Mega-Million Fever..??Hit anyone else?

[brin]

Good points...a logistical challenge for sure :laughing:

Fun to daydream about this kind of thing though....I think when the first big lottery started in the US there was some kind of scandal or expose that some group had actually tried to do what you suggest and buy up all the possible numbers...Someone else here will probably remember it ..but I'm sure I remember at least that they tried...

 

[riptides]

Just takes one ticket to win. Why not you?

Like I said, come Saturday, you all will be looking for me......

 

[brin]

Just takes one ticket to win. Why not you?

Like I said, come Saturday, you all will be looking for me......

Why , are you coming over to help me celebrate my win...? Hey, that is great , come on...I will be happy to share the joy with you riptides...so I look forward to seeing you on Sat. and you congratulating me..so I won't have to look for you...you will be here with me celebrating...

 

[rekees4300]

Fun to daydream about this kind of thing though....I think when the first big lottery started in the US there was some kind of scandal or expose that some group had actually tried to do what you suggest and buy up all the possible numbers...Someone else here will probably remember it ..but I'm sure I remember at least that they tried...

I think that happened with the Irish lottery. A group bought almost all the numbers. They did in fact win the jackpot but 2 other people also won (oops). However, with their winnings from 4 & 5 number matches the group did manage to make a profit. After that scandal the Irish lottery increased the number of numbers making it virtually impossible to buy all combinations.

 

[brin]

I think that happened with the Irish lottery. A group bought almost all the numbers. They did in fact win the jackpot but 2 other people also won (oops). However, with their winnings from 4 & 5 number matches the group did manage to make a profit. After that scandal the Irish lottery increased the number of numbers making it virtually impossible to buy all combinations.

OK - I knew I had remembered it from somewhere....that would be quite an undertaking to attempt...

 

[Dr_Zinj]

rekees4300: "The odds of winning are 1 in 175,000,000 and the jackpot is 640,000,000 so actually this is a good bet!

There is a guaranteed way of winning the jackpot. Just bet all of the 175,000,000 numbers. So if you have an extra $175,000,000 you wanna invest to make $640,000,000 now is the time! The only problem would be if others also hit the jackpot. Then you may not get your $175,000,000 back. details..details"

Actually, it's terrible odds. Which means anyone who bets more than the minimum is making a terrible bet. Other mistake you made was assuming you were the only winner. There have been multiple winners in the past, and the odds of that happening increase with the increase in players. A 4-way split and you've lost millions. VERY BAD BET INDEED!
----
brin: "There is a couple of other problems...with your $175,000,000 buy of lottery tickets...#1 - You would use more tickets than there are available...#2 It would take you 28 yrs. to fill out all the lotto tickets to cover every possible number...I heard that on the news this AM..."

There's easily 175M+ tickets available; how else would everyone play? And if I remember correctly, you can do some kind of on-line autoplay (at least for some of the games) where you could get the computer to automatically submit all 175M unique combinations in a couple hours. So that eliminates having to fill them out by hand. On the other hand, it would take quite some time to print them all out, and finding the right one after winning might be a problem.

Now the real kicker is, even assuming you were the sole winner and a U.S. resident. You're looking at being in the top income tax bracket which last I checked was 39.6%. Since they skim that right from the start, your $640M is instantly $386.56M. Nothing to sneeze at, but considerably less. I live in NH, so no state taxes on it at all since May 2011. YIPPEE!

"Only" thing is, that's $19.328 million per year if taken as an annuity. Over 20 years, inflation is going to eat that alive; so invest wisely. If you take it as a lump sum, that's only $193.28M; a "measly" 30% of what you started with. Don't be too concerned though, you'll still be firmly ensconced with the other 1%.

Oh yeah, so if you pay and play every combo for $175M, and you get a single other winner to share the jackpot with, you'll be $78.5 million in debt.

I decided to meet God halfway, I bought 1 ticket.

 

[Larry Caldwell]

I bought a single $1 quick pick last night with my gas at the local joint.

What the heck, why not...

I hope a TBN'er wins it, that would ROCK!

David

That's my theory. If you want to get hit by lightning, you have to go stand in the pasture.

I think I heard that the chance of winning the jackpot is 175 million to 1. At a $540 million jackpot, somebody could buy all the numbers and make a tidy profit.

 

[MasseyWV]

The lottery is a waste of time and money. Everyone thinks they will win, but the odds say otherwise.

 

[Larry Caldwell]

I look at it this way. I will go and pay 12 bucks at a movie to suspend disbelief for 90 minutes. When the Lotto gets to giraffe money, I can pay a couple of bucks and have a couple of days of fantasy what-ifs.

Like going to my family reunion and setting up a table and then writing everyone a check to get them out of debt. (One time deal, no coming back for seconds)
And then setting up several full ride scholarships.
Oh, and paying all expenses for the local churches for the next 20 years.
Starting a bank(like in "It's a Wonderful Life") and making loans on a man's character and a handshake.
I do get my money's worth.

My family doesn't really need the money, but I would give 25% shares to my brother, sister and wife. I know some kids who would be able to attend the university of their choice. Most of the family is already pretty comfortably 1%, with 6-digit incomes. I would certainly go farm shopping, but farms are a lot of work, and I'm already 65. Moving and setting up a new operation might be more than I want to tackle at this phase of my life. I could hire help, but then I'd have to brush up on my high school Spanish.

What you really buy for the buck is the fantasy. It's cheap entertainment.

BTW, Mega Millions is a 26 year annuity, so a $640 million jackpot would be $24.6 million a year until 2038.

 

[rekees4300]

The lottery is a waste of time and money. Everyone thinks they will win, but the odds say otherwise.

You miss the whole point. You aren't playing to win. Only an idiot really thinks he will win. However, it's not a waste of money. You are buying something of value. That something is HOPE. Isn't it worth a dollar to have hope for a couple days?