Is the Lottery and Overlay at $1.3 billion?

[maddog42]

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]

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]

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]

Originally Posted by lamboguy

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]

Originally Posted by lamboguy

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]

Originally Posted by maddog42

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]

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]

Originally Posted by TJDave

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]

Originally Posted by Actor

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]

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]

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]

http://time.com/money/4172196/powerb...dds-advantage/

[Stillriledup]

Originally Posted by upthecreek

http://time.com/money/4172196/powerb...dds-advantage/

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

[MutuelClerk]

If it switches to turf is there a refund?

[1st time lasix]

I won.... oh wait---there a steward inquiry...