# Powerball Question

Posted:
edited January 2014
I heard that the powerball jackpot is going to be

250 million this Wednesday. My question is, how much

would you get after state & federal taxes (lump sum option)?

Posts: 1,479member
Lump sum payout is \$141M, according to Powerball.com. Federal tax on winnings is 33%, so you'd get 2/3 of that - about \$95 million. Minus whatever your state takes out.
Posts: 555member
I've got another question. A coworker told me that the

powerball jackpot has a cutoff at 350 million. If there

are no winners at the 350 million mark, the next drawing

would still be 350 million.

Is that true?

Posts: 1,914member
Quote:

Originally posted by mello

I've got another question. A coworker told me that the

powerball jackpot has a cutoff at 350 million. If there

are no winners at the 350 million mark, the next drawing

would still be 350 million.

Is that true?

i would guess yes
Posts: 1,457member
All you really need to know is this:

the lottery is a tax on people who are bad at math

Posts: 4,695member
Quote:

Originally posted by Willoughby

All you really need to know is this:

the lottery is a tax on people who are bad at math

The odds of winning the jackpot are 1 in 80,000,000. Once the net jackpot (reduced for lump sum and after taxes) exceeds \$80,000,000, with each chance costing \$1, the lottery becomes a gambling bargain mathematically speaking, at least until ticket sales go so high that your chances of having to split the jackpot encroach upon the reward/risk ratio.
Posts: 1,618member
If your math is correct shetline then someone working for the powerball should be sacked. In particular, I'd imagine that the total prize is *never* more than sales. In fact many lotteries link it directly to sales, minus a % commission.

This means that if the jackpot reaches \$80 million, there are already more than 80 million \$1 tickets sold.
Posts: 1,914member
Quote:

Originally posted by stupider...likeafox

If your math is correct shetline then someone working for the powerball should be sacked. In particular, I'd imagine that the total prize is *never* more than sales. In fact many lotteries link it directly to sales, minus a % commission.

This means that if the jackpot reaches \$80 million, there are already more than 80 million \$1 tickets sold.

Actually, if you follow all of the conclusions shetline reaches, you would realize that he implies that the likelihood is set, ie, it is always a 1/80000000 chance you would win... i mean if you think about it, the chances are set that they would select a single number since there are a limited combination of numbers available to be selected... the probability remains the same that you would win, but there is a chance that there could be more than one winner...
Posts: 4,695member
Quote:

Originally posted by stupider...likeafox

If your math is correct shetline then someone working for the powerball should be sacked. In particular, I'd imagine that the total prize is *never* more than sales. In fact many lotteries link it directly to sales, minus a % commission.

This means that if the jackpot reaches \$80 million, there are already more than 80 million \$1 tickets sold.

And there are more tickets sold... The way PowerBall works is that it's possible that no one wins the jackpot in any given drawing. When this happens, the jackpot money is rolled over into the next drawing. Every now and then no one wins the jackpot for several drawings in a row, and then the jackpot can grow fairly large -- well funded by rounds of ticket buying that had no big winners.
Posts: 7,329member
If 160,000,000 tickets are sold, there are usually many double numbers bought which means that there are still numbers that haven't been selected.

That's why you should let the computer pick a number for you. At least in Illinois, it only picks from numbers that haven't been bought yet so there's less chance of a double.
Posts: 884member
In the great state of NC it is illegal to possess a lottery ticket, it doesn't stop people from flocking the border to get their hands on a ticket though. I've heard of a kid with 10 tickets in pocket getting busted on a felony charge of interstate gambling, ???? Adds a new dimension to the gambling theme of lotteries. You'd think the cop could go bust the crack deal two blocks over instead.
Posts: 2,758member
Quote:

Originally posted by mello

I heard that the powerball jackpot is going to be

250 million this Wednesday. My question is, how much

would you get after state & federal taxes (lump sum option)?

TAX ON YOUR LOTTO WINNINGS !!!! WHAT!!!

Man that SUX..

Here the government can't touch a single cent of what you win.

You win it, you keep it all......

Maybe you guys need a new revolution..

paying tax on lotto...how despicable....8)
Posts: 97member
Quote:

Originally posted by mello

I've got another question. A coworker told me that the

powerball jackpot has a cutoff at 350 million. If there

are no winners at the 350 million mark, the next drawing

would still be 350 million.

Is that true?

He is Wrong!

When the jackpot is estimated to be higher than a previous record jackpot and reaches more than \$25 million over the last record jackpot, it shall continue to increase in \$25 million increments for each drawing until it is won.