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I do worry when I see many people, that look like they cannot afford the tickets, and they spend hundreds of dollars each week. Of course we cannot make laws against being a fool with your money and I am sure somebody would point out the example of John Doe that never had a dime and is now a millionaire. But I always worry about the families of the compulsive gamblers and how they are deprived so their loved ones can play.
I always question people who make these statements. It is the same type of assumption about people at casinos. There's this notion that unless you're dressed like George Clooney in Ocean's 11, you're somehow gambling your rent or car payment away.
Looks can be deceiving. I don't dress like I make 6-figures, but I do. I could walk into a random convenience store in my beat up sneakers, shorts, and an old T-shirt to buy $40 worth of tickets. Would you assume I couldn't afford to?
I work in the IT industry and I know at least two of my teammates are pretty much living from paycheck to paycheck (yes, they are open about their finances). Yet, if you saw them, you would assume they could afford to spend hundreds a week because they don't look or dress a certain way or live in a certain neighborhood.
In addition, are you actually tracking these people every week surveying them by asking how much they spend per week compared to their income?
Why are you worried? Do you know these people personally? Are you assuming that people in certain neighborhoods don't have disposable income? ANd if they do, don't they have a right to spend that disposable income however they wish and not what some other person thinks they should spend it on?
Coming from a low-income family, I knew of no one in those circles who put their home, car, or health in jeopardy playing the lottery. Rent was always paid, car note was always paid, and food was on the table.
People who jeopardize their livelihoods to play the lottery or gamble have deeper issues. ANd those instances are rare and not a large portion of low-income individuals.
Just because we may see certain people we think don't have the disposable income at a casino doesn't mean they are blowing their rent money away. My wife and I are perfectly entertained dropping $20 on slots every now and then. Not our mortgage payment.
Some people like to spend money on baseball games, playing rounds of golf, or happy hour. Others would rather take that income and play the lottery or go to a casino.
I see no need to worry. World hunger and homelessness are not caused by playing the lottery or casinos. I'm more concerned with the 1% hoarding all the money from the middle-class than I am with someone playing the lottery every week.
I see no need to worry. World hunger and homelessness are not caused by playing the lottery or casinos. I'm more concerned with the 1% hoarding all the money from the middle-class than I am with someone playing the lottery every week.
At one time I saw the world like you do. But I was a truck driver in the 1990's and saw first hand how gambling affects the children of compulsive gamblers. Back then South Carolina made laws that allowed truck stops to install the slot machines. I would pull into these truck stops at 2 or 3 in the morning and there would be a parent, on a stool, with a young kid pulling on their sleeve and begging to go home. Of course many casinos will not let the kids in; but there were no rules back then about the truck stops. Eventually they changed the laws and removed the slots. But it left me imprinted with the visual impression of the damage that is done with legalized gambling. Even when the kids are not allowed to accompany their parents; gambling can still take a toll on the family.
That said; I have no problems with people that want to dream. I just do not want people to throw away the dreams of the rest of their family. There is such a thing as a compulsive gambler and I just want to caution that it is a very fine line and easy to be consumed with the notion of becoming rich (but that will never be the reality for most).
You forgot taxes. Your payout AFTER tax is is probably around 600 million +/- so there is no profit. On top of that the chances of multiple winners is higher when jackpots reach these levels.
Isn't there a way to deduct the cost of the tickets from any prize you win for tax purposes?
Often when I do other's taxes, I see 1099G's from casinos, and I ask them for a print out of there player clubs, That tracks there gaming (Losses). Most of the time the documented losses offset all the winnings.
At one time I saw the world like you do. But I was a truck driver in the 1990's and saw first hand how gambling affects the children of compulsive gamblers. Back then South Carolina made laws that allowed truck stops to install the slot machines. I would pull into these truck stops at 2 or 3 in the morning and there would be a parent, on a stool, with a young kid pulling on their sleeve and begging to go home. Of course many casinos will not let the kids in; but there were no rules back then about the truck stops. Eventually they changed the laws and removed the slots. But it left me imprinted with the visual impression of the damage that is done with legalized gambling. Even when the kids are not allowed to accompany their parents; gambling can still take a toll on the family.
That said; I have no problems with people that want to dream. I just do not want people to throw away the dreams of the rest of their family. There is such a thing as a compulsive gambler and I just want to caution that it is a very fine line and easy to be consumed with the notion of becoming rich (but that will never be the reality for most).
I don’t see any reason to single out the lottery though. I still have to get up and go to the store to get lottery tix, but I can gamble away my mortgage betting on today’s football games from my phone without even getting out of my pj’s.
Poster is right about judging by looks too. I worked in AC casinos for several years and done of the highest rollers who were comped into suites looked like they slept at the bus station or wore polyester leggings with giant t-shirts over them.
Often when I do other's taxes, I see 1099G's from casinos, and I ask them for a print out of there player clubs, That tracks there gaming (Losses). Most of the time the documented losses offset all the winnings.
So you only pay taxes on the 305 mil and end up with around 170 mil profit. IF and a big IF you're the only winning ticket holder. The huge ones more often than not have multiple winners.
At one time I saw the world like you do. But I was a truck driver in the 1990's and saw first hand how gambling affects the children of compulsive gamblers. Back then South Carolina made laws that allowed truck stops to install the slot machines. I would pull into these truck stops at 2 or 3 in the morning and there would be a parent, on a stool, with a young kid pulling on their sleeve and begging to go home. Of course many casinos will not let the kids in; but there were no rules back then about the truck stops. Eventually they changed the laws and removed the slots. But it left me imprinted with the visual impression of the damage that is done with legalized gambling. Even when the kids are not allowed to accompany their parents; gambling can still take a toll on the family.
That said; I have no problems with people that want to dream. I just do not want people to throw away the dreams of the rest of their family. There is such a thing as a compulsive gambler and I just want to caution that it is a very fine line and easy to be consumed with the notion of becoming rich (but that will never be the reality for most).
But you're assuming that more people than not tend to fall over that line into compulsive gambling when that is simply not the case. There are psychological and mental conditions at play when it comes to compulsive gamblers. If they are not gambling, they would probably be alcoholics, if they are not alcoholics, they would probably be drug users, if not drug users, they would probably be shopaholics.
People without these conditions are far from dropping into gambling addictions. I give most people the benefit of the doubt when it comes to responsible gambling and drinking. I drink alcohol. But I'm in no way susceptible to becoming an alcoholic. Unless perhaps some traumatic event occurs and I don't receive or seek professional help to deal with it.
We all dream. I dream about retiring early, being able to fund my children's education, and setting aside a nest egg for them when they launch out on their own. And I have gambled and played the lottery before. I have experienced being in a low-income family as a kid. But I'm not running to the lottery ticket counter every day. I play the lottery whenever there is hype or a big jackpot. And that's once every few months. I still have trouble knowing how to fill out the tickets. I'm not dropping $200 on lottery tickets because I don't have any mental or compulsive issues that haven't been treated.
When I get into these discussions I always bring up the fact that what people don't realize is that we all spend disposable income how we choose. Just because it may be the lottery or gambling, doesn't make it a concern. How about:
Those who spend money tricking out their cars?
Spending money on video games (yes, buying weapons packs can get expensive in addition to the monthly subscription)
Season tickets to any sporting event
The club scene
Binge watching on a streaming service where you purchase seasons at a time
Bowling or going to the movies every week.
Shopping online
I spend money every week for piano lessons.
There are hundreds of things to spend money on. It's just that the lottery and casinos have always had a stigma dating back to when America was more uptight than it is today. Nobody questions spending money on those other activities. But you see someone buying a lottery ticket and it's all of a sudden concerning when there are tons of other things to waste money every week.
My wife spends money at a spa every month. But that's okay?
You forgot taxes. Your payout AFTER tax is is probably around 600 million +/- so there is no profit. On top of that the chances of multiple winners is higher when jackpots reach these levels.
When it reached 1.6 billion, payout after taxes was 907 million.
But you're assuming that more people than not tend to fall over that line into compulsive gambling when that is simply not the case. There are psychological and mental conditions at play when it comes to compulsive gamblers. If they are not gambling, they would probably be alcoholics, if they are not alcoholics, they would probably be drug users, if not drug users, they would probably be shopaholics.
People without these conditions are far from dropping into gambling addictions. I give most people the benefit of the doubt when it comes to responsible gambling and drinking. I drink alcohol. But I'm in no way susceptible to becoming an alcoholic. Unless perhaps some traumatic event occurs and I don't receive or seek professional help to deal with it.
We all dream. I dream about retiring early, being able to fund my children's education, and setting aside a nest egg for them when they launch out on their own. And I have gambled and played the lottery before. I have experienced being in a low-income family as a kid. But I'm not running to the lottery ticket counter every day. I play the lottery whenever there is hype or a big jackpot. And that's once every few months. I still have trouble knowing how to fill out the tickets. I'm not dropping $200 on lottery tickets because I don't have any mental or compulsive issues that haven't been treated.
When I get into these discussions I always bring up the fact that what people don't realize is that we all spend disposable income how we choose. Just because it may be the lottery or gambling, doesn't make it a concern. How about:
Those who spend money tricking out their cars?
Spending money on video games (yes, buying weapons packs can get expensive in addition to the monthly subscription)
Season tickets to any sporting event
The club scene
Binge watching on a streaming service where you purchase seasons at a time
Bowling or going to the movies every week.
Shopping online
I spend money every week for piano lessons.
There are hundreds of things to spend money on. It's just that the lottery and casinos have always had a stigma dating back to when America was more uptight than it is today. Nobody questions spending money on those other activities. But you see someone buying a lottery ticket and it's all of a sudden concerning when there are tons of other things to waste money every week.
My wife spends money at a spa every month. But that's okay?
Theirs is the same argument made that pot should be illegal to all because they know someone whose life was ruined by it, or that chronic pain patients who have never had problems with opiates should now be denied them because others become addicted to it.
I only play when it's big too. I don't know why, because odds-wise I'd be better off buying a pick-6 every so often, and I'd be fine with 1.6 million, really I would, lol.
I have gambled on the Eagles just because we can now, but I bet $5.00, on 2 games. They lost both! Then last week I didn't bet and they won, so I am afraid I might be jinxing them with my bets.
It's just to make the games more fun. When I worked at a school district, we had a weekly pool in our department, and it made the season more fun because I had a reason to watch games I would otherwise have no interest in. It wasn't hidden at all. At the Superbowl, the school secretary would announce over the speakers "Any teachers who want a Superbowl square, see Mrs. Smith between 5th and 6th period" or something. I always found it funny that it was so upfront.
I miss old-school pools desperately. Fantasy is too much to keep track of, it seems like a chore to me.
Anyway, there are always going to be people who believe that anything that some people might abuse, should be denied to all. That was the very basis of Prohibition. But before sports betting became legal this year, other people were still gambling on sports, it's not like it didn't exist. Just people like me, who would be afraid to do it illegally, were not.
I do think the easier we make it though, without having to leave the house, is a bad thing, and will make it harder for gamblers with problems to stay "sober" for want of a better word. The casinos keep voluntary lists of people who themselves requested they not be allowed in as part of Gambler's Anonymous. Before you had an hour drive to think about whether you really want to do this, and maybe turn around, now you can do it in the impulse of a moment.
But I think all online activities have addiction potential and many addicts, including and maybe more so, games played online that don't involve money. We are just a really addicted society. Let's look at the reasons why that is perhaps versus restrict things.
When it reached 1.6 billion, payout after taxes was 907 million.
No; the CASH VALUE is BEFORE taxes. You would owe Federal and State (if applicable) income tax on the 907 million (although megamillions website says it is 904 million).
The 1.6 billion prize is if you were to take the yearly annuity payments.
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