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Wed Nov 28, 2012, 07:49 PM

DU POLL: Should the Powerball payout be allowed to rise and rise or should the payout be

structured to payout to many people, say one million each after taxes. Granted, the ticket scheme would have to be changed.

So, what I'm trying to say is:

I think it would be better if it payed out to a multitude of people than one winner. That way the wealth would be spread and many would have better odds of winning.

9 votes, 0 passes | Time left: Unlimited
Pay out millions to many people.
1 (11%)
Pay out millions to one person.
8 (89%)
Send your money to the OP!
0 (0%)
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Disclaimer: This is an Internet poll

34 replies, 1836 views

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Reply DU POLL: Should the Powerball payout be allowed to rise and rise or should the payout be (Original post)
RKP5637 Nov 2012 OP
The Velveteen Ocelot Nov 2012 #1
Travis_0004 Nov 2012 #8
Sekhmets Daughter Nov 2012 #12
A HERETIC I AM Nov 2012 #15
RKP5637 Nov 2012 #13
RomneyLies Nov 2012 #2
RKP5637 Nov 2012 #20
2on2u Nov 2012 #3
RomneyLies Nov 2012 #7
A HERETIC I AM Nov 2012 #14
CTyankee Nov 2012 #4
RKP5637 Nov 2012 #16
CTyankee Nov 2012 #22
RKP5637 Nov 2012 #23
tk2kewl Nov 2012 #5
lightcameron Nov 2012 #6
A HERETIC I AM Nov 2012 #9
RKP5637 Nov 2012 #18
graham4anything Nov 2012 #10
A HERETIC I AM Nov 2012 #21
glowing Nov 2012 #11
Bucky Nov 2012 #17
RKP5637 Nov 2012 #19
ibegurpard Nov 2012 #24
RKP5637 Nov 2012 #25
Historic NY Nov 2012 #26
RKP5637 Nov 2012 #27
nydem14499rsgx Nov 2012 #28
RKP5637 Nov 2012 #29
hrmjustin Nov 2012 #30
DirkGently Nov 2012 #31
RKP5637 Nov 2012 #33
Hugabear Nov 2012 #32
RKP5637 Nov 2012 #34

Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:51 PM

1. It's all mine! Mine, I tell you!

I'm not sharing with any of you losers.

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Response to The Velveteen Ocelot (Reply #1)

Wed Nov 28, 2012, 07:56 PM

8. Pay it to one person.

The whole reason people play is because of the idea of winning a ton of money. I'll admit, winning even 1 million would be amazing and life changing, but people want the huge jackpots. That's the reason they play when the jackpot is 500 million, and don't play when the jackpot is 12 million.

But with so many tickets sold, there is a decent change there will be more than one winner, so chances are 2-3 people will split the jackpot.

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Response to Travis_0004 (Reply #8)

Wed Nov 28, 2012, 07:58 PM

12. There a a bunch of "down ticket" prizes as well....

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Response to Travis_0004 (Reply #8)

Wed Nov 28, 2012, 08:04 PM

15. Which is what happened with the $656 million "Mega Millions" jackpot last April

3 winning tickets.

The larger these jackpots get, the more tickets are sold and the more tickets sold means the probability that more than one will hit rises dramatically.

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Response to The Velveteen Ocelot (Reply #1)

Wed Nov 28, 2012, 07:59 PM

13. OK, OK ... you can have it all! Oops, I forgot to mention it was Monopoly money! LOL

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:51 PM

2. Spread it out to many, nobody would play and it would never raise in payout amount

 

The entire premise requires a single payout.

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Response to RomneyLies (Reply #2)

Wed Nov 28, 2012, 08:14 PM

20. Good point! It would likely reduce the players and excitement a lot! n/t

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:52 PM

3. Positively, split it up, raise the chances of winning, tickets will sell, more money will be

 

spread around, and a huge amount won't destroy some peoples' lives. If they split it up so that your odds were considerably higher I think people would buy the same perhaps even more.

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Response to 2on2u (Reply #3)

Wed Nov 28, 2012, 07:54 PM

7. That's called "Keno"

 

it pays little to the house and never pays a huge amount. Lots of states run it, but the value to the house is incredibly low and payouts to players are equally low.

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Response to RomneyLies (Reply #7)

Wed Nov 28, 2012, 08:00 PM

14. ...



Exactly.

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:52 PM

4. I don't care. I never play these things. It's a waste of money. The odds against you are

astronomical.

Hubby plays only once in a while when the payoff is really big. I'll coast on his buck....

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Response to CTyankee (Reply #4)

Wed Nov 28, 2012, 08:04 PM

16. I've bought some tickets before, but really, I felt like I was tossing the money in the trash! n/t

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Response to RKP5637 (Reply #16)

Wed Nov 28, 2012, 08:21 PM

22. Oh, well, somebody's gotta win, right? Why not you?

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Response to CTyankee (Reply #22)

Wed Nov 28, 2012, 08:24 PM

23. I sure wish it were so! I have a friend that plays these things and wins all of the time, well, not

this one but the small stuff. I'm always amazed, been that way his whole life.

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:52 PM

5. cap it at 500M and use the rest for something useful

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:52 PM

6. No.

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:58 PM

9. Many people already have better odds of winning a million each.

Just look at the Powerball home page;

http://www.powerball.com/pb_home.asp

In the last draw (Saturday) people in 8 states matched 5 for a million each.

Over 2 million people won at least a buck.
Over $25 million was paid out in non-jackpot prizes.

When the cost of a ticket went up to $2 a while back, the odds of winning the jackpot went down from over 198 million to one to the current 175.2 million to one.

Every state that has a lottery has one that offers a million dollar jackpot, often at odds around 25 million to one.

Leave these big lotteries alone. Their appeal is the potential large payouts.

Besides, look how much fun DU is having with the idea, not to mention how much fun it is to think about what you would do with such a windfall.

Being so egalitarian is admirable, but in this case, just leave it be!

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Response to A HERETIC I AM (Reply #9)

Wed Nov 28, 2012, 08:07 PM

18. Thanks for the link and analysis!

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:58 PM

10. $4 million after taxes can last anyone a lifetime of regular living. More is for buying mittens

 

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Response to graham4anything (Reply #10)

Wed Nov 28, 2012, 08:19 PM

21. $4 million invested in the worldwide benchmark "risk free security" will pay you.....

$65,000 per year in interest payments.

Those interest payments are subject to normal income taxes.


That risk free investment is, BTW, the Ten Year US Treasury Bond.

(The recently auctioned bonds carry a 1.625% coupon. One million face value of these bonds paying 1.625% is $16,250 and is paid in two installments, 6 months apart)

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 07:58 PM

11. I hope it's me! I would live to do some of the things

I would like to do and see happen in my community!

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 08:07 PM

17. If I won the lottery, I would buy more socks.

Mine are getting old.

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Response to Bucky (Reply #17)

Wed Nov 28, 2012, 08:08 PM

19. LOL!!!

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 08:39 PM

24. i don't give a shit

I have better things to do with my money that flushing it down the toilet hoping it will barf up more.

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Response to ibegurpard (Reply #24)

Wed Nov 28, 2012, 10:23 PM

25. Yeah, we're in the same boat. Every once in awhile I'll throw a few dollars at it, but I get

nothing back. Not too long ago a friend was here that's a gambler, so they had to hit the casinos. I don't gamble, really know not a whole lot about it all, so I played the slots while they did the heavy stuff. I made about $5 and lost about $8, so I paid my way LOL to the house.

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 11:30 PM

26. I would like to win so I can start a new career as a philanthropist.

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Response to Historic NY (Reply #26)

Wed Nov 28, 2012, 11:31 PM

27. K&R !!! n/t

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 11:33 PM

28. paid out to one person

 

but does it really matter? none of us will win anytime soon....

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Response to nydem14499rsgx (Reply #28)

Wed Nov 28, 2012, 11:34 PM

29. Bingo!!! Yep, I know I'll never win it ... BTW Welcome to DU!

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Response to nydem14499rsgx (Reply #28)

Wed Nov 28, 2012, 11:48 PM

30. Welcome to DU!

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Response to RKP5637 (Original post)

Wed Nov 28, 2012, 11:49 PM

31. Certainly works better as a regressive tax with one big payout.


Fewer payouts means the money gets to sit around earning interest longer. Cheaper for the state; worse odds for the players. Big, infrequent payouts maximize the exploitation. That's why this has been the trend.

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Response to DirkGently (Reply #31)

Thu Nov 29, 2012, 12:11 AM

33. Interesting, thanks!!! n/t

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Response to RKP5637 (Original post)

Thu Nov 29, 2012, 12:00 AM

32. Nobody should have that much money. Nobody.

That is much more $$$ than anybody in the world needs.

IMHO there should be at least a 90% tax on such extravagant lottery winnings.

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Response to Hugabear (Reply #32)

Thu Nov 29, 2012, 12:13 AM

34. Yeah, I agree. At one time we had that to keep a capitalistic system in line and

they managed to erode taxation over time.

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