Powerball jackpot world's largest at US$1.3 billion

[webfact]

Powerball jackpot world's largest at $1.3 billion
By JOSH FUNK

OMAHA, Neb. (AP) — Disappointed you didn't win the Powerball jackpot this weekend? Don't be.

Lottery officials say the prize has now swelled to an estimated $1.3 billion — the world's largest. Ever.

"Biggest jackpot in the history of the world. Absolutely confirmed," Texas Lottery executive director Gary Grief said.

The jackpot is so big that billboards in Texas and around the country have to advertise the price as $999 million because they're not built to show billions. The lottery computers will handle the decimal point without a problem.

No one matched all six Powerball numbers Saturday night, leading to the astronomical prize. And that is all but certain to grow before the next drawing Wednesday, according to lottery officials.

"We've never been at these levels," said Grief, whose state lottery is part of the Multi-State Lottery Association that runs Powerball.

The odds to win are one in 292.2 million. Seventy-five percent of all the possible combinations were purchased before Saturday's drawing, Grief said, and he expects that enough tickets will be sold to cover about 80 percent by Wednesday. About 95 percent of Powerball tickets have computer-generated numbers.

"I've been in the industry over 20 years, and I've seen jackpots hit when we hardly have any of the potential numbers covered — like 5 percent of the possible combinations covered. And I've seen other jackpots when we've had 95 percent of the combinations covered and it rolls," Grief said.

The jackpot has ballooned since its Nov. 4 starting point of $40 million and spurred huge ticket sales.

In Omaha, Les Wheeler said he probably overdid it by buying $30 worth of tickets for Saturday's drawing with a few friends, but they plan to do the same for this next jackpot.

"I didn't expect to win, but I had big dreams," said Wheeler, 53. He said a new home in another state away from Omaha's 16-degree temperatures were at the top of his wish list.

Saturday's winning numbers — 16-19-32-34-57 and Powerball number of 13 — did gain some people a little wealth: 25 tickets won $1 million by matching five numbers, and three other tickets won $2 million because they paid extra to multiply smaller prizes.

Darryl Collins, of Phoenix, and his husband each won $24 from the 70 Powerball tickets they bought. They plan to use that money toward buying more tickets for the new, higher jackpot. Collins said it was a shock that nobody won.

"It was like only 500 people who missed it by one number," Collins said. "It shows you how hard it is to win."

The 55-year-old real estate agent said he and his husband would definitely share the wealth.

"I would give a lot of it to family and friends," Collins said. "Who needs that much money?"

Michael Montecelo, a security guard in San Francisco's financial district, said he spent $20 on Powerball tickets and hasn't yet checked if he won anything. He said he will buy another $20 worth of tickets even if thinking about winning more than a billion dollars scares him a bit.

"I think I would go into a state of anxiety, but it would be a good anxiety," he said, smiling.

Montecelo, 50, said he would retire and donate some of that money and work on administering the rest.

"I would have to open an office and get a team of experts. I think my job would be to keep tabs on that money," he said. "That would be a full-time job."

The record jackpot lured an unprecedented frenzy of purchases. Between Jan. 6 and Saturday's drawings, more than $900 million in Powerball tickets were sold.

Officials expect similar sales before the next drawing, but Grief said it's hard to predict how excitement about the record jackpot will boost sales.

"It's exponentially greater than any sales that any of the states involved have ever seen," he said.
___

Associated Press writers Terry Tang in Phoenix and Olga R. Rodriguez in San Francisco contributed to this report.


-- (c) Associated Press 2016-01-11

[ezzra]

I have asked a friend of mine state side to buy be a $100 ticket for that draw, how knows guys,

so if you don't see my posts anymore on TVF, you know I'm on my yacht in the Bahamas surrounded

with a bevy of models and sipping Kristal Champaign......

Edited January 10, 2016 by ezzra

[NeverSure]

For the first time in my life I'm going to buy a lottery ticket. Sure it's a losing proposition but with that much money against a $2 Powerball ticket, what the hey?

[NeverSure]

I have asked a friend of mine state side to buy be a $100 ticket for that draw, how knows guys,

so if you don't see my posts anymore on TVF, you know I'm on my yacht in the Bahamas surrounded

with a bevy of models and sipping Kristal Champaign......

Thanks. You'll just be increasing the payout for me, LOL.

[khwaibah]

I have asked a friend of mine state side to buy be a $100 ticket for that draw, how knows guys,

so if you don't see my posts anymore on TVF, you know I'm on my yacht in the Bahamas surrounded

with a bevy of models and sipping Kristal Champaign......

Why ask someone to do something that you can do yourself on line and its legal?

[Seastallion]

I think it's ridiculous that it gets so big.

Nobody needs 1.2 Billion. Sure, they would probably become quite charitable, but then again, maybe not.

Spread it around. Cap it at 10 million and let the prize pool trickle down to make the lower prizes worth more, and to have more lesser prizes.

Surely 500 millionaires is better than one billionaire for the country?

[NeverSure]

You'll get a lot more people buying in when the prize starts at $40 million and rapidly goes up. It's designed to make money for the states, not to make millionaires. People from all over the world are going to be buying into this.

Cheers.

[Seastallion]

You'll get a lot more people buying in when the prize starts at $40 million and rapidly goes up. It's designed to make money for the states, not to make millionaires. People from all over the world are going to be buying into this.

Cheers.

I take your point, and perhaps my arbitrary 10 million was too low from a marketing POV.

The fact remains, that after your first say 20 million, an extra million in your account doesn't increase your happiness or comfort by the same margin as the first million did.

There are two points behind my stance. In any society, it is better to have a large number of fairly wealthy people than to have just a few obscenely wealthy people. The economy of the society works much better with the former, and thus is more desirable for society.

Same goes for comfort and happiness. Far better to have many happy and comfortable people than a few who, in reality, are no more happy or comfortable with the extra hundreds of millions than if they had a single hundred million (or less).

[Dustdevil]

With that kind of money I'd spend half of it to run for office on a third party campaign, just to make fun of Donald Trump's tics. Oh LOOK AT ME, I don't know anything about foreign policy, boo hoo, and my hair attracts loons that lay eggs in it, BOO HOO, but I love Sarah Palin, so there. Have you seen her knockers in that photo of her painting the room in her braless sweater? She loves me, let me tell you. She told me so. You should see my handsomeness ratings. I'm voted the sexiest man in America. I'm the handsomest guy you'll ever see on this podium, I'm even handsomer than Brad Pitt--Angelina Jolie told me so! Yeah, she told me that. She was so taken by my handsome awesomeness that blood was coming out of her whatever.

Edited January 11, 2016 by Dustdevil

[Credo]

You'll get a lot more people buying in when the prize starts at $40 million and rapidly goes up. It's designed to make money for the states, not to make millionaires. People from all over the world are going to be buying into this.

Cheers.

I take your point, and perhaps my arbitrary 10 million was too low from a marketing POV.

The fact remains, that after your first say 20 million, an extra million in your account doesn't increase your happiness or comfort by the same margin as the first million did.

There are two points behind my stance. In any society, it is better to have a large number of fairly wealthy people than to have just a few obscenely wealthy people. The economy of the society works much better with the former, and thus is more desirable for society.

Same goes for comfort and happiness. Far better to have many happy and comfortable people than a few who, in reality, are no more happy or comfortable with the extra hundreds of millions than if they had a single hundred million (or less).

Never miss an opportunity to take a shot at the US.

Please note, anyone from any country can get a ticket.

[Dustdevil]

You'll get a lot more people buying in when the prize starts at $40 million and rapidly goes up. It's designed to make money for the states, not to make millionaires. People from all over the world are going to be buying into this.

Cheers.

I take your point, and perhaps my arbitrary 10 million was too low from a marketing POV.

The fact remains, that after your first say 20 million, an extra million in your account doesn't increase your happiness or comfort by the same margin as the first million did.

There are two points behind my stance. In any society, it is better to have a large number of fairly wealthy people than to have just a few obscenely wealthy people. The economy of the society works much better with the former, and thus is more desirable for society.

Same goes for comfort and happiness. Far better to have many happy and comfortable people than a few who, in reality, are no more happy or comfortable with the extra hundreds of millions than if they had a single hundred million (or less).

True but the typical lottery winner of millions (after 40% or so in taxes) goes out and blows it all on absurd mansions in Beverly Hills and castles in Scotland, speed boats, another house in Connecticut and then discover the upkeep on all that and...but at least they've contributed to several economies.

[Seastallion]

You'll get a lot more people buying in when the prize starts at $40 million and rapidly goes up. It's designed to make money for the states, not to make millionaires. People from all over the world are going to be buying into this.

Cheers.

I take your point, and perhaps my arbitrary 10 million was too low from a marketing POV.

The fact remains, that after your first say 20 million, an extra million in your account doesn't increase your happiness or comfort by the same margin as the first million did.

There are two points behind my stance. In any society, it is better to have a large number of fairly wealthy people than to have just a few obscenely wealthy people. The economy of the society works much better with the former, and thus is more desirable for society.

Same goes for comfort and happiness. Far better to have many happy and comfortable people than a few who, in reality, are no more happy or comfortable with the extra hundreds of millions than if they had a single hundred million (or less).

Never miss an opportunity to take a shot at the US.

.

Whiskey Tango Foxtrot???

Those manure-coloured spectacles you wear make your posts look silly.

[landslide]

That $1.3 Billion is the total paid to the winner over 30 years. If you take the lump sum payment, the payout is $806 Million. Federal takes are approximately 39.6%, or about $322 Million, leaving $474 million. State income taxes can be up to 11.5%, unless you live in one of the 7 states with no state income tax. At 8% state income tax, the amount of the payout would be about $410 Million after taxes. Taxes suck, but I guess I could still live on $410 million. Be a nice problem to have, I think.

[Dustdevil]

That $1.3 Billion is the total paid to the winner over 30 years. If you take the lump sum payment, the payout is $806 Million. Federal takes are approximately 39.6%, or about $322 Million, leaving $474 million. State income taxes can be up to 11.5%, unless you live in one of the 7 states with no state income tax. At 8% state income tax, the amount of the payout would be about $410 Million after taxes. Taxes suck, but I guess I could still live on $410 million. Be a nice problem to have, I think.

Put $350 million in very conservative investments but good ones that are available only to a select few with that kind of cash. Earn let's say 1% per annum and watch that one compound!! (Comes to $386 mil after ten years.) Meanwhile enjoy the remaining $60 million. You could stay in $400/night five-star hotels around the world, spend an additional $1000 a day on food and other stuff that will make both you and your lovely companion happy, plus let's say $80,000 a year on first class tickets. Do that for 20 years and you'd only spend $11.8 million. Factor in inflation, let's make it 50% after 20 years = $18 million. You've still got $42 million in cash plus the $350 million in investments that's been earning return for 20 years. The five-star hotel life around the world sounds better to me than buying a stupid mansion, but to each his own. After all, if you're tired of traveling for awhile, just stay in the same hotel for a year. And go ahead--buy the two cars you and your lady (gent) want, but keep it at that. Don't buy a 2-acre garage-full.

Edited January 11, 2016 by Dustdevil

[Ulic]

$2 for a dream.

[rasmus5150]

I have asked a friend of mine state side to buy be a $100 ticket for that draw, how knows guys,

so if you don't see my posts anymore on TVF, you know I'm on my yacht in the Bahamas surrounded

with a bevy of models and sipping Kristal Champaign......

Why ask someone to do something that you can do yourself on line and its legal?

Actually I think you are wrong about this.

According to PowerBalls homepage.:

CAN I PLAY POWERBALL FROM OUTSIDE THE STATE OR THE U.S.?

No. Repeat as necessary. If that changes, we will say "yes" here and tell you how.

[mopar71]

Back when the Florida lottery first started the average starting prize was around $6 million. I thought it was hilarious that people would say it wasn't worth buying a $1 ticket until the jackpot got much higher.