Powerball winner: $590 million ticket bought in Florida

The Miami Herald ^ | May 19, 2013 | Barbara Rodriguez

[4Runner]

DES MOINES, Iowa -- It's all about the odds, and one lone ticket in Florida has beaten them all by matching each of the numbers drawn for the highest Powerball jackpot in history at an estimated $590.5 million, lottery officials said Sunday.

The single winner was sold at a supermarket in Zephyrhills, Fla., according to Florida Lottery executive Cindy O'Connell. She told The Associated Press by telephone that more details would be released later.

Read more here: http://www.miamiherald.com/2013/05/19/3405191/590m-plus-powerball-1-winning.html#storylink=cpy

[4Runner]

Largest welfare payment in history. $376.9 million cash-out option. I'm sorry and you all can flame me if you want but there's something radically wrong with a society that encourages this kind of dangerous unearned unjustified wealth transfer. The wealth does not reflect any enduring contribution or sustained economic activity added by the winner to the real economy in any way shape or form. And I'm not talking about the winner becoming a super consumer of goods and other people's services and unloading some of the winnings into the consumer economy. That is only one half of the equation. Gambling is NOT a builder of GNP the way a successful business creating employment and adding new technology to life and solving problems or creating solutions to old problems does. Winning a couple of hundred thou as a jackpot is one thing--but this--is insanity. The kind of serious societal power and influence that $590 million represents should NOT be available to any Tom Dick or Jane or Jose walkikng into a 7-eleven just based on chance. The destructive consequences of someone with no knowledge or ability or education or intelligence or self-discipline or managerial skill handling such enormous economic power is incalculable. I don't know if any studies have been done on the subject but the negative consequences of this magnitude of windfall wealth uncoupled to any type of accomplishment transferred into incapable hands (think about giving a fifteen year old the key to the nuclear arsenal--it's the same thing!) has probably not been investigated, but needs to be because this type of serious wealth transfer is too fraught with peril for everyone of us, not just the winner. At this level we are not talking about money anymore. This is tremendous influence and power placed into the hands of babes.

[abb]

Once government took up the operation Organized Gambling, the Mafia was effectively put out of business.

[Red in Blue PA]

The lottery is risk taking with possible rewards. Not much different than the stock market......are you opposed to that too?

[reg45]

Sore loser!

[onyx]

10, 13, 14, 22 and 52, with a Powerball of 11.

33 winning tickets for a $1,000,000 prize each were sold around 17 states, led by six tickets in New York.

2 winning tickets each for the $2,000,000 PowerPlay, one in New York and the other in South Carolina.

[onyx]

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[Perdogg]

Had I won the money I would have used the money for good causes; Good cars, good homes, good vacations, and good clothing.

[4Runner]

Oh yeah, save the “George Soros” argument. Yes I know he is irresponsible and super wealthy and wealth isn’t always an indicator of reasonableness, but taxpayers didn’t line up by the millions to hand his wealth to him on a silver platter.

[1rudeboy]

Clearly, someone needs to prevent me from spending $2 on a ticket when the jackpot rises to such a level. The government, maybe?

[4Runner]

Buying a lottery ticket in your crazed mind equates to the stock market? It’s people like you who have turned investing into gambling. The stock market was NEVER intended as a substitute for the horse races, neither was real estate but the pervs in America turned these long term investments all into 24-hour lotteries. IGNORAMUS.

[happyhomemaker]

I agree that I see these types of jackpots are destructive to a society. Instead of people putting thought and energy into their families, starting businesses or working hard at their job they are consumed with the hope that all their prayers will be answered if only they win. How many otherwise productive hours are spent in line waiting to buy tickets or thinking about “their numbers” not to mention the millions of dollars spent by people on a chance. Just the other day I asked my husband how much money he thinks was spent by people who have EBT cards? We pay for their food, healthcare and housing and they use their cash for lotto, liquor and cigs. Oh...and tattoos on the necks

[Gay State Conservative]

I'm sorry and you all can flame me if you want but there's something radically wrong with a society that encourages this kind of dangerous unearned unjustified wealth transfer. The wealth does not reflect any enduring contribution or sustained economic activity added by the winner to the real economy in any way shape or form.

I'm inclined to agree.Although I buy,on average,a few lottery tickets a year (I bought two for this drawing) I'm not a big fan of gambling at all.If I had won this I would have given all but several million to charities and all but a million or so of what I kept I would have given to my sister (who has $$$ difficulties these days) and several younger members of my family.Everything I've heard about major lottery winners suggests that this winner will, someday,wish he/she had never bought the ticket.

[HangnJudge]

The lottery is risk taking with possible rewards.

I once spent an entire weekend working through
amortization tables, probability statistics, and taxation consequences
of “Winning The Lottery”
Including all lesser payouts

The Best ROI was -2%, but generally much worse at -~50%
Who in their right mind would invest in an instrument with a
negative return of investment?

[Dilbert San Diego]

I think you make some good points.

If someone took the cash out option and used it to build businesses which created real wealth, then that money could result in real economic growth. But otherwise, I see your point, that this money to pay the jackpot simply was re-distributed from everyone else who bought these tickets.

I’ve heard anecdotal stories of lottery winners who won millions and ended up broke later on. Anyone winning a huge prize, or inheriting substantial money, needs financial advice, big time.

And we’ve all heard similar anecdotes about professional athletes who have multi-million dollar contracts during their careers. But when their playing days are over, many of them lose all or most of what should have set them up for life, financially speaking.

Anyone who doesn’t have discipline when it comes to money will have problems if huge sums fall into their laps like this.

[rktman]

If I had won it I would “give back” to the community. Maybe build some midnight basketball courts. Provide a place for kids so they could make plans. To rob me. LOL! Can’t say for sure because it wasn’t me. Course you gotta buy some tickets if you want that huge welfare payment huh? Guess we’ll just stick to the slot machines. (Remember the guy in WV who won and was spending beaucoup bucks at strip clubs?) Having money doesn’t give you class, it just gives you money. Makes being miserable a little easier. I guess.

[lgjhn23]

“...The lottery is risk taking with possible rewards. Not much different than the stock market......are you opposed to that too?...”

To each his own. Both the lottery and the market are just about the same caliber these days. However, thousands, if not millions, of other folks indulge in their favorite vices every day. IF that’s what they want to do, that’s their business. But the lottery, stock market, homosexuality, liberalism, prostitution, golf, tennis, and a host of other obama-related activities etc., I personally just shy away from. However, IF obama hates it, I usually like to get right in the middle of it: huntin’ fishin’, shootin’, drillin’ for oil, family, traditional marriage, Christianity, etc. We may not have much money, but we make it the old-fashoned way: we work for it and earned every penny of it. :) Again, to each his own, but ya not gonna take it with ya. Haven’t seen a hearse pulling a U-haul yet (I’m sure someone will have a pic though....LOL)

[beelzepug]

“Makes being miserable a little easier. I guess.”

It just helps you to find new and improved ways to be miserable.

[GeronL]

It would be great it if were a FReeper

[GeronL]

?

Does the stock market have only one winner?