Power ball is $1.3 billion. There are 300 million people in the United States.
So if the prize is 1.5B. That means people (happily) spent 3B for a chance to win. It's a shame we can't find a way to give that money to ourselves in the US and solve problems like hunger and housing. And then since we are so gung ho about it keep collecting and solve many other problems. I know you folks are going to say we already have a program like that. It's called taxes.
But we also have to keep in mind that A LOT of this money actually comes from people who can barely afford it in the first place.
If the prize is 1.5B, that means that people spent 1.5B (half that is the number of tickets). ANyway, a large portion of the winnings will go back to the goverment in the form of paying taxes, so, there's that.
fabulouswalls said:
So if the prize is 1.5B. That means people (happily) spent 3B for a chance to win. It's a shame we can't find a way to give that money to ourselves in the US and solve problems like hunger and housing. And then since we are so gung ho about it keep collecting and solve many other problems. I know you folks are going to say we already have a program like that. It's called taxes.
But we also have to keep in mind that A LOT of this money actually comes from people who can barely afford it in the first place.
Well about a third of the NJ Lottery's revenue goes to various state institutions including school construction. That amounted to over $900 million in 2014 according to their website.
But I agree a lot of that cash originated in the wallets of people who don't make very much. Some people feel it's a de facto tax on the poor.
ffof said:
If the prize is 1.5B, that means that people spent 1.5B (half that is the number of tickets). ANyway, a large portion of the winnings will go back to the goverment in the form of paying taxes, so, there's that.
The lottery does not return 100% of the take. When the lottery first started I recall that 1/2 was prize money. But I don't know now half of what.
But your math is wrong. If the prize is 1.5B the total spent is double.
fabulous- your math was wrong above. You said "So if the prize is 1.5B. That means people (happily) spent 3B for a chance to win." Wrong. Jackpot today is $1.3B That means people spent $1.3 on chances to win. It does NOT mean that 1.3B is the after tax number.
I don't think so. For them to say the Jackpot is 1.5B it means the before tax PRIZE money is 1.5B which as of right now IS the prize. That money is supposedly 1/2 of the TOTAL TAKE which would be 3B.
http://now.howstuffworks.com/2016/01/12/not-all-powerball-ticket-goes-jackpot
This says that 34% of sales go to the jackpot. So for a 1.5 Billion dollar jackpot, 4.4 billion dollars of sales (or 2.2 Billion tickets) are needed.
One could buy enough lottery tickets to get all the powerball combinations for less than the jackpot (after taxes). But would it be worth it?
http://www.theatlantic.com/business/archive/2016/01/powerball-ticket-all-combinations/423930/
jeffhandy said:
http://now.howstuffworks.com/2016/01/12/not-all-powerball-ticket-goes-jackpot
This says that 34% of sales go to the jackpot. So for a 1.5 Billion dollar jackpot, 4.4 billion dollars of sales (or 2.2 Billion tickets) are needed.
I was trying to find the actual amount on the lottery site. Thanks.
sprout said:
One could buy enough lottery tickets to get all the powerball combinations for less than the jackpot (after taxes). But would it be worth it?
http://www.theatlantic.com/business/archive/2016/01/powerball-ticket-all-combinations/423930/
Not worth the risk of multiple winners.
I'd feel really bad for the guy behind the counter inputting all the numbers.
Remember the full jackpot is only paid our if you opt for the 30-year annuity option. So in real terms they don't pay out 1.5 billion right away and they can invest a smaller amount to achieve a 30 year payout of that amount. If you take the cash option your jackpot is significantly reduced. So you can't calculate ticket sales based on the annuity jackpot amount.
Today I decided "What the heck, you only live once" so I went out and bought myself a latte even though I didn't win the power ball. I'm just kinda crazy and unpredictable like that.
terp said:
It might be enough $$ to buy the world a coke.
No hookers though.
I thought about it, briefly, last night (went to bed before the numbers were drawn). You couldn't possibly ever need that much money. So I would be happy giving a lot of it away and having enough to live on (very) comfortably and still leave a bunch to my family.
Gee, I didn't win with my $2 investment. What went wrong? Didn't the fates know about all the people I would have helped with that money? (plus, ya know, a couple of spectacular waterfront properties). Ah well.
Mrs. Clinton had a plan if she won!
she would fund her campaign!
http://www.politico.com/story/2016/01/hillary-clinton-powerball-217715
Edited to appease Ridski.
mtierney said:
Mrs. Clinton has a plan if she wins!
she would fund her campaign!
http://www.politico.com/story/2016/01/hillary-clinton-powerball-217715
Did you write this today? In present tense?
ridski said:
mtierney said:
Mrs. Clinton has a plan if she wins!
she would fund her campaign!
http://www.politico.com/story/2016/01/hillary-clinton-powerball-217715
Did you write this today? In present tense?
Maybe Hillary hasn't yet checked her ticket, so she's both won and lost.
i know someone who bought a ticket at the 7-11 in ca where a winning 1.5b ticket was sold.She didn't win.
$806m cash option would leave you with something like $400m.
No one would ever hear from me again.
I hit for $4. Buys me 2 cash for life tickets. Yay!
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Dump the 400+ million into some really good, save investments, and even at today's low interest rates, you and your entire family can live very, very comfortably without touching any of the initial cash payout. Set up trust funds for all children and family members so that they don't squander it when you are gone, and done! Off to a beach to have some R&R before I decided to "work" in a life long dream...