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MegaMillions rolls to $1.6 Billion, $904 mil cash option

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MegaMillions rolls to $1.6 Billion, $904 mil cash option

 
Old 10-20-2018, 04:41 PM
  #21  
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Originally Posted by 05c6silververt View Post
Originally Posted by snide View Post
My thoughts exactly.
What part of what I wrote is it that you don't understand?

One BILLION dollars of Tuesday's jackpot are NOT coming from ticket sales for this upcoming drawing. They are coming from prior ticket sales, so if you have never bought a ticket before, and buy one for this drawing, previous players have donated ONE BILLION dollars to the payout you just took a chance on. How could this NOT increase the expected value of your ticket?
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Old 10-20-2018, 04:43 PM
  #22  
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I don't usually play, but I must admit the lure of so much money is hard to resist. What the heck, SOMEBODY has to win eventually - and as they say, you've gotta be in it to win it. My wife and I would have a ball giving the vast majority of it away. Yes, we would naturally buy a few nice things . . . not that many, we already have many more than our share. Set up accounts for the kids and grandkids, and surprise the hell out of everyone else in the family, even those we don't like - or that don't like us. Maybe especially them. A good amount to our favorite charities, our church, and a few different colleges and universities. Invest some, I guess, although as we approach 70 that becomes a little less important to us. There really isn't much we need that we don't have - it would be nice to see that folks who really do need some things, got them.

Yep, it would be fun. Here's hoping.
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Old 10-20-2018, 06:33 PM
  #23  
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Originally Posted by themonk View Post
I have a buddy driving down to Montucky to buy some tickets, I gave him some money to include me. Now wouldn't that be f'kn hilarious if The "Legend" Monk won your American lottery.....holy f'k I would laugh and laugh and laugh....then buy VMJ a ZR1.
Originally Posted by ratflinger View Post
I don't see any problem with that. You can take your chances just like anyone else. Just never buy from a broker. I know the rules in Texas state that if you didn't buy the ticket in Texas, from an authorized seller then they won't pay. Happened before, some guy back east bought tickets from a broker and won the jackpot. Texas refused to pay, courts sided with Texas because the rules were in place and advertised.
Now that would be ******* funny as hell!
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Old 10-20-2018, 06:45 PM
  #24  
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Originally Posted by ratflinger View Post
I don't see any problem with that. You can take your chances just like anyone else. Just never buy from a broker. I know the rules in Texas state that if you didn't buy the ticket in Texas, from an authorized seller then they won't pay. Happened before, some guy back east bought tickets from a broker and won the jackpot. Texas refused to pay, courts sided with Texas because the rules were in place and advertised.
But, wouldn't his "buddy driving to Montucky" be acting as a broker?
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Old 10-20-2018, 06:47 PM
  #25  
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I don't buy lottery tickets but for this one time.......maybe so.
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Old 10-20-2018, 06:48 PM
  #26  
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Originally Posted by themonk View Post
I have a buddy driving down to Montucky to buy some tickets, I gave him some money to include me. Now wouldn't that be f'kn hilarious if The "Legend" Monk won your American lottery.....holy f'k I would laugh and laugh and laugh....then buy VMJ a ZR1.
I think you won't have to pay any tax as well, at least not US tax if you win.
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Old 10-20-2018, 07:29 PM
  #27  
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Originally Posted by Humanoid 2.0 View Post
I think you won't have to pay any tax as well, at least not US tax if you win.
I can say this with no word of a lie or kissing ***, if I win a share of the lottery, a lot of people in here would receive something, serious.
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Old 10-20-2018, 08:09 PM
  #28  
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Originally Posted by Nosferatu View Post
If I win it I'll pull an Oprah CFOT Style.

C4 Vettes for everyone!!!

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Old 10-20-2018, 08:17 PM
  #29  
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Originally Posted by Humanoid 2.0 View Post
I think you won't have to pay any tax as well, at least not US tax if you win.
I doubt that if m0k won, that he'd be exempt from US taxes on those winnings. Last I heard, Canadian lottery winnings are tax exempt, as lottery tickets are purchased with after-tax monies.

Originally Posted by themonk View Post
I can say this with no word of a lie or kissing ***, if I win a share of the lottery, a lot of people in here would receive something, serious.
Very generous offer Myron. Good luck!



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Old 10-20-2018, 08:21 PM
  #30  
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Originally Posted by themonk View Post
I can say this with no word of a lie or kissing ***, if I win a share of the lottery, a lot of people in here would receive something, serious.

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Old 10-20-2018, 08:23 PM
  #31  
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Originally Posted by PKguitar View Post
Actually, the larger the jackpot, the higher expected return on the purchase of one ticket. This is fact.

The difference between a "speculation" and an "investment" is that an investment has a positive expected return, where a speculation has a negative one.

When the jackpot starts out at about $40,000,000, the expected value of a ticket is about $0.29, so clearly a speculation. As the jackpot grows, your odds of winning it don't change, so the expected value of the ticket rises, basically on the backs of those other losers who bought tickets in previous drawings that didn't win. Once the expected value of the ticket exceeds the $2 you spend on it, it can properly be deemed an "investment".
Did you receive a blow to the head recently?
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Old 10-20-2018, 08:29 PM
  #32  
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Originally Posted by themonk View Post
I'd buy you something nice too.
An American citizen in New York state bought a Canada lottery ticket and won I think a million dollars. The U.S. IRS then took him to court because he refused to pay any US taxes on the winning claiming he won the money from Canada and hasn't and won't spend the money in the US. He lost and went to jail and after about 3 months the law decided to let him out of jail.
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Old 10-20-2018, 08:38 PM
  #33  
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Originally Posted by jfb View Post
An American citizen in New York state bought a Canada lottery ticket and won I think a million dollars. The U.S. IRS then took him to court because he refused to pay any US taxes on the winning claiming he won the money from Canada and hasn't and won't spend the money in the US. He lost and went to jail and after about 3 months the law decided to let him out of jail.
https://www.ctvnews.ca/canada/how-a-...ican-1.2732408

With Wednesday's jackpot rocketing to a record US$1.5 billion, United States residents are caught up in Powerball fever.

But, an expert says, some Canadian players may have a few million extra reasons to get excited.

Non-U.S. citizens are legally allowed to purchase Powerball tickets, and they may actually be able to pocket more money than those living in the U.S., Kentucky lottery expert and financial consultant Don McNay said on CTV's Canada AM on Monday.IN PICTURES


Lining up for a chance at $1.5 billion
RELATED STORIES
PHOTOS

Zaida Cobangbang, of Union City, Calif., shows her Powerball tickets shortly after buying them Saturday, Jan. 9, 2016, in San Lorenzo, Calif. (AP / Marcio Jose Sanchez)

Kentucky lottery expert and financial consultant Don McNay appears on CTV's Canada AM on Monday, Jan. 11, 2016.

It all boils down to how lottery winnings are taxed.

The United States' federal government treats a jackpot as income, and can withhold 25 per cent of winnings as income tax for citizens with correct taxpayer ID numbers.

For those without ID numbers, that amount can go up to 28 per cent.

In Canada, on the other hand, "tax authorities do not consider lottery winnings to be taxable for Canadian income tax purposes," the Ontario Lottery and Gaming corporation says.

"Because your tax laws are better in this situation than the United States, you're probably better off," McNay said.

However, there are some complicated catches.

Under U.S. law, the Internal Revenue Service can "generally" withhold 30 per cent of "gambling winnings paid to a foreign person," so Canadian winners aren't totally off the hook for federal taxes.

And, depending on the state, where you purchase your lottery tickets, you may also be required to pay a state income tax on their winnings.

The website USA Mega, which tracks the Mega Millions and Powerball lotteries, breaks down how much each state charges in taxes.

New York, for example, has the highest state lottery taxat 8.82 per cent. This tax applies to both residents and non-residents who bought tickets in the state.

Meanwhile, in Washington, there's no state tax on lottery prizes.

The payout also differs depending on whether the winner wants to accept the prize in one lump sum, or would prefer the money in yearly instalments.

The advertised $1.4 billion jackpot actually refers to the value of the prize in annual payments, which are adjusted for inflation.

If the winner wants a one-time lump sum, the jackpot drops to $868 million before taxes, USA Mega says.

As a result, the site says that means the total payout after taxes in New York, for example, could end up as low as $574,442,400 – or less than half the advertised amount.

Of course, all the calculations will ultimately prove irrelevant in the end.

Regardless of which side of the border they call home, Powerball players have only a one-in-292.9 million chance of winning the jackpot, McNay said on Monday.

For those willing to risk the odds, the next Powerball draw is on Wednesday.

Tickets cost two U.S. dollars, and must be purchased from a licensed retailer in one of the 44 states, or two U.S. territories where Powerball is played, or in Washington D.C.

Last edited by themonk; 10-20-2018 at 08:39 PM.
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Old 10-20-2018, 08:53 PM
  #34  
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Originally Posted by jfb View Post
Did you receive a blow to the head recently?
Yes he did, a mega blow
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Old 10-20-2018, 08:55 PM
  #35  
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Originally Posted by 05c6silververt View Post
I'd be more than thrilled to hit tonight's Powerball drawing.
Got my ticket for the drawing.

But, will be purchasing a few tickets for the next Mega Millions also.
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Old 10-20-2018, 09:05 PM
  #36  
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Come on 2 billion jackpot!!!!
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Old 10-20-2018, 09:37 PM
  #37  
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Originally Posted by 05c6silververt View Post
I'd be more than thrilled to hit tonight's Powerball drawing.
I'm not greedy....
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Old 10-21-2018, 08:59 AM
  #38  
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Originally Posted by PKguitar View Post
But, wouldn't his "buddy driving to Montucky" be acting as a broker?
Not unless the buddy marked up the tickets he sold to Monk. You can buy tickets for someone else, but if your'e making money off the sale then then you are considered an unlicensed agent.
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Old 10-21-2018, 10:45 AM
  #39  
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I bought 100.00 and the most I hit was 3, I will give it another try on tuesday
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Old 10-21-2018, 11:53 AM
  #40  
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poof
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