PDA

View Full Version : Is the Lottery and Overlay at $1.3 billion?


maddog42
01-10-2016, 11:04 AM
With odds of 292,201,338 to 1 and a payout of 1.3 billion, it seems to be. Assuming there is less than 2 winners. I have heard rumors of syndicates in the old days of $1 tickets taking a stab. The hit rate is a might low though. For a little less than 600 million you can cover every combination.

lamboguy
01-10-2016, 11:14 AM
first of all its not really $1.3 billion, its probably about half of that. it cost about $584 million to buy it out and you will have to pay taxes. if you are not the only winner, you will lose money.

PhantomOnTour
01-10-2016, 11:16 AM
Overlay?

When the possible payoff is that huge I'm not concerned with value.
I waste a few bucks on needless crap every week...why not waste it on Lotto?
Bought my first lottery ticket in over 20yrs last night.

Ummmm, I lost

maddog42
01-10-2016, 11:21 AM
first of all its not really $1.3 billion, its probably about half of that. it cost about $584 million to buy it out and you will have to pay taxes. if you are not the only winner, you will lose money. How about the tax deduction of the 584 million? Surely a clever accountant could diminish the taxes.The odds of anyone hitting last night was 75%. What will they be Wednesday?

TJDave
01-10-2016, 11:59 AM
it cost about $584 million to buy it out

Curious as to how that would be done. I know of no other method except filling out tickets or using a terminal for individual plays. There's no all x all button.

lamboguy
01-10-2016, 12:08 PM
How about the tax deduction of the 584 million? Surely a clever accountant could diminish the taxes.The odds of anyone hitting last night was 75%. What will they be Wednesday?if you happen to be a Massachusetts resident and you happen to buyout the play and you happen to be the only winner, you will pay a state tax of about 6 1/2% on the amount that the ticket pays without being able to deduct the losing tickets.

ReplayRandall
01-10-2016, 12:45 PM
Let me share a minimum $56 play(power-up=$84) that a friend's group lets me contribute to. It goes like this:

1. Do your own quick picks, by writing down all 69 numbers on small pieces of paper. Fold each and put them in a hat, each member of your group takes turns drawing a number, first 5 on ticket #1, second 5 on ticket #2, and so on, until all 14 tickets have numbers, except for last ticket which has only 4, re-shake and draw final number, if repeat number, draw again. Now, repeat complete process until 28 tickets have 5 numbers.

2. Now take only numbers 1-26 for the Powerball, mix in hat, and draw 1 for each ticket. This method works perfect for player groups of 2,4,7,8,14 or 28, as each pays exactly the same amount. Of course, you can run this method as many times as per the amount you care to invest.

3. All numbers are in play at least twice, you'll have at least 1 ticket with the Powerball on it, and you can always power-up all tickets for another buck apiece.

4. PRAY

Actor
01-10-2016, 01:05 PM
Curious as to how that would be done. I know of no other method except filling out tickets or using a terminal for individual plays. There's no all x all button.A few years back a syndicate hired people to stand in line and buy tickets. They managed to buy about half of all possible combinations. By sheer luck they hit it and were the only winner.

I think this story is true but I can't prove it.

barahona44
01-10-2016, 01:32 PM
A few years back a syndicate hired people to stand in line and buy tickets. They managed to buy about half of all possible combinations. By sheer luck they hit it and were the only winner.

I think this story is true but I can't prove it.

I smell urban legend.

Marshall Bennett
01-10-2016, 03:29 PM
Rather win 10 million alone than win any part of 1.3 billion. It's more than enough for me to be happy with little or no publicity surrounding it. Also, people who rake in enormous amounts tend to give lots away. You'll create enemies by leaving many out that felt they were deserving.
Just give me enough to be happy with no headaches.
I refuse to play when the pot gets nearly this high.

Stillriledup
01-10-2016, 09:00 PM
If they were like horse racing, they could permit the biggest syndicates to purchase all the 'uncovered' combos with a billionth of a millisecond to the closing of the pool.

upthecreek
01-11-2016, 07:23 AM
http://time.com/money/4172196/powerball-math-odds-advantage/

Stillriledup
01-11-2016, 10:14 AM
http://time.com/money/4172196/powerball-math-odds-advantage/


Which shows you how bad of a bet it really is all those other times.

MutuelClerk
01-11-2016, 11:37 AM
If it switches to turf is there a refund?

1st time lasix
01-11-2016, 12:48 PM
I won.... :jump: :jump: :jump: :jump: oh wait---there a steward inquiry...

HuggingTheRail
01-11-2016, 03:36 PM
I thought Overlay had won the PowerBall.....makes the Jeopardy winnings seem like pocket change :)

sammy the sage
01-11-2016, 08:53 PM
Wouldn't be surprised if the US Gov't. Bought ALL combos...

they can keep tax's...plus get any other winners share tax's...plus estimated extra 92 million in smaller pay-offs...win win...HHHmmmmm

Kash$
01-12-2016, 06:04 PM
Lines are long...

So people wait on line hours for 1.5 billion

But the lines arent as long for $500 million... :confused:

thaskalos
01-12-2016, 06:11 PM
The only problem with "overlays" such as this...is that we are sure to go broke before collecting.

Tom
01-13-2016, 08:11 AM
Two thirds of the countries in the UN are buying tickets.:rolleyes:
The other third can't afford to.

forced89
01-13-2016, 09:35 AM
I "invested" my first $10 in a lottery ticket yesterday. No wait in line. I just walked into a gas station and gave them my $10 and they gave me a ticket. Way quicker than making a bet at Lone Star Bet and Book!!

Grits
01-13-2016, 07:02 PM
I've not bought the first one. You, gentlemen, think I'm gonna stand in a line for one of these? HELL NO. Just no way.

A day or two ago, one lady walked into a convenient mart and asked for 625 tickets. The cashier couldn't believe it.

Good thing I'm not employed in a convenient mart, I would've sent her down the street....and immediately been fired. That...or I would've shot her. :lol:

Kash$
01-13-2016, 07:38 PM
I've not bought the first one. You, gentlemen, think I'm gonna stand in a line for one of these? HELL NO. Just no way.

A day or two ago, one lady walked into a convenient mart and asked for 625 tickets. The cashier couldn't believe it.

Good thing I'm not employed in a convenient mart, I would've sent her down the street....and immediately been fired. That...or I would've shot her. :lol:

Im still trying to understand why the lines arent as long for $500 million :confused:

Rookies
01-13-2016, 09:21 PM
Two thirds of the countries in the UN are buying tickets.:rolleyes:
The other third can't afford to.

I gots a few, Tommy! ;)

Putting in a bid to buy the Spa at 23:00, when I win! :lol: :jump:

Grits
01-13-2016, 09:36 PM
I gots a few, Tommy! ;)

Putting in a bid to buy the Spa at 23:00, when I win! :lol: :jump:

Does this mean, in August, as the new owner, I can sit with you in the Clubhouse? We can drink Crown and water, and eat shrimp cocktail all afternoon. Too, we can handicap, wager, and watch horses run. :lol:

Stillriledup
01-14-2016, 02:09 AM
I "invested" my first $10 in a lottery ticket yesterday. No wait in line. I just walked into a gas station and gave them my $10 and they gave me a ticket. Way quicker than making a bet at Lone Star Bet and Book!!

10 bucks for 1 ticket?

Stillriledup
01-14-2016, 02:11 AM
Im still trying to understand why the lines arent as long for $500 million :confused:

People are mostly sheep, followers and suckers, that's why.

tucker6
01-14-2016, 06:04 AM
10 bucks for 1 ticket?
five lines of numbers on one ticket. $2 per line of numbers.

tucker6
01-14-2016, 06:07 AM
I've not bought the first one. You, gentlemen, think I'm gonna stand in a line for one of these? HELL NO. Just no way.

A day or two ago, one lady walked into a convenient mart and asked for 625 tickets. The cashier couldn't believe it.

Good thing I'm not employed in a convenient mart, I would've sent her down the street....and immediately been fired. That...or I would've shot her. :lol:
625 tickets doesn't take as long as you think to print. A couple minutes at most. I've yet to see a line at any gas station. That is odd to me.

tucker6
01-14-2016, 06:08 AM
Heard there were 3 winners. One in CA. One in FL. One in TN.

burnsy
01-14-2016, 08:41 AM
The scene in California on the News last night was hilarious. It looked like an episode from the Simpsons........with Apu the Quiki Mart owner and about a 1000 people milling around outside the store. I thought I saw Chief Wiggum eating a donut, Mayor Quimby getting "face" time and Nelson Muntz bullying Ralph Wiggum. If it was animation you would not of known the difference......

Stillriledup
01-14-2016, 03:47 PM
Heard there were 3 winners. One in CA. One in FL. One in TN.

Turned it into an underlay :D

Stillriledup
01-14-2016, 03:50 PM
Heard there were 3 winners. One in CA. One in FL. One in TN.

Takes the fun out of it. Could you imagine how distraught you would be if you hit and then had to share and only get 1/3rd? Inconsolable!