Has anyone purchased their powerball tickets? 17 May 2013

[mguilbert]

They say it is now 600 Million. Have you got your golden ticket yet?

http://news.msn.com/us/powerball-jackpot-grows-again-to-dollar600-million?ocid=ansnews11

 

[Jim Wynne]

Re: Has anyone purchased their powerball tickets?

My wife always buys a ticket or two when the jackpot gets crazy, which makes no sense to me because the chances are no better for you whether the jackpot is $3 million or $300 million. $3 million isn't worth the $4 risk?

 

[Boingo-boingo]

They say the odds of getting the winning numbers are 1 in 175,000,000. Well, if it costs $1/ticket (number combination), one person could spend $175 Million dollars and BE GUARANTEED to win. $600M minus taxes, etc...Great ROI....as long as you are the sole winner....

 

[Jim Wynne]

Today at work a few people were having the inevitable conversation about what they would do if they won the big money. I asked, "Suppose you had a check for $300 million in your hand. What would you do with it?" One of them replied, "What do you mean, what would I do with the money?" "No," I said, "What would you do with the check?" It's surprising how many people never think about that.

 

[Michael_M]

I said, "What would you do with the check?" It's surprising how many people never think about that.

Now that was funny, true, but funny none the less.

 

[Marc]

They say the odds of getting the winning numbers are 1 in 175,000,000. <snip>

Lottery_mathematics

I personally have no idea what the odds are in the current lottery this thread is about.

 

[Randy Lefferts]

They say the odds of getting the winning numbers are 1 in 175,000,000. Well, if it costs $1/ticket (number combination), one person could spend $175 Million dollars and BE GUARANTEED to win. $600M minus taxes, etc...Great ROI....as long as you are the sole winner....

I suppose it depends on how you are looking to get that ROI. Taking the lump sum payment on $600 million will yield about $375 million before taxes. Since this is the powerball lottery the cost is $2 per ticket. According to "Book of Odds" the chance to win the powerball lottery is 1 in 195,249,054. (1/[(59x58x57x56x55/5!)x39]) So the cost to play every number combination is $390,498,108.

Currently, the jackpot isn't enough to support doing this if you intend to take the cash option.

I am not a financial guy so haven't really looked at how it would work out if one chose the yearly payout for 29 years. My initial feeling is that you would make more money from the money used to buy the tickets in the long run. No idea, just my feeling. So it seems that the jackpot would have to get significantly higher before attempting to win by purchasing every combination. Logistics purchasing those tickets would seem to be daunting as well.

 

[Randy]

Win?

1st - When you find out, don't tell anybody

2nd - Get a trustworthy financial lawyer, advise him of the deal, and take his advice

3rd - Contact your bank, don't talk to a flunky, go to the top and get them in touch with your lawyer

4th - Don't tell anybody

5th - Change your shorts because you probably soiled them

 

[gbcqc]

Win?

2nd - Get a trustworthy financial lawyer, advise him of the deal, and take his advice

I did not know there was such a thing as a trustworthy (any type) Lawyer.