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Who here has bought MegaMillion tickets for tonight's record breaking jackpot?

 
 
Reply Fri 30 Mar, 2012 02:48 pm
Quote:
Everybody, it seems, is talking about tonight's Mega Millions lottery drawing because the jackpot's up to a record $640 million. (Update at 12:15 p.m. ET: Officials just increased the estimated jackpot, which began today at an already record $540 million.)

http://www.npr.org/blogs/thetwo-way/2012/03/30/149673765/mega-millions-mania-what-if-you-win-then-what-do-you-do

Quote:
Who'll win the Mega Millions lottery? The states.

Mega Millions jackpot is the world's largest. But the chances of winning the Mega Millions are so slim that the only sure winners are the states, which get a little over a third of the take.

http://www.csmonitor.com/Business/2012/0330/Who-ll-win-the-Mega-Millions-lottery-The-states

Me? I have $5's worth....
 
edgarblythe
 
  2  
Reply Fri 30 Mar, 2012 02:50 pm
I confess. I bought a couple of tickets. But, I would have bought them even if it was only worth 639 million.
0 Replies
 
boomerang
 
  2  
Reply Fri 30 Mar, 2012 02:53 pm
@tsarstepan,
I'm in for $5.

Mr. B's office has a pool where I think everyone put in $20. A lot of their customers are in the pool too. I'm not even guessing how many tickets that equals.
0 Replies
 
firefly
 
  2  
Reply Fri 30 Mar, 2012 03:55 pm
@tsarstepan,
I haven't bought any lottery tickets in quite a while, but the excitement around this jackpot was too strong to resist.

I spent $5 on tickets. And, so far, I've gotten my money's worth just imagining the things I could do with the winnings.

After listening to all the things one has to do if one holds the winning ticket (first, sign it on the back in very small letters--to leave room for the name of the foundation you'll set up), including the problems protecting your anonymity (from all the people, long lost relatives, and charities that will come after you), and deciding where you can safely park that amount of money and who you can trust to manage it, and how to go about setting up a foundation, etc., I've realized that winning may be very stressful. Not that I'll turn the top prize down if my numbers come up--$640 million can buy a lot of Valium to help with the stress.Smile

At the same time I bought my Mega Millions tickets I bought a daily numbers game ticket and I won $20 on that one. So I already consider myself a winner.

They have to have a Mega Millions winner tonight--I heard they have sold every possible combination of numbers because of the number of tickets sold.

The lump sum payout is 346 million after federal taxes, and state and city tax rates could make a $20 million difference in how much the winner takes home, depending on where they live.
0 Replies
 
jcboy
 
  2  
Reply Fri 30 Mar, 2012 03:58 pm
I love to play Fantasy Five. I buy a ticket everyday. If you get two numbers you get a free replay for the next day. I’ve gotten 4 out of 5 four times now and twice were on free replays.
0 Replies
 
parados
 
  4  
Reply Fri 30 Mar, 2012 04:09 pm
@tsarstepan,
I DID!!

I DID!!




I needed some scrap paper tomorrow.
0 Replies
 
realjohnboy
 
  5  
Reply Fri 30 Mar, 2012 04:20 pm
I spent $5 on my 1st ever lottery tickets.
I would start by giving $1M to every A2Ker who gave one of my posts a "thumbs-up."
boomerang
 
  2  
Reply Fri 30 Mar, 2012 04:30 pm
Sal Khan (of Khanacademy fame) explains the odds of winning this lottery:

0 Replies
 
firefly
 
  1  
Reply Fri 30 Mar, 2012 04:47 pm
Quote:
You have to factor in taxes, plus the fact that you get a smaller amount if you ask for an upfront lump sum, plus the risk that you may have to split the winnings with someone else. When the jackpot gets this obscenely large, everyone and their aunt wants to play.

“Unfortunately for those of you hoping to buy a sports team,” concludes Elson, “this means the expected value of a $1 ticket is only 63.2 cents (or a bit more or less, depending on your state).” So Friday night’s lotto isn’t such a good deal after all. Unless, like Felix Salmon, you find the act of playing the lottery itself a pleasant experience.

Of course, another strategy would simply be to buy up every single ticket combination. That would cost $176 million. But you’d be guaranteed to win about $293 million after taxes. Good deal, right? But there’s one big hitch: “First, if it takes five seconds to fill out each card, you’d need almost 28 years just to mark the bubbles on the game tickets. You’d also use up the national supply of special lottery paper and lottery-machine printing ink well before all your tickets could be printed out.” (Also, if just one other person picked the winning number, you’d end up losing $30 million all told.)
http://www.washingtonpost.com/business/economy/are-mega-millions-players-suckers/2012/03/30/gIQAwlGulS_story.html
0 Replies
 
JPB
 
  2  
Reply Fri 30 Mar, 2012 05:09 pm
$5

As to what I'd do if I won...

faint, probably.
Rockhead
 
  1  
Reply Fri 30 Mar, 2012 05:12 pm
@JPB,
I spent at least an extra 30 minutes in lines today while folks threw their money away on tickets. $20 and $50 at a time...

I'll be really glad when somebody wins it.
JPB
 
  1  
Reply Fri 30 Mar, 2012 05:18 pm
@Rockhead,
Yep. I was thinking the same thing.

There was a big prize drawing a few years back, ~250million. I spent $2 on a ticket. The guy behind me bought $5. Then he looked in his wallet, looked at me, then the clerk, and asked again how much the prize was worth. I started talking about the odds of winning and not betting more than one could afford to lose. He said, "Yeah, but that's a lot of money." I turned to leave but suggested he think about eating and feeding his family for the next few weeks if he did what he was contemplating doing. I think the kids probably went hungry.
farmerman
 
  2  
Reply Fri 30 Mar, 2012 06:11 pm
@JPB,
I bought 1 ticket. WHen you coinsider the vast odds, one ticket is the right number(Wither that our 176 million ticekts. IF SOMEONE DID BUY 176 million tickets the chances are that that person would have the winning combinations (They woud have to run a huge numbers spread to cover em)of course theres the secondary prizes for three or more numbers .
I guess if I was some realy rich person Id have my staff run out the entire number sequences of the tickets and then pay em all (Id still be ahead by 400 million. Would that be a siure thing? Coud I deoreciate or expense my ticket as an "investment" AND coud I, if I choose to hold the winnings for a period of 6 nmonths, be taxed not as ordinary income but as cap gains?

These are questions I need answering before I spend the remaining 176 830 0004.
wHERES MY LOGIC OFF HERE?
Rockhead
 
  2  
Reply Fri 30 Mar, 2012 06:12 pm
@farmerman,
I'll go stand outside tonight with a copper pole.

If I get struck by lightening twice, you are still facing longer odds...
0 Replies
 
roger
 
  1  
Reply Fri 30 Mar, 2012 07:49 pm
@farmerman,
Sure you can expense it







but only to offset your winnings.

ETA: No capital gains for farmerman. It is constructively received when you win.
0 Replies
 
edgarblythe
 
  1  
Reply Fri 30 Mar, 2012 07:55 pm
My wife was told by somebody that all the combinations are covered, so there will be a winner this evening. I am just the messenger -
Rockhead
 
  1  
Reply Fri 30 Mar, 2012 08:01 pm
@edgarblythe,
you want a copper pole, ed?
edgarblythe
 
  2  
Reply Fri 30 Mar, 2012 08:06 pm
@Rockhead,
Of course. Copper is very lucrative these days.
Rockhead
 
  1  
Reply Fri 30 Mar, 2012 08:19 pm
@edgarblythe,
I've got a 3 pile savings account.

copper, brass, and aluminium...

I collect old air conditioners and split them up into parts.
edgarblythe
 
  1  
Reply Fri 30 Mar, 2012 08:36 pm
@Rockhead,
I rob the old air conditioners before getting rid of them.
0 Replies
 
 

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