The USA multi-state 'Powerball' lottery has not has a winner for its top jackpot prize since August. No one won the top prize in Saturday, 11/5's draw. It is estimated the annuity jackpot prize is now $1.9 Billion and will likely go to $2 Billion or more by the time of the next drawing and be a world record jackpot prize. The cash up front instead of an annunity paid over 25 years is about is about half of that and after Federal and State income and other taxes, is like $500 million. https://www.cnn.com/2022/11/05/us/power ... index.html
Such amounts will likely mean way too many people spending well over reasonable amounts on tickets. I have no problem with spending $1 - 5 a week on lottery tickets like I do if your are in decent financial shape. The odds of winning the top prize are like 262 Million to 1.To me the politicians in too many states are along with expansion of gambling in person are so wanting ways for tax revenues that are not based on income or sales they have maxed out, doing so over concerns that many are being damaged by it. Sadly too there is the desperation by too many for easy and instant ways to get rich and have they think are better lives. We know of terrible stories of the lives of big jackpot winners in the past. I do hope at least there are multiple winners in the next draw or are purchasing groups so the wealth is spread around.
I think it is time to modify these games to improve the odds of winning smaller prizes, so more win and benefit from them, to discourage marketing targeted at the ignorant and needing, find ways to make taxation fairer rather than use lotteries and gaming to do so. Perhaps if a annuity jackpot exceeds a set amount, like $100 Million means a 2nd 'powerball' number is chosen.
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
Actually, I think the reason it hasn't gone is because people *aren't* playing it that much. In the past with large jackpots like this you'd see gigantic lines for tickets, but the last week and a half since it got to near $1 billion and above I've seen virtually no lines at any store that sells lotto tickets. It's crazy.
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- GalaxyFlyer
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
The prize isn’t really $1.9 billion, it’s the cash value. Interesting read here.
https://qz.com/powerball-record-jackpot ... 1849743152
https://qz.com/powerball-record-jackpot ... 1849743152
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
cjg225 wrote:Actually, I think the reason it hasn't gone is because people *aren't* playing it that much. In the past with large jackpots like this you'd see gigantic lines for tickets, but the last week and a half since it got to near $1 billion and above I've seen virtually no lines at any store that sells lotto tickets. It's crazy.
That is something that needs to be examined. The rise of online sports gaming may be taking away spending on lotteries.
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
ltbewr wrote:cjg225 wrote:Actually, I think the reason it hasn't gone is because people *aren't* playing it that much. In the past with large jackpots like this you'd see gigantic lines for tickets, but the last week and a half since it got to near $1 billion and above I've seen virtually no lines at any store that sells lotto tickets. It's crazy.
That is something that needs to be examined. The rise of online sports gaming may be taking away spending on lotteries.
You can also buy lottery tickets online. Several apps are available, such as Jackpocket. No need to go to the store to buy them.
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- BlindMarshall
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
Remember back when $1.9 billion was a lot of money? Dang inflation.
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lightsaber
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
BlindMarshall wrote:Remember back when $1.9 billion was a lot of money? Dang inflation.
I'm not sure why this time there is no hype. Perhaps inflation concerns have people spending money elsewhere.
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- casinterest
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
lightsaber wrote:BlindMarshall wrote:Remember back when $1.9 billion was a lot of money? Dang inflation.
I'm not sure why this time there is no hype. Perhaps inflation concerns have people spending money elsewhere.
The hype is hard to do when it isn't a Friday drawing.
I bought some tickets today again. Maybe I will win , maybe not.
Might be able to buy Twitter from Musk in a few months with the winnings.
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- Revelation
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
I was out on the town today and bought two tickets, one for me and one for my dining companion. Kinda for a joke, but then again, ya never know!
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
leader1 wrote:You can also buy lottery tickets online. Several apps are available, such as Jackpocket. No need to go to the store to buy them.
Fair point.
My counter is that I'd hazard a guess that the biggest consumers of lottery tickets are the least likely to be buying them online: the elderly.
Revelation wrote:I was out on the town today and bought two tickets, one for me and one for my dining companion. Kinda for a joke, but then again, ya never know!
All it takes is one ticket. lol
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- casinterest
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
None of us won again.
Now we move on to the 2 Billion dollar drawing on Wednesday
Now we move on to the 2 Billion dollar drawing on Wednesday
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- FLYFIRSTCLASS
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
casinterest wrote:None of us won again.
Now we move on to the 2 Billion dollar drawing on Wednesday
No one won? Really? That should push it to $2.5 billion!
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
If anyone in this thread wins, they should pledge to give the other forumers in the thread a buck for every post in their a.net tally.
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- casinterest
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
FLYFIRSTCLASS wrote:casinterest wrote:None of us won again.
Now we move on to the 2 Billion dollar drawing on Wednesday
No one won? Really? That should push it to $2.5 billion!
Well this mornings was actually 2.04 after they accounted for all the purchases, so it will definately be higher than 2.4 by Wednesday, Although I would estimate 2.3-2.4 billion. Chump change of difference
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
There was a single winning ticket sold in Altadena, CA (which is just North of Pasadena).
If they choose the lump-sum of $929 million, they would retain about $585 million after 37% federal income tax. California does not levy any state income tax on lottery winnings.
If they choose the lump-sum of $929 million, they would retain about $585 million after 37% federal income tax. California does not levy any state income tax on lottery winnings.
Last edited by WestWing on Tue Nov 08, 2022 7:04 pm, edited 1 time in total.
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
WestWing wrote:There was a single winning ticket sold in Altanena, CA (which is just North of Pasadena).
If they choose the lump-sum of $929 million, they would retain about $585 million after 37% federal income tax. California does not levy any state income tax on lottery winnings.
Wow, take the 20 annual payments!
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- casinterest
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
Bummer, I guess LA got richer. My article was wrong
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
NIKV69 wrote:WestWing wrote:There was a single winning ticket sold in Altanena, CA (which is just North of Pasadena).
If they choose the lump-sum of $929 million, they would retain about $585 million after 37% federal income tax. California does not levy any state income tax on lottery winnings.
Wow, take the 20 annual payments!
Depends on how old you are. At my age (67), I'm taking the lump sum. If, say one of my grandkids won, take the annual payments.
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- GalaxyFlyer
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
Never take the annuity, take the lump even at 21. There’s no tax advantage and you get to manage the money, not Powerball.
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
As I have suggested in my OP, it is time to adjust the odds so a lot more smaller jackpot winners, not just one every few months. No one person should get so much money. Spread the wealth.
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- DarkSnowyNight
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
NIKV69 wrote:WestWing wrote:There was a single winning ticket sold in Altanena, CA (which is just North of Pasadena).
If they choose the lump-sum of $929 million, they would retain about $585 million after 37% federal income tax. California does not levy any state income tax on lottery winnings.
Wow, take the 20 annual payments!
No.
GalaxyFlyer wrote:Never take the annuity, take the lump even at 21. There’s no tax advantage and you get to manage the money, not Powerball.
Right. Even taking 85 million out for personal use, the remaining 500 will reach nearly 3Bio in the same time period.
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- FLYFIRSTCLASS
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
I WON!! I WON!!! $8.00, now I can buy that Starbucks Latte I have been saving up for!
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- zakuivcustom
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
FLYFIRSTCLASS wrote:I WON!! I WON!!! $8.00, now I can buy that Starbucks Latte I have been saving up for!
That's more than me
(I actually won...$7).Can't even recoup my ticket purchase LOL.
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
For what it is worth, the lump-sum amount was increased to $997.6 million due to the ticket sales before the draw. So the winner gets to keep about $628 million assuming 37% rate if they choose that option. They might get a bit more if they push the claim into 2023 because the slab at which 37% starts will go up a bit next year. Disclaimer: I am not a tax professional - so none of this may be correct.
How does this payout even work? They get a check for some $747 million - since 25% fed tax is withheld at source - and then they go and deposit the check into their Wells Fargo checking account?
How does this payout even work? They get a check for some $747 million - since 25% fed tax is withheld at source - and then they go and deposit the check into their Wells Fargo checking account?
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- dampfnudel
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
The only thing I wouldn’t like about winning the Powerball would be that my state, New York, doesn’t allow the option of anonymity for winners.
Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
WestWing wrote:Then the president of about any bank takes him and his wife out to dinner and talks about the beginning of a wonderful relationship.then they go and deposit the check into their Wells Fargo checking account?
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- GalaxyFlyer
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Re: US Powerball lottery top jackpot prize now record $1.9 Billion +
Set up a trust to accept the winnings anonymous in the sense the trust’s name is reported but the beneficiaries are not reported. The law varies by state. Take the lump sum but donate a lot to your trust’s charity foundation to provide for gifts and reduce the tax cut. Deposit check.
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