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Old 11-26-2012, 03:00 AM   #1
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$425m lotto.....one time

http://arizonalottery.com/

Reports are this will be the main event of lotto's. Maybe half of vegas will drive over to Rosie's and buy some tickets....and Rosies is that little road side schack on the R about 15 miles past the damm.
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Old 11-26-2012, 03:05 AM   #2
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Re: $425m lotto.....one time

good luck!
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Old 11-26-2012, 07:00 AM   #3
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Re: $425m lotto.....one time

ever feel like you're inside a george orwell novel?
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Old 11-26-2012, 10:15 AM   #4
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Re: $425m lotto.....one time

I can't even hit a number straight up on the roulette wheel. 38 to one.

Just think of the powerball as a roulette wheel with ~65 million numbers.
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Old 11-26-2012, 10:17 AM   #5
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Re: $425m lotto.....one time

I'm in a group and it sucks because if we're the only people to hit, I'll only get about ten million as my share.

Last edited by Doc T River; 11-26-2012 at 10:18 AM. Reason: After taxes from taking the cash option.
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Old 11-26-2012, 11:41 AM   #6
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Re: $425m lotto.....one time

Neither Powerball nor Mega Millions have ever been ev+ investments. Earlier this year Mega Millions set a record with a cash payout of $475 million, and that would have been an ev+ investment if not so many people had played it. However based on the number of people playing it (and the chances it would be split multiways) it was a horrible investment.

BTW, the cash payout for this lottery is like $278.3 million. The $425 million number is completely meaningless and is simply used by the lottery to deceive the poor and mentally weak.

BTW, the Texas lotto was a good investment a couple years back, so it's not that a lottery doesn't have the potential to be a good investment, but as long as people are stupid and make unwise investments, it's unlikely the powerball or mega millions will ever be good investments.

ps. I'm a hypocrite because I'm buying tickets too. Good luck to me.
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Old 11-26-2012, 11:44 AM   #7
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Re: $425m lotto.....one time

Quote:
Originally Posted by jcorb View Post
I can't even hit a number straight up on the roulette wheel. 38 to one.

Just think of the powerball as a roulette wheel with ~65 million numbers.
I've never played roulette but I think you mean the powerball is a roulette wheel with 175,223,510 numbers.
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Old 11-26-2012, 12:24 PM   #8
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Re: $425m lotto.....one time

It's got to be a better investment than the other one I have. Social Security.
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Old 11-26-2012, 12:54 PM   #9
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Re: $425m lotto.....one time

Quote:
Originally Posted by Tom Dwans Son View Post
I've never played roulette but I think you mean the powerball is a roulette wheel with 175,223,510 numbers.
no wonder I can't win, that would be one big a$$ed wheel

they say the lottery is a tax on people who are bad at math
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Old 11-26-2012, 01:59 PM   #10
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Re: $425m lotto.....one time

Quote:
Originally Posted by jcorb View Post
no wonder I can't win, that would be one big a$$ed wheel

they say the lottery is a tax on people who are bad at math
They do say that, and it's generally true about the people who play it regularly. I know the math and I'll be playing this week. It's not about EV it's about utility.
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Old 11-26-2012, 02:05 PM   #11
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Re: $425m lotto.....one time

That's true. It's primarily a tax on the poor. The odds of winning never change, regardless of whether the jackpot is $40million or $400 million (obv odds of splitting changes but that's it). The return on your investment, while never good, is much worse when the jackpot is still low. The people that play the lottery week in and week out tend to have lower incomes (and are more desperate). They build the jackpot up, and then once it gets big then everyone (doctors, engineers, lawyers, businessmen, poker players etc) start playing. In a way, it's a reverse robin hood scenario with many of the winners being upper-middle class. And we all know, when the poor do win they tend to blow it all anyways.
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Old 11-26-2012, 02:08 PM   #12
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I spent all morning at work thinking about who and what I'm gonna buy with my winnings
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Old 11-26-2012, 02:30 PM   #13
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Re: $425m lotto.....one time

I say this to myself every week when I play the mega millions...."One time"
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Old 11-26-2012, 02:46 PM   #14
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Re: $425m lotto.....one time

If you live in Vegas and want to buy tickets, never ever ever ever ever ever EVER go to Arizona to get them instead of California. AZ has a 6% state tax on all lottery winnings (over a certain amount) for non-residents. California has no state tax on lottery winnings.

http://taxfoundation.org/article/lot...-greatly-state
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Old 11-26-2012, 03:18 PM   #15
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Re: $425m lotto.....one time

Quote:
Originally Posted by Tom Dwans Son View Post
That's true. It's primarily a tax on the poor. The odds of winning never change, regardless of whether the jackpot is $40million or $400 million (obv odds of splitting changes but that's it). The return on your investment, while never good, is much worse when the jackpot is still low. The people that play the lottery week in and week out tend to have lower incomes (and are more desperate). They build the jackpot up, and then once it gets big then everyone (doctors, engineers, lawyers, businessmen, poker players etc) start playing. In a way, it's a reverse robin hood scenario with many of the winners being upper-middle class. And we all know, when the poor do win they tend to blow it all anyways.
They seriously need to give lottery winners courses in money management.
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