USA: Mega Millions Jackpot $640 million! - 3 Winners Announced

[AlexGTV]

What's that supposed to mean?

I'm certain all nations and people are silly when it comes to gambling. I mean whenever there is a huge jackpot it only becomes bigger. WHICH MEANS people are playing more cautiously, spreading the numbers out, to make them... as random as possible. I always play with a computer generated random sequence. 👍

 

[a6m5]

Oh wow, looks like I'll have to go buy myself a few dollars of tickets; I didn't even know that this was going on. I never pay attention to or play the lottery, unless the jackpot is astronomically high.

Come on dude, join our "Real Guns" pact. If me, you, or Solid Lifter win the jackpot, we all hook the other two with bunch of guns. You in?



I guess somebody won my local lottery jackpot last night, so I think I will throw couple more dollars at Mega Million.

I just heard on the news that jackpot's been climbing up & up, and currently, cash out lump sum payment is $260 million. I couldn't buy Atlanta Braves with that, but I guess that's going to have to do.

P.S. As far as TankAss's comment, I'm sure he's just kidding. And if he's not, who cares? Lottery's just a game. Just about every country has one.

 

[CodeRedR51]

I just heard on the news that jackpot's been climbing up & up, and currently, cash out lump sum payment is $260 million.

After taxes?

Anyone know what the tax rate is? I figure you would end up with about half of the cash option, which currently sits at $389 million.

 

[RocZX]

Anyone know what the tax rate is? .

The federal tax rate is 35% and you may have to pay state taxes ( rates are different for each state).

 

[a6m5]

Oh, you know what? I bet that was before tax.

Doesn't the basic punishment penalty go like this?:

• Lump Sum(Divide by 2)
• Tax(Multiply by .66)

Hardly accurate, but I think it will get you a ballpark figure. I'd ask for exact numbers, but I don't know anybody who's won!

Edit:
From the Oregon Lottery page:

When Mega Millions jackpot prize winners come to the Lottery to claim their prize, they have the option of choosing between cash or annuity payments. The one-time cash payment will be approximately half the advertised jackpot amount. The annuity payment is paid in 26 annual installments.

Also, the jackpot posted on the website is $540 million, which leaves the cash out lump sum at around $270 million before tax.

So with my formula, final amount delivered to you should be around $178. Million.

I still couldn't buy Atlanta Braves with that.

Another edit: I think the local news just said $228 million after everything?

 

[terminator363]

$540 million is nothing. Hell, I spend that much on lunch everyday.

Could you imagine what kind of a life you could live!

 

[CodeRedR51]

Also, the jackpot posted on the website is $540 million, which leaves the cash out lump sum at around $270 million before tax.

So with my formula, final amount delivered to you should be around $178. Million.

I still couldn't buy Atlanta Braves with that.

Another edit: I think the local news just said $228 million after everything?

The Cash Option, according to the Mega Millions website, is $389 Million.

My supervisor and I figured out what we would get if either of us won. Federal tax is 35%, then Arizona takes another 4% so after taxes we could deposit $233 Million into our account.

 

[Patrick]

It'd feel awesome looking at your bank account and seeing the balance of $233 million.

 

[a6m5]

The Cash Option, according to the Mega Millions website, is $389 Million.

My supervisor and I figured out what we would get if either of us won. Federal tax is 35%, then Arizona takes another 4% so after taxes we could deposit $233 Million into our account.

So if what I think I heard from the Oregonian news($228M) was correct, which is very close to the figure you guys have come up with, safe to say the cash winning after all the penalties(including taxes) are around $230 million?

I'm pretty sure that there will be a winner this Friday. Way this jackpot is skyrocketing, there will be one, or more winning tickets sold.

I think.

 

[CodeRedR51]

Yeah your number sounds like the final number. Oregon tax must be a little higher than AZ.

 

[ZohsixGT5]

It'd feel awesome looking at your bank account and seeing the balance of $233 million.

Yeah it is pretty sweet.

 

[Danoff]

Each lottery ticket you buy is still worth less than $1, even with such a high jackpot. Purchasing a lottery ticket is exchanging a dollar for something with a value of more like 50 cents.

http://www.forbes.com/sites/baldwin/2012/03/29/500-million-jackpot-calculating-your-odds/

 

[a6m5]

Each lottery ticket you buy is still worth less than $1, even with such a high jackpot. Purchasing a lottery ticket is exchanging a dollar for something with a value of more like 50 cents.

http://www.forbes.com/sites/baldwin/2012/03/29/500-million-jackpot-calculating-your-odds/

You are talking about the lottery operator(states) keeping the profit, right? Usually, My $1 lottery ticket becomes zero dollar for me, come drawing day.

 

[CodeRedR51]

Each lottery ticket you buy is still worth less than $1, even with such a high jackpot. Purchasing a lottery ticket is exchanging a dollar for something with a value of more like 50 cents.

http://www.forbes.com/sites/baldwin/2012/03/29/500-million-jackpot-calculating-your-odds/

You won't win if you don't try.

Worth it to me.

 

[Pupik]

It'd feel awesome looking at your bank account and seeing the balance of $233 million.

What a pain in it must be then, to have to distribute your cash over 932 bank accounts to cover the FDIC maximum insurance coverage of $250,000. Granted, you could have different account numbers and a few creative descriptions of your name to have a few more accounts per bank, as well as other types of investments like money market accounts to bypass the sheer number of bankbooks you'll have, but that still sounds like a job in and of itself, if you don't put it in some really capable and trusting hands.

Maybe I'm all wrong about this, would any millionaires and/or financial advisers like to chime in and correct me...So I'll take the payments, since I'm not that old.

 

[a6m5]

You don't trust the bank, do ya?

 

[CodeRedR51]

What a pain in it must be then, to have to distribute your cash over 932 bank accounts to cover the FDIC maximum insurance coverage of $250,000. Granted, you could have different account numbers and a few creative descriptions of your name to have a few more accounts per bank, as well as other types of investments like money market accounts to bypass the sheer number of bankbooks you'll have, but that still sounds like a job in and of itself, if you don't put it in some really capable and trusting hands.

Maybe I'm all wrong about this, would any millionaires and/or financial advisers like to chime in and correct me...So I'll take the payments, since I'm not that old.

Pretty sure there's banks for people that are worth more than $250k.

 

[Pupik]

Probably. Maybe. Don't know.

I hear the Cayman Islands are good for that.

 

[Solid Lifters]

Makes you think, "What bank do multi billionaires use?"

 

[Pupik]

They either keep it in a big vault like Richie Rich did, or buy lots of gold, artwork, gems, and keep it stashed some jewel-encrusted treasure box. They've also been known to bury some of it in kids' backyards, with a wayward dotted line and a big X marking exactly where you might find it. And then they loan the money for rap videos and just make money by not actually using, but so that others may just rent stacks and stacks of it for posing. I'm pretty sure you have to spend all of it within 30 days to get ten times the value, too. Also, you can then hob-nob with the five richest kings of Europe and buy a massive computer with it to ban all you broke peons...damn these tickets are poisonous.

 

[Grayfox]

Richie Rich is old school.

Do what Scrooge McDuck(from Duck Tales) did "The Money Dive"

 

[Steele_obsidion]

Ok, If i win, i will offer 100 lifetime premiums. The only way to get one is to write an Essay, (about a car of course, your least favorite car and why, minimum of 1000 words) OR take an artistic photo of something that woudl end up in the amazing and cool photo thread, or just ask very nicely

 

[ZohsixGT5]

I almost don't want to win simply because ex-girlfriends will be coming out of the woodwork trying to get you back. And then of course they could always go to the press about you, starting rumors. Whoever wins will be a public figure for a few weeks, that's for sure.

 

[TJ13]

I think I heard this correctly but the new corrected amount is 640 Million...
Just checked website and it is. 100 million over one day. Should be interesting

 

[Omnis]

When you have that much money, banks will fight over the privilege of having you as a client.

 

[CodeRedR51]

Yep, confirmed. Wow.

 

[Pupik]

Richie Rich is old school.

Don't be hatin' old money now, just because he made his money on railroads, slave-trade, he probably financed an operetta or two.

 

[Northstar]

I wonder what the chances are that if nobody wins it could get to a billion?

 

[Danoff]

You won't win if you don't try.

Worth it to me.

If I bet you $1 that the coin will come up heads against your $1 that the coin will come up tails, you have a 50% chance of winning $2, or a $1 return on average. So if you make that bet a million times, you should (statistically) walk away with the same $1 you bet in the first place. Whether or not you make this bet has no statistical impact on how much money you have, so do it if you want or not, doesn't matter.

Now, if I bet you $2 that the coin will come up heads against your $1, you have a 50% chance of winning $3 or $1.50 on average. Now you should make that bet as many times as you can. Make that bet a million times and you should walk away with $500k profit on average.

So in the first scenario, it doesn't matter whether you bet. In the second scenario, you're an idiot not to make the bet. Here's a third scenario:

If I bet you $1 that a coin will come up heads against your $2, you should never make that bet. You stand a 50% chance of winning $3, or $1.50 on average. So on average you lose 50 cents. Make this bet a million times and you'll lose $500k on average. Again, this is a bet you should never make.

So how about it. I'll bet you $1 against your $100 that a coin will come up heads. Want to make the bet? You can't win if you don't try.

If you make that bet, your $100 ticket will be worth $50.5 dollars. Statistically, you're throwing away money. The same is true for the lottery, even at $640 million jackpot and only a $1 ticket. You're trading your $1 for something worth about 50 cents.

I wonder what the chances are that if nobody wins it could get to a billion?

If it hits a billion you should consider buying a ticket. Your $1 ticket may start to be worth a few cents more than $1. If the government were smart, they'd never let that happen.

 

[TankAss95]

@ Danoff:
👍