Powerball and Hypocrisy

[rubicon]

Powerball is a lottery shared by 44 states, DC and two territories and it is just one of man sweepstakes run by 47 jurisdictions in the U.S. These games generate nearly $70 billion a year in government revenue and enjoy profits of 33% and higher

The odds of winning Powerball have been retched up to create super jackpots. Those odds are 1 in 292 million
Yet the average return for a from a $1 spent is .$52

I recall from the past that gambling was considered immoral and people were sent to jail for illegal gambling.

So it would appear that what makes gambling moral is if the government gets their cut.

but you can't win if you don't play.

Disclosure I do play and so contribute to this hypocrisy....somebody stop me:)

[Allegiance]

I think one member is a lottery "expert." Hopefully he/she can add to the conversation.

I often ask slot machine players what the payout rate is in that particular casino or state, they have no clue. Gamblers are usually not mathematically inclined or they would not do it.

The lottery is basically a donation to the state that is not tax deductible.

[SCasey]

My favorite bumper sticker...."Lottery. A tax on people who are bad at math". Admittedly, I buy a ticket when the payout is greater than the odds.

[Taltarzac725]

If I won I would probably have to spend a lot of it on lawyers and investment advisers on how to keep it from all the jackals, vultures, and other who would soon descend on me. And security would be a big deal as well along with psychologists/psychiatrists to deal with the stress.

[Mleeja]

Lotteries are a "voluntary tax". You choose to play. I think of it as entertainment. No different than buying pull tabs at the Legion, or taking at trip on the gambling boat. Let's just hope the lottery money is being used for its intended purpose.

[aninjamom]

I think it's amusing that people wait until the payout is huge to buy a ticket; the odds DO NOT go up when the prize does! No matter how many people buy a ticket, your odds of winning DO NOT CHANGE. There are a specific amount of numbers that can only create a specific number of combinations. Have a mathematician explain it to you. Maybe the chances of SOMEONE winning goes up because more number combinations are sold, but the odds of a specific set of numbers winning never change! Perhaps if you buy all the number combinations. :$:

[Topspinmo]

Lottery along with taxation is legalized racketeering. When the government can steal your inheritance that you paid taxes on for decades, create more tax breaks for the rich than carters got pills due to Lobbists under table money feeding the career politicians.

Now the lottery, it's money maker, governments wins ever time and guess who gets their dirty lying hands on it? The career politicians.

Now shall we discuss the other racket? Insurance?

Don't like the lottery don't play, at least you have that choice. But the other two your Screwed, unless you are rich enough to hire 20 lawyers that get out of paying less tax than your secretaries!

[yesi3putt2]

If I won I would probably have to spend a lot of it on lawyers and investment advisers on how to keep it from all the jackals, vultures, and other who would soon descend on me. And security would be a big deal as well along with psychologists/psychiatrists to deal with the stress.

I read that the recent powerball winner has 24 hour police parked at her residence...what a life..eh..

[rubicon]

Powerball began as the Lotto America in 1986. At the time you could purchase two lines per ticket for a $1.00.

Then in the 1990's Virginia had a $300,000,000 + lotto.

An Australian syndicate pulled resources together and sent their agents all over the state buying up thousands of tickets and won the big prize.

This alarmed Lotto America because the odds were such that a run like this would guarantee that such a syndicate could always win.

So Lotto America became Powerball and added the Powerball number as a separate pick which raised the odds to something like 1 in 187 million.

Then, not content to be making enough with the Powerball moved to charging $2.00 per line ( 1 ticket).

Still getting even greedy as government people do with taxes and in conjunction with the private company that runs Powerball added additional numbers to the Powerball section intentionally to raise the prize to mega amounts to create lotto-mania and increase receipts.

So this the Lotto company and state governments gain on the combination of receipts and taxes and they put Bernie Madoff in jail:D

[Topspinmo]

I read that the recent powerball winner has 24 hour police parked at her residence...what a life..eh..

That's cause she was dumb enough to plaster her face, name and address on national tV. She already made two mistakes. One she let everybody know she won and she took cash option. No welfare check for 30 years. She only has one chance to get it right, which most don't?

[Fredster]

That's cause she was dumb enough to plaster her face, name and address on national tV. She already made two mistakes. One she let everybody know she won and she took cash option. No welfare check for 30 years. She only has one chance to get it right, which most don't?

Most people that have mega sums of money come into their lives suddenly,
are not equipped to handle it very well.

[Rapscallion St Croix]

That's cause she was dumb enough to plaster her face, name and address on national tV. She already made two mistakes. One she let everybody know she won and she took cash option. No welfare check for 30 years. She only has one chance to get it right, which most don't?

Only six states let you remain anonymous if you win and she did not live in one of them. Maybe she took the cash because she doesn't believe the money will be available later because....well, I would have to go to the political forum to state the because and I don't frequent that place.

[Topspinmo]

Only six states let you remain anonymous if you win and she did not live in one of them. Maybe she took the cash because she doesn't believe the money will be available later because....well, I would have to go to the political forum to state the because and I don't frequent that place.


There's ways around that you get lawyer and trust, let the lawyer plaster his face on national news and only the trust has to be released. What you don't do is win on Saturday night and cash in the next day. If you do you will lose your A%% right off the bat. Just cause the state and Feds take large sum for taxes don't mean you will not owe more at the end of the year. I bet she will be dead or broke in 5 years?

[Fredster]

Ahhh...there's that positive slant we can always count on.

Unfortunately, it does frequently happen!
Interesting word "Unfortunately"

[Carl in Tampa]

I think it's amusing that people wait until the payout is huge to buy a ticket; the odds DO NOT go up when the prize does! No matter how many people buy a ticket, your odds of winning DO NOT CHANGE. There are a specific amount of numbers that can only create a specific number of combinations. Have a mathematician explain it to you. Maybe the chances of SOMEONE winning goes up because more number combinations are sold, but the odds of a specific set of numbers winning never change! Perhaps if you buy all the number combinations. :$:

That is an interesting concept, and I can agree that one person's chances of having his number chosen does not change regardless of the number of people who play a particular game.

However, as more millions of people play the game, I would think that the likelihood that others would have the same numbers as the one person would grow.

Accordingly, it would seem that the more people who play, the more likely it is there would be multiple winners, and the payout for each would be less.

I'm working from logic, not statistics.

[Schaumburger]

There's ways around that you get lawyer and trust, let the lawyer plaster his face on national news and only the trust has to be released. What you don't do is win on Saturday night and cash in the next day. If you do you will lose your A%% right off the bat. Just cause the state and Feds take large sum for taxes don't mean you will not owe more at the end of the year. I bet she will be dead or broke in 5 years?

This is from Heavy.com: "In Massachusetts, you can keep your identity a secret if you win by forming a lottery trust. The trustee will hold the legal title of the lottery property, while the beneficiary (the winner) holds the equitable title. Typically, the winner assigns a professional attorney as the trustee and picks someone unaffiliated with them in order to help keep their identity a secret."

That probably would have been a good idea in Mavis Wanczyk's case. Supposedly almost all winners take the lump sum payout versus taking the payout over 30 years.

I do buy Powerball and Megamillions tickets when the jackpot goes over the $200 million mark.

[Bay Kid]

This country has really changed so much in my lifetime. Grandma is turning over in her grave.

[collie1228]

Power Ball is not gambling. Gambling requires a reasonable expectation of a return, which these new regressive taxes (sorry, I meant to say lotteries) provide. An economist whose name I can't remember put the Power Ball tax in perspective for me like this: Think of yourself in an 80,000 seat stadium and they are giving away a car to one lucky seat holder. As one out of 80,000 you don't have much of an expectation of winning, do you? Now think of yourself in one of 3,650 stadiums and the prize is one car for all 3,650 stadiums. Not what I'd consider a winning proposition. I saw a gentleman last week buying $50.00 worth of Power Ball quick picks at Winn Dixie. The politicians must love this guy, as he basically voluntarily gave them $50.00.

[autumnspring]

Wow-
In NY the government went into horse betting OTB. Only the government could LOOSE MONEY running a bookie service.
You do it it is a crime. Government does it it is ok.

The lottery.
You do it it is a crime. Government does it and it is OK. Believe it or not most winners end up bankrupt. First of all you do not get the ADVERTISED PRIZE. It is a ten year payout and they take TAX our of it. If, you decide you want to give the money to a charity, they still tax you. THAT IN THE CRIME WORLD, FAR MORE HONEST THAN GOVERNMENT IS CALLED SKIMMING.

Most lottery winners end up bankrupt. You win a few million. It is announced publicly. Suddenly your family expands. I did our family tree. We are both descendants of ADAM. You won..............could you gimmmmmmeeeeeee?
You cheep......... There goes your family.

Dealing drugs.
The government TAXES liquor and cigarettes. It is OK you grease the palm of our out of control government. In many states the government, drooling over a chance to extract more revenue is allowing, encouraging, marijuana sales.

WHERE TO EXPAND
SEX
Oh that's right Vegas. Yup, government gets a big piece.

[CFrance]

Wow-
In NY the government went into horse betting OTB. Only the government could LOOSE MONEY running a bookie service.
You do it it is a crime. Government does it it is ok.

The lottery.
You do it it is a crime. Government does it and it is OK. Believe it or not most winners end up bankrupt. First of all you do not get the ADVERTISED PRIZE. It is a ten year payout and they take TAX our of it. If, you decide you want to give the money to a charity, they still tax you. THAT IN THE CRIME WORLD, FAR MORE HONEST THAN GOVERNMENT IS CALLED SKIMMING.

Most lottery winners end up bankrupt. You win a few million. It is announced publicly. Suddenly your family expands. I did our family tree. We are both descendants of ADAM. You won..............could you gimmmmmmeeeeeee?
You cheep......... There goes your family.

Dealing drugs.
The government TAXES liquor and cigarettes. It is OK you grease the palm of our out of control government. In many states the government, drooling over a chance to extract more revenue is allowing, encouraging, marijuana sales.

WHERE TO EXPAND
SEX
Oh that's right Vegas. Yup, government gets a big piece.
Good post. It would be funny, too, if the facts weren't so sad.

[autumnspring]

This country has really changed so much in my lifetime. Grandma is turning over in her grave.

As to change-change is constant
I great grandmother died about 1968 and she had lived to be about 112-the date of her birth was not certain. She was sharp till the end. A dirty joke form a lady well over 100 is truly not to be missed.

She came to the US as kid on a sailing ship. Of course they traveled cheap as steerage. Imagine what that was like. Crossing the ocean took weeks. They did not have our ability to plot weather. Oh and if you are not aware the reason rooms in the bow of the ship are cheaper is that the boat pivots on it's center so the bow is a far rougher ride than at mid ships. By the end of her life men were walking on the moon.

For us, the computer has changed most of what used to be. You can in seconds find information that used to be so difficult to find that you most often decided it was not worth the effort.

Mark Twain said something like, we do not make any progress because as we move foreword we loose what was behind.

Another quote, I don't think it was Twain Do not look back, you are not going that way.

HAPPY DAYS

[autumnspring]

Good post. It would be funny, too, if the facts weren't so sad.

We all have begun to think, let government pay for it.
We have forgotten or never learned that WE are the government.

In NY metro area Con Edison is the major supplier and the rates are either the highest or close to the highest in the nation. We had Ed Koch as our spicy mayor. The city was close to bankruptcy and there was a movement to have government take over Con Ed. In, HONESTY, Koch on public airways said if you think it is bad now there is no more expensive way to get things done then to have government take over.

[petsetc]

While I do occasionally buy lottery tickets. I remember a comment made by the presenter at a retail seminar I went to 25-30 years ago which has stuck with me. He contended that lotteries were a regressive tax aimed to even suck more money and inflict more pain on the members of our society who could least afford it. i.e. - poor people spent a disproportionate amount on lotteries in hopes of escaping their poverty.

Second comment is most lotteries were set up to fund something -education / help for the elderly - and while the lottery profits may infact be used as promised, the old funding which came from regular tax dollars are decreased. A shell game.

JMHO

[rubicon]

Gambling mostly has a negative affect on the people who can least afford it.

I grew up with a lot of guys who gambled using bookies. When OTB came to New York these same guys still used bookies because they paid better odds. OTB was and may still be operated by a private concern out of Buffalo with State oversight (well the state wants their cut) .

OTB (Horse racing in general) all casino gambling hold no interest for me Lottery yea to a degree

I do get a kick when OTB and Stores selling Lotto's who post Gamblers Anonymous signs

[Yung Dum]

It's a ton of money and I know I would put it to good use if I won. I would give most of it away, but I could never escape the jackals and media, both fake and real. That's why I won't even play. However, I do play the "little lotto", which only brings in a few million, but far less attention. I don't need $500 million. I'll be very happy with just one. Very happy. I'll even give most of that away.

[rubicon]

Florida demands the winner go public. I am afraid that if I won a big Powerball people would come out of the woodwork claiming to be my progeny:D

[Topspinmo]

Wow-
In NY the government went into horse betting OTB. Only the government could LOOSE MONEY running a bookie service.
You do it it is a crime. Government does it it is ok.

The lottery.
You do it it is a crime. Government does it and it is OK. Believe it or not most winners end up bankrupt. First of all you do not get the ADVERTISED PRIZE. It is a ten year payout and they take TAX our of it. If, you decide you want to give the money to a charity, they still tax you. THAT IN THE CRIME WORLD, FAR MORE HONEST THAN GOVERNMENT IS CALLED SKIMMING.

Most lottery winners end up bankrupt. You win a few million. It is announced publicly. Suddenly your family expands. I did our family tree. We are both descendants of ADAM. You won..............could you gimmmmmmeeeeeee?
You cheep......... There goes your family.

Dealing drugs.
The government TAXES liquor and cigarettes. It is OK you grease the palm of our out of control government. In many states the government, drooling over a chance to extract more revenue is allowing, encouraging, marijuana sales.

WHERE TO EXPAND
SEX
Oh that's right Vegas. Yup, government gets a big piece.

I'm sure the politicians require freebies or they will outlaw it.


When you say the government IMO it's the career lawyer background politicians and lobbyists the REAL gangsters of the United States.

[Fredster]

Gambling mostly has a negative affect on the people who can least afford it.

I do get a kick when OTB and Stores selling Lotto's who post Gamblers Anonymous signs

I had a friend who's son had a gambling addiction, and I went to a few GA meetings with her.
If you heard the stories of how many individual lives and families were destroyed by it, I doubt anyone could find humor in it!
I was surprised to find out that if one had the addiction, and wanted to recover,
it was recommended they avoid playing the stock market!

[Fredster]

I know this will probably not sit well with some,
maybe even a lot of people!
But reading the comments on this particular thread has
made me give thought to this lotto subject.
Well it ocurred to me that if I won millions or even a million.
I would then have a job trying to manage my financial
affairs that I didn't even apply for.
I'm happily retired, with even a bit more stuff than I really need,
so maybe it paid off, praying to God for him to make me want what I have!

[Bay Kid]

Should people on welfare be allowed to use this free money to them to buy lottery tickets?

[collie1228]

Florida demands the winner go public. I am afraid that if I won a big Powerball people would come out of the woodwork claiming to be my progeny:D

While the government is required to divulge the names of the persons who win lottery prizes, there is no requirement for the winner to stand up in front of a news conference and answer the press' dumb questions. I feel sorry for those people who support lottery officials' news conferences and give them free publicity - they probably don't know they can refuse.

[rubicon]

While the government is required to divulge the names of the persons who win lottery prizes, there is no requirement for the winner to stand up in front of a news conference and answer the press' dumb questions. I feel sorry for those people who support lottery officials' news conferences and give them free publicity - they probably don't know they can refuse.

that's good to know because I have 1 in 292 million chances of winning the Powerball and I want to be well prepared:D

[Schaumburger]

After winning the Powerball...
Day 1: I give my employer 2 weeks notice (don't want to leave my team members at work in the lurch).
Day 2: I put in an offer for a home in The Villages. I don't need to look at the price. Hope I can close within a month.
Day 30: Home sale closes in The Villages, and I become a frog.

[Stdole]

Just remember I have the 1 in 292 million chance of winning with each ticket I purchase. If you do not purchase one ticket you have what is call "absolute zero chance of winning" Just do what makes you happy...

[justjim]

Lottery along with taxation is legalized racketeering. When the government can steal your inheritance that you paid taxes on for decades, create more tax breaks for the rich than carters got pills due to Lobbists under table money feeding the career politicians.

Now the lottery, it's money maker, governments wins ever time and guess who gets their dirty lying hands on it? The career politicians.

Now shall we discuss the other racket? Insurance?

Don't like the lottery don't play, at least you have that choice. But the other two your Screwed, unless you are rich enough to hire 20 lawyers that get out of paying less tax than your secretaries!

Federal estate tax has a 5.49 million exemption which means most of us will not pay any tax. If you are a Florida resident, you will not pay any State estate tax either.

I will give you that "tax reform" is needed especially for the middle class. Which by the way, has fewer and fewer people the last several years.

The lottery you correctly can say is a "self imposed tax".

As far as dirty politicians, we get our chance to vote and only 50% (less many times) bother to vote----so who is to blame? I do know that there are honest politicians who do their best to do a good job for their constituents.

Nobody is twisting our arms to purchase insurance. Most just hope we don't have to use it but thankful we have it when necessary. Life insurance is very useful for a young family person and can be useful in estate planning too. It does pay to shop for insurance just as you would when you purchase anything else.

I will still take living here in the USA over any other place in the world. Can it be better----of course.

[ffresh]

Regardless of the odds of any particular game of chance, the lottery "steals" most heavily from those who can least afford it. It is, indeed, a regressive tax on those who voluntarily participate. Politicians are aware of this statistic but care only about the revenue generated to cover their profligate spending. Targeting part of the revenue for any particular endeavor (education) or demographic group (elderly) is just part of the scam. Government acts as an agent for/of the people and, as such, should not be permitted to pursue any activity that an individual citizen is forbidden to pursue. Therefore, as a Libertarian, I am opposed to any activity that government is involved in unless individuals are also free to participate in it. And by participate, I mean run/manage/own a lottery, not just purchasing a ticket. In my home state of PA, the state government owns and operates "state stores" for wine and liquor and only permits "outsiders" to partake in a very limited and very controlled fashion - COMPLETE HYPOCRISY, which is what one should always expect from government. After all, they have the big guns!

[OhioBuckeye]

You know I think there's a lot of very intelligent comments here, but the ones that play it think if you don't play you won't win. When the lottery started in Ohio they said 60% of the profit would go to support the schools, I think less 10% goes to the schools. Anytime the govt. has their fingers in it, you're going to get screwed!