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Wed Nov 28, 2012, 12:53 PM

Powerball jackpot boosted again to $550M (could be increased again as the drawing nears)

Source: AP-EXCITE

DES MOINES, Iowa (AP) - The record Powerball jackpot just keeps rising. It now stands at $550 million after officials say brisk sales keep driving up the payout amount.

The jackpot was boosted to $500 million on Tuesday and raised again Wednesday morning to $550 million.

A winner taking the cash option would get $360.2 million before taxes.

FULL story at link.

Read more: http://apnews.excite.com/article/20121128/DA2R4HHO0.html

43 replies, 4134 views

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Reply Powerball jackpot boosted again to $550M (could be increased again as the drawing nears) (Original post)
Omaha Steve Nov 2012 OP
tinrobot Nov 2012 #1
NICO9000 Nov 2012 #2
IDoMath Nov 2012 #5
Thav Nov 2012 #8
KewlKat Nov 2012 #9
sofa king Nov 2012 #12
VWolf Nov 2012 #14
IDoMath Nov 2012 #18
VWolf Nov 2012 #23
coalition_unwilling Nov 2012 #39
W T F Nov 2012 #22
VWolf Nov 2012 #25
IDoMath Nov 2012 #31
coalition_unwilling Nov 2012 #40
W T F Nov 2012 #42
GoCubsGo Nov 2012 #29
coalition_unwilling Nov 2012 #38
Dakota Flint Nov 2012 #32
coalition_unwilling Nov 2012 #37
onehandle Nov 2012 #3
VWolf Nov 2012 #16
loyalkydem Nov 2012 #4
Thav Nov 2012 #6
Debau2005 Nov 2012 #13
Atypical Liberal Nov 2012 #7
brooklynite Nov 2012 #11
question everything Nov 2012 #10
Separation Nov 2012 #17
VWolf Nov 2012 #21
question everything Nov 2012 #28
GoCubsGo Nov 2012 #30
RC Nov 2012 #34
ElboRuum Nov 2012 #36
qazplm Nov 2012 #15
Panasonic Nov 2012 #20
Duer 157099 Nov 2012 #24
Atypical Liberal Nov 2012 #26
Duer 157099 Nov 2012 #27
Panasonic Nov 2012 #19
Fuddnik Nov 2012 #33
Dakota Flint Nov 2012 #35
coalition_unwilling Nov 2012 #41
democrat2thecore Nov 2012 #43

Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 01:00 PM

1. Only a 75 percent chance that someone will win.

Which means a 99.99999999999% chance that most people will lose.

Save your money.

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 01:03 PM

2. 1 in 75 million chance of winning!

I guess it might be a laugh to throw a buck at it.

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Response to NICO9000 (Reply #2)

Wed Nov 28, 2012, 01:14 PM

5. That's one of two valid strategies

 

If you don't buy a ticket you can't win.
If you buy 1 ticket you chances rise from 0 to 1 in 175M. It's an infinitesimal chance but you've increased your odds by an inifinite amount. (1/0)
If you buy 2 tickets you only increase your chances by a factor of 2.
If you buy 3 tickets you only increase your chances by a factor of 1.5.
Every additional ticket is a diminishing return.

So, only buy 1.


-OR-

buy all 175,000,000 variations. With a cash payoff of $361M that's a guaranteed profit $186M.

Anybody got $175M I can borrow?

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Response to IDoMath (Reply #5)

Wed Nov 28, 2012, 01:17 PM

8. Don't forget you'd win tons of smaller prizes too...

Like 55 (56? I don't remember how many powerballs there are) $200,000 prizes (5 white balls, no powerball).

But someone else could get the #'s right too. So only if you're the only one would this be worth it.

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Response to IDoMath (Reply #5)

Wed Nov 28, 2012, 01:30 PM

9. I was thinking the same thing.

with that kind of payout if you had the money and bought each combination, sure winner and sure profit!

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Response to IDoMath (Reply #5)

Wed Nov 28, 2012, 01:37 PM

12. So, less than being hit by lightning...

... but more than being hit by a meteorite.

Allow me to take this opportunity to say how much I dislike the lottery. It lures in the most obsessive-compulsive people and inevitably ruins their finances, has them wasting hours of my time every week, blocking paying customers, getting annoyed at me for not understanding the detailed arcana of their chosen vice, and otherwise gumming up the works of a small store.

Its profit margin is so minimal that I personally am convinced that lottery-runs like these actually depress sales of retail goods. Every week, I see gambling addicts denying candy for their kids so that they can buy another scratch-off or ticket. The store owners make more off of a single pack of gum than they do from five minutes' worth of Pick 4 printouts.

During runs like this, the lotto-loons congregate so thickly that other paying customers simply start to leave their purchases behind and walk out.

And, as a Virginian, I cannot help but note that every goddamned penny of those Powerball receipts was supposed to go directly to the education budget, but they do not, and college tuition rates continue to rise as a result. So it's keeping Virginians stupid, too.

I hate to say this, but I now feel that state-sponsored gambling is bad for our society. I'm not going to try to take it away from you millions of addicts, but I'm watching your fortunes decline with much sadness.

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Response to IDoMath (Reply #5)

Wed Nov 28, 2012, 01:41 PM

14. Do the math ...

Each ticket costs $2, so you'd need to shell out $350M. After taxes, the $361M goes down to roughly $250M. So the only thing you're guaranteed is to be out at least $100M.

If there are multiple winners, you're even more screwn.

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Response to VWolf (Reply #14)

Wed Nov 28, 2012, 01:43 PM

18. DOH!!!!!

 

Garbage in, garbage out

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Response to IDoMath (Reply #18)

Wed Nov 28, 2012, 01:48 PM

23. LOL No worries. n/t

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Response to VWolf (Reply #14)

Wed Nov 28, 2012, 03:34 PM

39. Um, I think the $361M is the 'after-tax' figure from the jackpot of $550M. Even so, were

 

it a 'sure thing' (it is not), syndicates run by scumbags like Romney would be all up in it.

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Response to IDoMath (Reply #5)

Wed Nov 28, 2012, 01:45 PM

22. Not a bad strategy until you have to deal with this math......

If it takes 6 seconds to fill out one lottery ticket card and scan the numbers into the computer...It will take 333 years to fill out and scan 175 million of them. By the time you finish this task, Money will not be able to solve your problems.

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Response to W T F (Reply #22)

Wed Nov 28, 2012, 01:51 PM

25. You can have the machine generate the numbers for you.

That would certainly speed things up, but considering it draws them randomly, you'd have no way of knowing whether or not it picked all the combinations (ie, no repeats).

In fact, the probability that it would are exceedingly small - MUCH SMALLER than the probability of you winning on a single ticket.

Interesting thought experiment, however.

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Response to W T F (Reply #22)

Wed Nov 28, 2012, 02:21 PM

31. They tried in the past

 

Sometime ago big investors tried to do something to buy up all the tickets. There was some mechanism in place that prevented it. If they could register a lotto computer and do it all electronically, it would be simple.

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Response to W T F (Reply #22)

Wed Nov 28, 2012, 03:36 PM

40. Bravo! Instant DUZY! Tip of my hat! - n/t

 

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Response to W T F (Reply #22)

Wed Nov 28, 2012, 04:26 PM

42. Not to mention, at an inflation rate of 3% per year.......

550 million would only be worth half a million in today's dollars.

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Response to IDoMath (Reply #5)

Wed Nov 28, 2012, 02:17 PM

29. That's what I'm doing.

Headed out to buy it shortly. I'm almost certainly about to throw away two bucks, but I'll get a nice two mile round-trip walk out of it. So, not a complete waste. And I wouldn't mind winning the second or third prizes. I would be QUITE happy and satisfied, actually.

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Response to IDoMath (Reply #5)

Wed Nov 28, 2012, 03:29 PM

38. Um, tickets cost $2. So the cost would be $350 million (175 million x $2) - n/t

 

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Response to NICO9000 (Reply #2)

Wed Nov 28, 2012, 02:33 PM

32. There is a greater chance of Grover Norquist drowning in his bathtub.

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Response to NICO9000 (Reply #2)

Wed Nov 28, 2012, 03:27 PM

37. Actually, odds are 1 in 175 million (and change). I think your odds of

 

getting struck by lightning are higher, IIRC.

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 01:11 PM

3. Meh. Let me know when it gets up to real money. nt

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Response to onehandle (Reply #3)

Wed Nov 28, 2012, 01:42 PM

16. Agreed.

At 175,000,000:1 odds, it would need to hit $1B to draw my attention.

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 01:13 PM

4. I will be only spending 2.00

It would be funny if my one little 2.00 ticket winds up being the winner.....

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Response to loyalkydem (Reply #4)

Wed Nov 28, 2012, 01:14 PM

6. You shouldn't have done that...

I already have the winning numbers!

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Response to loyalkydem (Reply #4)

Wed Nov 28, 2012, 01:40 PM

13. Same for me

I do it for the fun. If I win, then YEAH...if not, it was fun to dream for a few minutes.

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 01:16 PM

7. Word of advice to anyone reading...

 

I actually changed a friend's behavior by telling them this, as they never thought about it.

If you are going to buy a lottery ticket, buy only one ticket.

It seems counter-intuitive to some. It feels like, "Hey, if I buy ten tickets, or twenty, then I am ten or twenty times more likely to win!!!"

Yes, this is true. So instead of 1-in-75,000,000 odds of winning, your odds are now 10-in-75,000,000 or 20-in-75,000,000.

They are still infinitesimal.

But to you, and your personal finances, there is probably a huge, huge difference between spending one dollar and spending ten, or twenty dollars.

So if you want to blow a buck, hey, why not? It's the same price as a drink in a restaurant. It helps fund scholarships. Chip in your buck.

But don't go buying dozens of tickets thinking it is helping you. It isn't.

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Response to Atypical Liberal (Reply #7)

Wed Nov 28, 2012, 01:35 PM

11. Very sensible...

...my approach is to see the $2.00 as the equivalent of the change I find in the couch cushions that I otherwise would never no I had.

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 01:33 PM

10. I may consider purchasing a ticket, or two

if, instead of having one humongous prize of $500 million they would have 500 prizes of $1 million. Or 50,000 prizes of $10,000.

What can one possibly do with $360 million?

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Response to question everything (Reply #10)

Wed Nov 28, 2012, 01:42 PM

17. Buy 360 million more lotto tickets?

I can think of quite a few things as most people do.

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Response to question everything (Reply #10)

Wed Nov 28, 2012, 01:44 PM

21. They do have other prizes

There are $1M, $10K, $100, $7 and $4 ...

and the odds on all of them are completely stacked against you.

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Response to VWolf (Reply #21)

Wed Nov 28, 2012, 02:03 PM

28. Not surprising that the odds are stacked against you

if you still keep one top prize of $500 million.

But I think (I am not a mathematician) that if you will build the game as a wider spread of prizes, eliminating the top one that the odds would improve. No?

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Response to VWolf (Reply #21)

Wed Nov 28, 2012, 02:18 PM

30. Actually, they're double that now.

When they doubled the price of the ticket, they doubled the sizes of the runner-up prizes.

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Response to question everything (Reply #10)

Wed Nov 28, 2012, 02:50 PM

34. They changed the rules a few years back to increase the payout, while at the same time they

 

decreased the number of possible winners. They said that would increase the number of people wanting to buy tickets.
Ahhh, no, all that did was to decrease the numbers of possible winners, making winning something in the lottery that much harder.

With a limit of $1,000,000 prize for the winner, there could be 5 big winners this time. Buy two tickets, you might win twice. 2 million.
I guess Logic can't win out over greed. Either for the people running the lottery or the people buying tickets.

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Response to question everything (Reply #10)

Wed Nov 28, 2012, 03:25 PM

36. That's not fair.

Not having 360 million, I hadn't really thought about it much.

Hand me 360 million, and I'll guarantee every spare moment I have will be spent coming up with ideas.

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 01:41 PM

15. can you buy them online?

Or is it only sold at locations?

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Response to qazplm (Reply #15)

Wed Nov 28, 2012, 01:44 PM

20. Certain states are Powerball enabled

 

www.powerball.com for more info.

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Response to Panasonic (Reply #20)

Wed Nov 28, 2012, 01:51 PM

24. Why isn't California on that list?

Jeez

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Response to Duer 157099 (Reply #24)

Wed Nov 28, 2012, 01:54 PM

26. Where is the list? n/t

 

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 01:43 PM

19. A trust fund will be established

 

tax-free, I think.

I think it has been done before with lottery winnings.

Soon I will go get one myself... and one for my dad.

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 02:36 PM

33. If I win, I can be an over-monied asshole like Mitt Romney!

I'm just an under-monied asshole now.

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Response to Fuddnik (Reply #33)

Wed Nov 28, 2012, 03:00 PM

35. Sorry you have to be born to it.....

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Response to Fuddnik (Reply #33)

Wed Nov 28, 2012, 03:40 PM

41. Bravo! Another instant DUZY! Tip of my hat! - n/t

 

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Response to Omaha Steve (Original post)

Wed Nov 28, 2012, 05:05 PM

43. I'm thinking of all the congressional seats I could buy -nt

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