FileError404 0 Posted May 14, 2008 Share Posted May 14, 2008 Wow, this is pretty sick. Mega Millions Jackpot is up to $196.000.000. Odds of winning it is 175.711.536:1 and a ticket costs $1. (And you have many chances of winning a smaller amount) Hence +EV!!! http://www.megamillions.com/howtoplay/game_instructions.asp Link to post Share on other sites
scottyno 0 Posted May 14, 2008 Share Posted May 14, 2008 I just bought 176 million tickets.SHIP THE EQUITY Link to post Share on other sites
crocd99 0 Posted May 14, 2008 Share Posted May 14, 2008 Wow, this is pretty sick. Mega Millions Jackpot is up to $196.000.000. Odds of winning it is 175.711.536:1 and a ticket costs $1. (And you have many chances of winning a smaller amount) Hence +EV!!! http://www.megamillions.com/howtoplay/game_instructions.asp its still not +ev. after taxes you will get far less than 176 million. In VA if i take the lump sum payout i would get 85 mill and if i got it paid over time i would get around 139 mill. so its still and awful ev situation because those numbers are if i am the sole winner and there is a chance that i could split it which makes the odds even worse. i dont really feel like doing the math factoring in all the other payouts but its still -ev, there was a thread a long time ago when someone figured it out.having said that i will be buying 20 tickets tomorrow Link to post Share on other sites
The Lobster 0 Posted May 14, 2008 Share Posted May 14, 2008 Wow, this is pretty sick. Mega Millions Jackpot is up to $196.000.000. Odds of winning it is 175.711.536:1 and a ticket costs $1. (And you have many chances of winning a smaller amount) Hence +EV!!! http://www.megamillions.com/howtoplay/game_instructions.asp Technically, that $196 million is a payout over 26 years, so current day cash value if you take the 1 time payout is $119.2 million. Then you factor in the approximate 40% in taxes our lovely government requests, and we are down to $71.5 million.Not that it wouldn't be nice to win, but don't go and buy all 175million+ combinations... very -EV decision.Just sayin. Link to post Share on other sites
chgocubs99 0 Posted May 14, 2008 Share Posted May 14, 2008 GLA, post if anyones deep and I'll rail Link to post Share on other sites
Jam-Fly 8 Posted May 14, 2008 Share Posted May 14, 2008 GLA, post if anyones deep and I'll raili laughed Link to post Share on other sites
MJINK3 0 Posted May 14, 2008 Share Posted May 14, 2008 GLA, post if anyones deep and I'll railrail but no chat right? Link to post Share on other sites
chgocubs99 0 Posted May 14, 2008 Share Posted May 14, 2008 rail but no chat right?Touche Link to post Share on other sites
BellaireDrew 2 Posted May 14, 2008 Share Posted May 14, 2008 def will be buying some tickets Link to post Share on other sites
copernicus 0 Posted May 14, 2008 Share Posted May 14, 2008 Technically, that $196 million is a payout over 26 years, so current day cash value if you take the 1 time payout is $119.2 million. Then you factor in the approximate 40% in taxes our lovely government requests, and we are down to $71.5 million.Not that it wouldn't be nice to win, but don't go and buy all 175million+ combinations... very -EV decision.Just sayin. you are only taxed on the winnings so forget that part. The cash value payment and the risk that you split the prize are the big -EV factors. Link to post Share on other sites
vonteego3 0 Posted May 15, 2008 Share Posted May 15, 2008 Finally! Except it's not even in the top 10 jackpots ever, I'm pretty sure. Link to post Share on other sites
FileError404 0 Posted May 15, 2008 Author Share Posted May 15, 2008 you are only taxed on the winnings so forget that part. The cash value payment and the risk that you split the prize are the big -EV factors.if I get heads up I don't mind splitting it Link to post Share on other sites
bdc30 0 Posted May 15, 2008 Share Posted May 15, 2008 are you guys forgetting the random chance that someone else ALSO hits the numbers (or god forbid 2 or 3 other people) when we get all in on the flop and we end up getting quartered on the river with no counterfeit protection?? Link to post Share on other sites
BigLebowski 0 Posted May 15, 2008 Share Posted May 15, 2008 When I ship this Friday night I will be handing out $4.40 stakes to the first 5 posters to tell me how generous I am. Link to post Share on other sites
Suited_Up 2 Posted May 15, 2008 Share Posted May 15, 2008 When I ship this Friday night I will be handing out $109 stakes to the first 5+ posters to tell me how generous I am.If I win. Link to post Share on other sites
FatBurger 0 Posted May 15, 2008 Share Posted May 15, 2008 Then you factor in the approximate 40% in taxes our lovely government requests,Iceland and Ireland are the only first world countries that have lower income taxes than the US. So yeah, our government is pretty lovely in that respect. Link to post Share on other sites
herly33 1 Posted May 15, 2008 Share Posted May 15, 2008 so what?The powerball lottery has been up to $450,000,000 numerous times$196,000,000 is chump change Link to post Share on other sites
Flopn Nutz 0 Posted May 15, 2008 Share Posted May 15, 2008 Im getting everyone at the home game Friday to throw in $5 bucks each for tickets. Someones gonna run to 711 and buy about 150 tickets... cashiers gonna love us. Link to post Share on other sites
KentuckySlim 0 Posted May 15, 2008 Share Posted May 15, 2008 Don't forget the $1 cost of the ticket is an itemized deduction on your taxes if you win. Link to post Share on other sites
looshle 6 Posted May 15, 2008 Share Posted May 15, 2008 You realize it's going to be hit by multiple people every....single...time. Link to post Share on other sites
Mercury69 3 Posted May 15, 2008 Share Posted May 15, 2008 I just bought 176 million tickets.SHIP THE EQUITY Link to post Share on other sites
CBass1724 1 Posted May 15, 2008 Share Posted May 15, 2008 I always buy a few tickets when it gets over $100 million. Let me run good one time! Link to post Share on other sites
kook04 0 Posted May 15, 2008 Share Posted May 15, 2008 Ok, here's something I never understood about lotteries. More accurately, something I never understood about the people who play lotteries:Why do so many people go out and buy tickets when the jackpot gets up to 100 or 200 million (or some other large amount that is rare to reach)? I am specifically talking about people who don't normally play the lottery, but play in these cases.My question is this: Is 30 million, or even 10 or 5 million not enough money to change the lives of these people? Is it not "worth their time" to go out and buy tickets if the jackpot is only 15 million? They wait until it's 175 million, and then they play? I just don't get it. Link to post Share on other sites
rivergirl 2 Posted May 15, 2008 Share Posted May 15, 2008 Ok, here's something I never understood about lotteries. More accurately, something I never understood about the people who play lotteries:Why do so many people go out and buy tickets when the jackpot gets up to 100 or 200 million (or some other large amount that is rare to reach)? I am specifically talking about people who don't normally play the lottery, but play in these cases.My question is this: Is 30 million, or even 10 or 5 million not enough money to change the lives of these people? Is it not "worth their time" to go out and buy tickets if the jackpot is only 15 million? They wait until it's 175 million, and then they play? I just don't get it.i never really understood this either. I play every week, the same 6 number combination i've been playing for 20+ years (technically it started when i was a kid and my dad asked me for 6 numbers) Anyway, they have been played every week, and honestly, i'd be happy with a 2nd prize (100k or so), truthfully, i'm happy when i win a free ticket. Link to post Share on other sites
BigLebowski 0 Posted May 16, 2008 Share Posted May 16, 2008 Ok, here's something I never understood about lotteries. More accurately, something I never understood about the people who play lotteries:Why do so many people go out and buy tickets when the jackpot gets up to 100 or 200 million (or some other large amount that is rare to reach)? I am specifically talking about people who don't normally play the lottery, but play in these cases.My question is this: Is 30 million, or even 10 or 5 million not enough money to change the lives of these people? Is it not "worth their time" to go out and buy tickets if the jackpot is only 15 million? They wait until it's 175 million, and then they play? I just don't get it.Yes, $196 million is different than $30M, $10M, or $5M. AINEC$30M would net you maybe $16M cash option after taxes. That's if it isn't split. Could I live on $16M the rest of my life and not have to work? Yeah, no problem. Would it be the same lifestyle as winning the $196M. Absolutely not. Link to post Share on other sites
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