Posted on 07/25/2022 1:33:10 PM PDT by Oldeconomybuyer
DES MOINES, Iowa (AP) — Is $810 million worth $2?
That’s a good question, given it costs $2 to buy a Mega Millions lottery ticket that could pay off with an estimated $810 million prize — the nation’s fourth-largest jackpot — after the game’s next drawing Tuesday night.
ISN’T IT AN OBVIOUS QUESTION?
Not really.
To start with, your chance of winning the grand prize is minuscule, at one in 302.5 million. You have better odds of a smaller payoff, such as winning $1 million for matching five regular numbers but missing the Mega Ball.
STILL, A SHOT AT $810 MILLION SEEMS WORTH $2
Ah, but even if you somehow beat the odds you are not going to get $810 million.
First, that’s the amount for winners who take the annuity option, paid over 30 annual payments. But winners nearly always opt for cash, which for this drawing would pay out an estimated $470.1 million.
And then there are federal taxes, which will slice 37% off that cash prize, so that would leave less than $300 million.
SO, IS IT WORTH GAMBLING $2
If you have fun dreaming of a massive windfall that most likely won’t actually blow your way, buy a ticket. But if you need to watch your money, consider keeping the $2 in your wallet.
(Excerpt) Read more at apnews.com ...
Yeah, I’ll probably pop a few bucks into the Redneck Retirement Plan!
The entertainment value for $2 is high
I play lottery for one reason. It makes an excuse to not go to Vegas and other similar gaming venues.
It’s less than a Starbucks coffee.
Given how many people screw up after they win the lottery a person might consider getting the annuity for their own protection if they are young. However, if I win I am taking the whole thing and no one will ever know I won until I croak and leave them money. And I will buy a separate annuity with some proceeds to protect me if I lose my mind and blow it all.
I would never take the annuity. Give it all to me.
I will invest it over several investment firms to diversify it instead.
If you every combination guaranteeing that you won, it would cost you 302 million ^ 2= $602 million. Assuming he odds in the article are correct.
But not only is the lump sum after taxes only worth $300 milion, there is a distinct possibility that you will have to share the prize with others who also bought the winning ticket. So maybe you get $300 million after taxes. Maybe you get $50 million after splitting with 5 other ticket holders.
I’d move.
My cover story, to explain why I dint have to work, is I am retired low level manager responsible for scheduling in the sanitation department.
I’ll spend half on women and booze.
And blow the rest.
Skip an overpriced drink (Starbucks) or junk food snack or meal for one day and gamble whatever you would have spent on that junk on the lottery tickets.
Okay.
$300 million is worth my 2 bucks.
When I go to work, I’m taking my life into my own hands, $10 worth of gasoline, and 40 minutes of my time to earn about $150... And that’s just in the morning. I repeat the same risk in the afternoon*.
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* I am retired now, so no more rat race.
I used to think lump sum was the bum deal too. But If you look at the stats almost nobody takes the annuity.
For 300 mil I can hire a good accountant and a good lawyer and retire with my family in comfort. It’s worth a shot.
Bryan Cranston just did a movie about gaming the lottery system. For all the work the real life couple put in the net profit was slim but far more than they probably made their whole life. They had 18 million losing tickets or cost of tickets in tubs in the garage.
Estimated profit was around 8 million
“Is $810 million worth a $2 Mega Millions ticket? It depends”
It’s an effin GAME!
A buck or two for few laughs?
Why not. Ya lose more in the dang washing machine or sofa.
“Vegas, go for the gambling, stay for the hookers”.
https://www.liveabout.com/lottery-curse-victims-896653
“Jack Whittaker: “Since I Won the Lottery, There’s No Control for Greed”:
The problem with taking the annuity is that greed can still overtake you and you then sell your annuity to one of those groups that buy them. I have seen that over and over with people who get annuities as part of a medical settlement.
Bro, spend it on booze and traveling, and let the women do the blowing.😜😝😜😁😁😇
What a freakikng buzz kill that story was...jeez-louise....its nice to daydream
“You have better odds of a smaller payoff, such as winning $1 million for matching five regular numbers but missing the Mega Ball.”
That’s why I play the statewide lotteries here in Minnesota. the odds are supposed to be better.
But from all the tickets I throw out, I’m beginning to doubt that.
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