[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]

Originally Posted by 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.

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

[Topspinmo]

Originally Posted by yesi3putt2

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]

Originally Posted by Topspinmo

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]

Originally Posted by Topspinmo

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]

Originally Posted by Rapscallion St Croix

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]

Originally Posted by Polar Bear

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

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

[Carl in Tampa]

Originally Posted by 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.

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.