City-Data Forum Mega Millions jackpot on track to set lotto record: Mega Millions hits \$586 million (how much, dollars)
 User Name Remember Me Password [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
 View detailed profile (Advanced) or searchsite with Search Forums  (Advanced)

12-17-2013, 02:18 PM
 Location: Stasis 15,833 posts, read 10,345,182 times Reputation: 8568

Quote:
 Originally Posted by pghquest That depends.. Since the odds of winning is something like 1 in 212 million, if one had \$212,000,000 and could afford to purchase every single possible combination, thereby guaranteeing them a win, and thus returning one would hope to be upwards of \$350,000,000 (i.e., \$586 million + your \$212M in new ticket purchases, and assuming another individual shared the winnings), this equates to one heck of a return and not at all a sucker gamble..
\$586M is a 30 year annuity or you can take \$314M cash. Take away the 25% federal tax and you are left with \$235M. Then deduct state tax unless you are in 1 of the 9 states that has no tax. There have been syndicates that try to buy every combination when the jackpot gets high enough but the risk is that there could be more than 1 winning ticket.

The cash value is based on backing out 2.1% interest per year for 30 years. \$314M*(1.021^30)=\$586M.

12-17-2013, 02:23 PM
 69,360 posts, read 56,590,784 times Reputation: 9370
Quote:
 Originally Posted by katzpaw \$586M is a 30 year annuity or you can take \$314M cash. Take away the 25% federal tax and you are left with \$235M. Then deduct state tax unless you are in 1 of the 9 states that has no tax. There have been syndicates that try to buy every combination when the jackpot gets high enough but the risk is that there could be more than 1 winning ticket. The cash value is based on backing out 2.1% interest per year for 30 years. \$314M*(1.021^30)=\$586M.
You'd be able to deduct your purchasing cost of \$212M on your tax returns thus reducing your tax liabilities to around \$25M leaving you with about \$290M cash.

12-17-2013, 02:24 PM
 11,927 posts, read 6,155,305 times Reputation: 1800
Mass desperation.

12-17-2013, 02:29 PM
 36,875 posts, read 19,630,220 times Reputation: 8094
Quote:
 Originally Posted by Hyperthetic Mass desperation.
For some maybe....not all...

12-17-2013, 02:34 PM
 1,256 posts, read 3,636,109 times Reputation: 781
The people who say (over and over and over a-GAIN) that the lottery is a game for suckers REALLY don't "get" it.

Are you going to win if you buy a ticket - probably (way probably) not...but the sheer entertainment value of "supposing" makes up for that - DAYS of entertainment for a buck or two.

Well worth it.

==========

BTW, at the current prize level the "all yours" post-tax cash prize in Virginia would be about \$185 million. That "\$600+ MILLION" number is pure bogus marketing. The government gives and the government takes away...(though, admittedly, I could live with \$185 million).

12-17-2013, 02:36 PM
 11,770 posts, read 8,810,206 times Reputation: 3435
I guess it's just me, but NPR is more entertaining than buying a lotto ticket.

12-17-2013, 02:37 PM
 36,875 posts, read 19,630,220 times Reputation: 8094
Quote:
 Originally Posted by lycos679 I guess it's just me, but NPR is more entertaining than buying a lotto ticket.
Not if you won....

12-17-2013, 02:46 PM
 1,256 posts, read 3,636,109 times Reputation: 781
Quote:
 Originally Posted by katzpaw There have been syndicates that try to buy every combination when the jackpot gets high enough but the risk is that there could be more than 1 winning ticket.
There was an Australian group that did just that (though they ran out of time before buying every combo); they WON none-the-less.

And because of that, the knee-jerk Virginia Legislature made it the law that corporations/trusts CANNOT play the lottery, instead requiring "real persons". And THAT means the winner(s) cannot remain anonymous (as they could if they were part of a trust).

That lack of anonymity finally actually started biting people because the STUPID Virginia Lottery Commission decided they would WEB PUBLISH the names/locations of all winners even though the legislature never required that (only required that winners names/location "be available" - and that USED to mean you had to head on down to Richmond HQ and request a hardcopy). So some bad guys used those conveniently-online-available lists of winners for some scam.

Sigh.

Bring back trusts...

12-17-2013, 02:47 PM
 11,770 posts, read 8,810,206 times Reputation: 3435
Quote:
 Originally Posted by chucksnee Not if you won....
That's the problem. I have better odds of getting drafted than winning the lottery.

12-17-2013, 02:50 PM
 Location: A great city, by a Great Lake! 15,897 posts, read 10,325,810 times Reputation: 7457
Quote:
 Originally Posted by sullyguy The people who say (over and over and over a-GAIN) that the lottery is a game for suckers REALLY don't "get" it. Are you going to win if you buy a ticket - probably (way probably) not...but the sheer entertainment value of "supposing" makes up for that - DAYS of entertainment for a buck or two. Well worth it. ========== BTW, at the current prize level the "all yours" post-tax cash prize in Virginia would be about \$185 million. That "\$600+ MILLION" number is pure bogus marketing. The government gives and the government takes away...(though, admittedly, I could live with \$185 million).

Yeah, I wouldn't have an issue living off of \$185 million. Not one damn bit.
 Please register to post and access all features of our very popular forum. It is free and quick. Over \$68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned. Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.