK. Plus the annuity may keep you somewhat sane. I really wouldn't be worried that I, my kids or grandchildren wouldn't see that money, as long as people keep playing, I'm sure that $16M is a drop in the bucket for the lottery commission. With that and a solid Will it shouldn't be a problem at all.
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Old 11-28-2012, 04:54 PM
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Seems like you are missing a digit on all the figures above...
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Old 11-28-2012, 05:11 PM
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Originally Posted by knight rider View Post
$550M!?
Lump Sum: $242,067.38
Annuity (after taxes): $15,865.38 (a total of $412,500.00)

http://www.afterlotto.com/lottery_calculator.html

Heck of a difference. I wonder if an annuity would be safer, from a lifestyle perspective. I know, I know, why let the lottery commission keep your winnings in their account, but think about the cost of maintaining a half a Bil yourself (with the help of greedy accountants and lawyers). IDK. Plus the annuity may keep you somewhat sane. I really wouldn't be worried that I, my kids or grandchildren wouldn't see that money, as long as people keep playing, I'm sure that $16M is a drop in the bucket for the lottery commission. With that and a solid Will it shouldn't be a problem at all.
Fixed
Lump sum: $242,067,375.00
Annuity: $15,865,384.62 ($412,500,000.00)
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Old 11-28-2012, 05:18 PM
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Annuity is for suckers...
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Old 11-28-2012, 05:43 PM
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Originally Posted by 03silvertypeS View Post
Fixed
Lump sum: $242,067,375.00
Annuity: $15,865,384.62 ($412,500,000.00)
Thanks.
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Old 11-28-2012, 06:13 PM
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Originally Posted by stogie1020 View Post
Annuity is for suckers...
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Old 11-28-2012, 07:05 PM
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Originally Posted by stogie1020 View Post
Annuity is for suckers...
Why so? Think about it. Only suckers play anyway, so what's the difference?

I understand wanting to have the lump sum, but we're talking about a difference of $170,432,625 over 30 years. Honestly, even with ~16M a year (after tax) that's $1.25M a month. I can live with that, especially knowing that I just grossed over $170M taking the annuity option.

I'll tell you what's for suckers, a 30 year mortgage where you wind up paying 2 to 3 times more for your home over 30 years, but we do this all the time.
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Old 11-28-2012, 07:12 PM
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I'd take the annuity. I don't think I've ever heard a major winner doing that though.

Annuity you are pretty much set for the next 20-25 years. Lump sum winners will sink it into some shitty investment and be broke in 5.

Annuity you are getting all your money. Lump some you are letting the lotto take like $200 million.

Last edited by doopstr; 11-28-2012 at 07:15 PM.
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Old 11-28-2012, 07:12 PM
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...actually I was using the calculator for Mega Millions. Here are the Powerball numbers

Lump Sum (after taxes): $280,128,750.00
Annuity (total payout / after taxes): $412,500,000.00
1st Payment: $7,354,916.25
10th Payment: $10,468,338.38
20th Payment: $15,495,698.63
30th Payment: $22,937,417.25

*all after tax dollars

It appears that the annuity payments increase every year.
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Old 11-28-2012, 07:13 PM
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Originally Posted by doopstr View Post
I'd take the annuity. I don't think I've ever heard a major winner doing that though.

Annuity you are pretty much set for the next 20-25 years. Lump sum winners will sink it into some shitty investment and be broke in 5.
Yeah, you never hear about the winners who picked annuity, and that is good a good thing.
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Old 11-28-2012, 07:28 PM
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Originally Posted by 03silvertypeS View Post
Fixed
Lump sum: $242,067,375.00
Annuity: $15,865,384.62 ($412,500,000.00)
Lot of variables in this. The lump sum will come to about $135M - $145M after Federal and state taxes, depending on the state and about $157M if no state tax.

The annuity will come to about $8.7M - $9.5M after Fed and state taxes, or about $10.3 if no state tax.

You can run a spreadsheet to figure out what the break even/go ahead APR would be required for the lump sum to be a better deal over the life of the annuity (29 years). Of course, it will vary depending on tax rates (2013 tax rate goes up to 39.6% if the Bush tax cuts are allowed to expire) and how much one takes off the top for living/tithes/etc, but IIRC, it is fairly high. I want to say around 12%...

Last edited by nfnsquared; 11-28-2012 at 07:40 PM.
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Old 11-28-2012, 07:47 PM
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^^^^ ahhh, you already took out taxes.. still, IIRC the lump sum needs to earn about 12% annually to equal the annuity payments at the end of 29 years. It's a risky proposition to take the lump sum but very tempting to have that wad of cash in your account all at once
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Old 11-28-2012, 07:48 PM
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JEEZ!
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