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Just to put the Megamillion lottery in perspective...
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RaiderATO Offline
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Post: #41
RE: Just to put the Megamillion lottery in perspective...
(03-30-2012 11:24 PM)SumOfAllFears Wrote:  The lottery is for people who are bad at math.

At $640 million (pre-tax), the $1 risk is worth the reward...
04-01-2012 11:54 AM
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smn1256 Offline
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Post: #42
RE: Just to put the Megamillion lottery in perspective...
If you can afford to play the lottery then you can afford to pay more taxes.
04-01-2012 12:09 PM
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Native Georgian Offline
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Post: #43
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 09:54 AM)chargeradio Wrote:  The Louisville Courier-Journal ran a piece not too long ago that had some advice from a lawyer about what to do if you won the lottery-he recommended forming a corporation to claim the prize, which would afford many of the same benefits as the states that allow winners to remain anonymous.

Don't some states actually require the winner to be an individual or group of individuals?
04-01-2012 12:20 PM
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RobertN Offline
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Post: #44
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 12:20 PM)Native Georgian Wrote:  
(04-01-2012 09:54 AM)chargeradio Wrote:  The Louisville Courier-Journal ran a piece not too long ago that had some advice from a lawyer about what to do if you won the lottery-he recommended forming a corporation to claim the prize, which would afford many of the same benefits as the states that allow winners to remain anonymous.

Don't some states actually require the winner to be an individual or group of individuals?
Well, since corporations are people, I don't see how it could be a problem.
04-01-2012 12:52 PM
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Fo Shizzle Offline
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Post: #45
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 12:09 PM)smn1256 Wrote:  If you can afford to play the lottery then you can afford to pay more taxes.

Max submits that poor folks spend too much on the lottery. I submit that it a good thing. At least they are contributing in this manner to help education because they pay very little{if any) in taxes.
04-01-2012 12:58 PM
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Native Georgian Offline
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Post: #46
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 12:52 PM)RobertN Wrote:  
(04-01-2012 12:20 PM)Native Georgian Wrote:  
(04-01-2012 09:54 AM)chargeradio Wrote:  The Louisville Courier-Journal ran a piece not too long ago that had some advice from a lawyer about what to do if you won the lottery-he recommended forming a corporation to claim the prize, which would afford many of the same benefits as the states that allow winners to remain anonymous.

Don't some states actually require the winner to be an individual or group of individuals?
Well, since corporations are people, I don't see how it could be a problem.
Then I'll put it this way. I thought some states have specifically forbidden a corporation to claim a lottery prize. Maybe that's not actually the case, but I know I have heard of that being true somewhere over the past 20 years or so.
04-01-2012 01:12 PM
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RobertN Offline
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Post: #47
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 01:12 PM)Native Georgian Wrote:  
(04-01-2012 12:52 PM)RobertN Wrote:  
(04-01-2012 12:20 PM)Native Georgian Wrote:  
(04-01-2012 09:54 AM)chargeradio Wrote:  The Louisville Courier-Journal ran a piece not too long ago that had some advice from a lawyer about what to do if you won the lottery-he recommended forming a corporation to claim the prize, which would afford many of the same benefits as the states that allow winners to remain anonymous.

Don't some states actually require the winner to be an individual or group of individuals?
Well, since corporations are people, I don't see how it could be a problem.
Then I'll put it this way. I thought some states have specifically forbidden a corporation to claim a lottery prize. Maybe that's not actually the case, but I know I have heard of that being true somewhere over the past 20 years or so.
Given that corps are people, is that even legal now? I would think they wold have to change the law because it would be illegal. Maybe Max can shed some light on this?
04-01-2012 01:20 PM
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Native Georgian Offline
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Post: #48
RE: Just to put the Megamillion lottery in perspective...
Well a ten-year-old child is a person, too, and I doubt someone of that age could claim the prize, either.
04-01-2012 02:23 PM
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Max Power Offline
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Post: #49
RE: Just to put the Megamillion lottery in perspective...
.Yes in Illinois you can claim the prize as a corporation or LLC, but you also have to agree to showing up individually to a news conference (though you can ask them to waive that and they might). I don't know about other states, if you're in Texas you may want to ask Harriet Miers, Bush's personal lawyer /crony and Texas lottery commissioner whom he tried to nominate to SCOTUS LOL (and GOPers on here have the nerve to accuse Obama of cronyism LOL). No corporations aren't people just because Mitt Romney says so.

Yes the expected value of your $1 ticket increases the higher the payout. But no you never know for sure if the jackpot gets this high even whether a $1 ticket is worth more than $1. That's because there can be multiple winners so even a billion dollar jackpot win only pays you $100 million.

Of course, the odds always suck, so you can throw the math out the window. The funny part is, the one time it is not a tax on the poor is when it gets really high and the people who can actually afford to play will do it. The people who will go out to Las Vegas and drop $1,000 playing blackjack would never think of buying a $1 lotto ticket when the jackpot is ONLY $20 million. These people are idiots too and I have less sympathy for them.
04-01-2012 02:49 PM
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Max Power Offline
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Post: #50
RE: Just to put the Megamillion lottery in perspective...
[Image: miers_bush_brilliant.jpg]


Man in some ways I miss Bush. His entire presidency was like one big joke on the American people and he left the country in far worse shape than he was handed it but man the guy was an easy target.
04-01-2012 03:23 PM
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Paul M Offline
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Post: #51
RE: Just to put the Megamillion lottery in perspective...
What happened when Bush put Miers up for SC?
04-01-2012 03:43 PM
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Max Power Offline
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Post: #52
RE: Just to put the Megamillion lottery in perspective...
She asked him to withdraw her LOL
04-01-2012 03:49 PM
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Paul M Offline
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Post: #53
RE: Just to put the Megamillion lottery in perspective...
After conservatives demanded it. Just offering the contrast between voters of the two parties. One party has a public outrage over the nomination of someone not qualified. The other makes apologies for palling around with terrorists.
04-01-2012 04:19 PM
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Smaug Offline
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Post: #54
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 03:23 PM)Max Power Wrote:  [Image: miers_bush_brilliant.jpg]


Man in some ways I miss Bush. His entire presidency was like one big joke on the American people and he left the country in far worse shape than he was handed it but man the guy was an easy target.

That's clever.

Maybe someone could wake Joe Biden up and explain it to him.
04-01-2012 07:31 PM
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smn1256 Offline
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Post: #55
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 03:23 PM)Max Power Wrote:  Man in some ways I miss Bush. His entire presidency was like one big joke on the American people and he left the country in far worse shape than he was handed it but man the guy was an easy target.

1. Your idealogy probably blinds you to the disgrace your president has bestowed upon the presidency and his first ho didn't help him much.

2. Target? Why are you inciting violence? If Palin can be bashed for it then so can you, but you've had the opportunity to see what the word "target" can mean, she didn't, but you still used it.
04-01-2012 09:04 PM
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SumOfAllFears Offline
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Post: #56
RE: Just to put the Megamillion lottery in perspective...
Don't you have to be a citizen?
04-01-2012 09:10 PM
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RobertN Offline
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Post: #57
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 09:10 PM)SumOfAllFears Wrote:  Don't you have to be a citizen?
For what? Winning the lottery, being on the Supreme Court or being President?
04-01-2012 09:56 PM
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Hambone10 Offline
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Post: #58
RE: Just to put the Megamillion lottery in perspective...
(04-01-2012 02:49 PM)Max Power Wrote:  .Yes in Illinois you can claim the prize as a corporation or LLC, but you also have to agree to showing up individually to a news conference (though you can ask them to waive that and they might). I don't know about other states, if you're in Texas you may want to ask Harriet Miers, Bush's personal lawyer /crony and Texas lottery commissioner whom he tried to nominate to SCOTUS LOL (and GOPers on here have the nerve to accuse Obama of cronyism LOL). No corporations aren't people just because Mitt Romney says so.

Yes the expected value of your $1 ticket increases the higher the payout. But no you never know for sure if the jackpot gets this high even whether a $1 ticket is worth more than $1. That's because there can be multiple winners so even a billion dollar jackpot win only pays you $100 million.

Of course, the odds always suck, so you can throw the math out the window. The funny part is, the one time it is not a tax on the poor is when it gets really high and the people who can actually afford to play will do it. The people who will go out to Las Vegas and drop $1,000 playing blackjack would never think of buying a $1 lotto ticket when the jackpot is ONLY $20 million. These people are idiots too and I have less sympathy for them.
Then you aren't very good at math either... Depending on the specific rules, and your strategy, the house odds are something less than 10% and as little as a fraction of a percent... Meaning a guy betting 100,000 only stands to lose, on average, a few thousand.... Which he apparently csn afford... And he gets free drinks, attention, amusement, maybe some meals and probably a hotel room. Compare that to someone who makes 25k/yr and has a 2 pack a day cigarette habit.

Nobody is asking anyone to feel sorry for gamblers. You seem to only feel sorry for poor people who are gamblers. I don't get that. You think 10mm, or $640mm is any less to someone who makes 70k than someone who makes $20k. They spend a dollar for the chance to change their lives. Sure beats the heck out of putting that dollar in a dancers g-string. Guess we should outlaw that as well, huh?
(This post was last modified: 04-02-2012 09:27 AM by Hambone10.)
04-02-2012 09:18 AM
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