snoop1130 Posted January 14, 2016 Share Posted January 14, 2016 Lottery fever hits the US as three winners share $1.6 billion jackpotEuronews USA -- It’s the world’s largest potential jackpot – which has apparently attracted three winners, in the US states of Tennessee, California and Florida.At the store in California where one known winning ticket was sold, there were scenes of pandemonium.The shop in an eastern suburb of Los Angeles will receive a one-million dollar bonus.Despite odds of winning outright put at one in 292 million, many billionaire hopefuls queued for tickets.“What I’m going to do with it is share with this girl (accompanying her), pay off my mortgages and everything. Go back to school at CSULB (California State University, Long Beach) . I will be investing a lot in charity,” said Donica Olsen of Hawthorne, California. Far to the north, the huge potential prize also attracted Canadians who crossed the border into Washington state.The lottery fever brought border traffic jams and crowded scenes in local stores.“Lots of our relatives have come down. And just as we were coming across the border, the phone was ringing. Our friend was saying, “if you’re going across the border, pick me up some Powerball.”The Powerball lottery exists in 44 American states. The enormous potential jackpot has encouraged people to place more money than usual – one man said to have spent 280 dollars in one go.The three known lucky winners will get their hands on over 500 million dollars each.Source: http://www.euronews.com/2016/01/14/lottery-fever-hits-the-us-as-three-winners-share-16-billion-jackpot/ Link to comment Share on other sites More sharing options...
Gulfsailor Posted January 14, 2016 Share Posted January 14, 2016 So you think you've won the jackpot, then hear you have to share it with two others. After taxes there is hardly anything left ;-) Link to comment Share on other sites More sharing options...
iReason Posted January 14, 2016 Share Posted January 14, 2016 (edited) ^^^^ Don’t be silly. If the prize was 1 billion for one winner: With the annuity, you can opt for 30 annual payments that average to about $37 million, after Federal taxes. That adds up to just over a billion dollars over time. With the lump sum, you get all your money at once, but after Federal taxes, that’s about $651 million. Split 3 ways: $217 Million. Each. “hardly anything left”? Now, given the fact that the winnings are 1.6 Billion, the take home is considerably more. (Always take the annuity.) Edited January 14, 2016 by iReason Link to comment Share on other sites More sharing options...
Matej Posted January 14, 2016 Share Posted January 14, 2016 (edited) With all the respect, but I have to say this. Big American lotteries, Power Ball and Mega Millions, are absolutely not worth playing, it's just a plain nonsense, caricature ... Taxes, no jackpot cap, odds of winning are just insane, prize fund distribution between each prize tier ... Compare these 2 lotteries to their European counterparts, Eurojackpot and Euromillions. I'm not saying you should play them, but sometimes more regulation can be positive. Good luck to happy winners. Edited January 14, 2016 by Matej Link to comment Share on other sites More sharing options...
NeverSure Posted January 14, 2016 Share Posted January 14, 2016 With all the respect, but I have to say this. Big American lotteries, Power Ball and Mega Millions, are absolutely not worth playing, it's just a plain nonsense, caricature ... -snip- You can explain that to the three people who each just won more than 500 million USD. Sure it's a long shot, but for the first time in my life I bought a couple of lottery tickets. It's those kind of winning numbers ($'s) that are almost insane. The highest federal tax rate on income is 39.6% for huge earners like this. Most people pay more like 15% but these people just became 1%ers. So even after taxes of just more than a third, these winners are insanely wealthy. I expect a lot of people think it's worth "playing" as it is after all, a game like any other gambling, which I normally don't do. Cheers. Link to comment Share on other sites More sharing options...
iReason Posted January 14, 2016 Share Posted January 14, 2016 Yeah, not bad for a few bucks... Link to comment Share on other sites More sharing options...
Matej Posted January 14, 2016 Share Posted January 14, 2016 With all the respect, but I have to say this. Big American lotteries, Power Ball and Mega Millions, are absolutely not worth playing, it's just a plain nonsense, caricature ... -snip- You can explain that to the three people who each just won more than 500 million USD. Sure it's a long shot, but for the first time in my life I bought a couple of lottery tickets. It's those kind of winning numbers ($'s) that are almost insane. I hope you will win something too ... Good luck you're gonna need it. Link to comment Share on other sites More sharing options...
Dustdevil Posted January 15, 2016 Share Posted January 15, 2016 So you think you've won the jackpot, then hear you have to share it with two others. After taxes there is hardly anything left ;-) $553 million and after taxes about $293 million. I suppose I would be circumspect in wanting to go nuts on charity donations. Link to comment Share on other sites More sharing options...
Srikcir Posted January 15, 2016 Share Posted January 15, 2016 A good financial analyst and tax expert can shelter the winnings from half of the federal taxes over a 20-year period. But that requires a long-term plan and an active business career. Not everyone has that kind of patience, time and dedication to do so. For the average person, take cash upfront and enjoy a carefree life. Taxes are paid out of the winnings so not a real cost. Link to comment Share on other sites More sharing options...
Mr Money Bags Posted January 15, 2016 Share Posted January 15, 2016 IMHO, a dream is worth a couple of dollars, and for three people, their dreams came true. Where's the harm? Correct me if I am wrong, but I believe a sizable chunk of the lottery take goes to supporting schools....... You're Welcome!! Link to comment Share on other sites More sharing options...
Trouble Posted January 15, 2016 Share Posted January 15, 2016 With all the respect, but I have to say this. Big American lotteries, Power Ball and Mega Millions, are absolutely not worth playing, it's just a plain nonsense, caricature ... Taxes, no jackpot cap, odds of winning are just insane, prize fund distribution between each prize tier ... Compare these 2 lotteries to their European counterparts, Eurojackpot and Euromillions. I'm not saying you should play them, but sometimes more regulation can be positive. Good luck to happy winners. Playing the lottery is about dreams. I rarely play but when it gets to 1 billion who can resist buying a few tickets. From the time you buy the ticket until you find you loose, you imagined what your life would be like if you won. For me, it wouldn't be bad traveling in a private jet. Link to comment Share on other sites More sharing options...
Matej Posted January 15, 2016 Share Posted January 15, 2016 With all the respect, but I have to say this. Big American lotteries, Power Ball and Mega Millions, are absolutely not worth playing, it's just a plain nonsense, caricature ... Taxes, no jackpot cap, odds of winning are just insane, prize fund distribution between each prize tier ... Compare these 2 lotteries to their European counterparts, Eurojackpot and Euromillions. I'm not saying you should play them, but sometimes more regulation can be positive. Good luck to happy winners. Playing the lottery is about dreams. I rarely play but when it gets to 1 billion who can resist buying a few tickets. From the time you buy the ticket until you find you loose, you imagined what your life would be like if you won. For me, it wouldn't be bad traveling in a private jet. I agree. It's all about dreaming, everyone's the winner before the draw. My previous post was about those two specific lotteries and their rules not about lotteries in general. For example, in my opinion lottery with no jackpot cap is nonsense. What's the point, for players, of having 1.3 billion in first tier while only 1 million in second? Good luck in your next games. Link to comment Share on other sites More sharing options...
loonytune Posted January 15, 2016 Share Posted January 15, 2016 signs of complete desperation if they can sell the tickets to pay out those sums. head for the hills the revolution she is a coming Link to comment Share on other sites More sharing options...
Scott Posted January 16, 2016 Share Posted January 16, 2016 I wonder how many people suffer psychological problems when they don't win. Of course, normal people might experience a little let down, but some of the more emotionally fragile may have bigger problems. Link to comment Share on other sites More sharing options...
neverdie Posted January 16, 2016 Share Posted January 16, 2016 I wonder how many people suffer psychological problems when they don't win. Of course, normal people might experience a little let down, but some of the more emotionally fragile may have bigger problems. It's a huge thing, psychological issues and gambling. There's a lot of people losing it every day just in front of poker machines and what not. It controls people's lives. If some of them just invested what they wasted on tickets into savings accounts, they'd be a lot better off. I buy a ticket bi-annually just to confirm that I'm unlucky 55555 Link to comment Share on other sites More sharing options...
Ghostnigel Posted January 16, 2016 Share Posted January 16, 2016 So you think you've won the jackpot, then hear you have to share it with two others. After taxes there is hardly anything left ;-) So YOU wouldn't want to win it then?...hmmm. Link to comment Share on other sites More sharing options...
Scott Posted January 16, 2016 Share Posted January 16, 2016 You are right. I know a few people who have bought thousands of tickets and they still haven't figured out they are unlucky. I had a friend buy me one ticket and for some strange reason, I was really quite saddened when I didn't win! Link to comment Share on other sites More sharing options...
loonytune Posted January 16, 2016 Share Posted January 16, 2016 You are right. I know a few people who have bought thousands of tickets and they still haven't figured out they are unlucky. I had a friend buy me one ticket and for some strange reason, I was really quite saddened when I didn't win! so you even admit to knowing money launders too. only thing i gamble on these days is exchange rates. i very rarely lose mainly because i very rarely make overt bets. its more subtle in choosing which currency to spend/use, which currencies to hoard. its compulsory gambling that expats have to engage in. Link to comment Share on other sites More sharing options...
Scott Posted January 16, 2016 Share Posted January 16, 2016 Nope, don't know any money launders. Link to comment Share on other sites More sharing options...
Mr Money Bags Posted January 17, 2016 Share Posted January 17, 2016 Nope, don't know any money launders. Made me laugh!!! I wonder if he got it...... I'm Welcome!! Link to comment Share on other sites More sharing options...
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