- Sun Nov 02, 2014 9:49 am
#48864
I see that no one won the Powerball last night. That is amazing since the odds of winning are only 285,000,000 to one. that's about the same as getting hit by lightning three times on your way to pick up your winnings. Lets look at the lotteries for those that are crazy enough to play:
1. The Mega-Millions and Powerball games are run by G-Tech which is owned by an Italian based conglomerant called Lottomatica Group. Lottermatica Group has 8,000 employees in over 50 countries.
2. Several studies have shown that a disproportionate share of the Lottery dollars come from lower income persons. Critics argue that the dependence on lotteries to fund the government shifts an unfair burden on the poor.
3. "But the money goes to education." WRONG! Most states shift the proceeds from the Lottery to the general fund. Some states get as little as 11 cents of every dollar from the Lottery.
4. The claim on this morning's news is that the Powerball for Nov. 5th will be in excess of $175,000,000. Ah, but if you take a lump sum you only get $111,000,000. (Keep in mind the 285,000,000 to 1 odds against winning.) Taking the lump sum also means that you wind up with less than half of that $111,000,000 after taxes. (Keep in mind the 285,000,000 to 1 odds against winning.)
5. What if you take the annuity? In my state you would wind up with $73,548,000; Better than the half of $111 million but a whole lot less than the 175,000,000+ that the lottery claims is the prize. This take-home is based on a 30 year annuity. Remember,there is no guaranty that the Federal and State government will not raise taxes in the future; further depleting your take-home.
6. You have 180 days or one year to claim your prize (except in New Mexico which only gives you 90 days to collect your prize.
7. Why do the games offer an annuity? Simple, they take the money and invest it (at much higher rates than you could ever get because of the size of the investment) which makes much more money for G-Tech and the states (not to mention the hedge funds.) (An investment pool of this size has tons and tons of consultants and fund managers allof whom get a piece of the fund.)
8. Can the two lottery games be rigged? Somewhat, the games used to have 56 numbers. The politicians didn't figure that they were getting enough of your money so they raised the numbers to 78 thereby making the odds against winning much higher.
To sum up; the Lottery games are a sucker's bet. The games amount to a regressive tax that hit s poor the hardest. Although many countries do it, raising money for governments by gambling is inefficient and impacts citizens unfairly. Above all; why encourage the politicians by throwing money at them?
1. The Mega-Millions and Powerball games are run by G-Tech which is owned by an Italian based conglomerant called Lottomatica Group. Lottermatica Group has 8,000 employees in over 50 countries.
2. Several studies have shown that a disproportionate share of the Lottery dollars come from lower income persons. Critics argue that the dependence on lotteries to fund the government shifts an unfair burden on the poor.
3. "But the money goes to education." WRONG! Most states shift the proceeds from the Lottery to the general fund. Some states get as little as 11 cents of every dollar from the Lottery.
4. The claim on this morning's news is that the Powerball for Nov. 5th will be in excess of $175,000,000. Ah, but if you take a lump sum you only get $111,000,000. (Keep in mind the 285,000,000 to 1 odds against winning.) Taking the lump sum also means that you wind up with less than half of that $111,000,000 after taxes. (Keep in mind the 285,000,000 to 1 odds against winning.)
5. What if you take the annuity? In my state you would wind up with $73,548,000; Better than the half of $111 million but a whole lot less than the 175,000,000+ that the lottery claims is the prize. This take-home is based on a 30 year annuity. Remember,there is no guaranty that the Federal and State government will not raise taxes in the future; further depleting your take-home.
6. You have 180 days or one year to claim your prize (except in New Mexico which only gives you 90 days to collect your prize.
7. Why do the games offer an annuity? Simple, they take the money and invest it (at much higher rates than you could ever get because of the size of the investment) which makes much more money for G-Tech and the states (not to mention the hedge funds.) (An investment pool of this size has tons and tons of consultants and fund managers allof whom get a piece of the fund.)
8. Can the two lottery games be rigged? Somewhat, the games used to have 56 numbers. The politicians didn't figure that they were getting enough of your money so they raised the numbers to 78 thereby making the odds against winning much higher.
To sum up; the Lottery games are a sucker's bet. The games amount to a regressive tax that hit s poor the hardest. Although many countries do it, raising money for governments by gambling is inefficient and impacts citizens unfairly. Above all; why encourage the politicians by throwing money at them?
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