Americans are broke, but we gave $640 million to the Lottery..

[Johnny_Ray_Wilson]

There were 3 winners from 3 different states. MD, Ill, and KS.

http://www.cnn.com/2012/03/31/us/mega-millions/index.html?eref=rss_us

How many tickets did you buy?

I only bought one quick pick last night. I won $10.00 on a scratch-off. No phone calls please.

 

[Cheyenne]

$20 worth. Patient1 and I were out running errands so we stopped at a gas station and I got some tickets. I had to ask if they even sold them as I haven't purchased lottery tickets in years. We won absolutely nothing. But it was fun dreaming about what we'd do with the money if we did win. We had fun talking about it at lunch and at dinner.

The world would have been a better place had we won.

 

[LadyFunkenstein]

640 was the pay out; actually we Americans gave $1.5 billion to the lottery.

I spent $7.00. $2.00 in the office pool, and $5.00 worth of quick picks on my own. I'm not a regular lottery player either, but it was fun to dream. My seven bucks was well worth day dreaming at my desk.

 

[Johnny_Ray_Wilson]

$20 worth. Patient1 and I were out running errands so we stopped at a gas station and I got some tickets. I had to ask if they even sold them as I haven't purchased lottery tickets in years. We won absolutely nothing. But it was fun dreaming about what we'd do with the money if we did win. We had fun talking about it at lunch and at dinner.

I live in a rural area. The gas station I go to is rarely 1/2 full of people at the pumps and they usually have 2 people. Last night, they were sold out of gas, a lottery line out the door, and only 1 cashier. Everyone in line were in good spirits. All of us talking how we would spend the money.

Everyone ahead of me was buying 5-10 tickets. When I only asked for one quick pick, everyone looked at me like "WTF, only one?". This prompted me to buy a scratch-off that won $10.00.

 

[Bert Notorius]

I figured I had just about as good a statistical chance of winning by not playing.

 

[koalabear]

Put in a buck, made 2, I knew I should have put in 2 bucks.

 

[pointless]

divide $1.5 billion by 300 million and see what you get.

 

[Johnny_Ray_Wilson]

There is a lot I do not understand on how the lottery winnings' payouts work.

The Mega Million tax payout on this win alone, is about $180 million in taxes. (I am not going to complain about getting only $460 million.)Out of $640 million,15% of those total sales goes to retailers and lottery operating costs. The IRS gets $161 million, and $23 million to the states of the winners.

http://finance.yahoo.com/blogs/dani...stimulates-sales-cuts-deficits-170535742.html

Where the money goes: http://www.megamillions.com/about/

If the lottery taxes in each state actually go to where they are suppose to (which I doubt), then why are so many states going broke in so many areas? And why do taxes continue to rise in the same areas the lottery is suppose to supplement (schools, highways, etc.)?

What does the IRS do with the extra money? How do our states manage to keep fucking up their portions of it by not properly utilizing and managing their part of the money?

The Lottery is suppose to stimulate the economy, correct? And not serve to only be wasted?

 

[Saint Peter]

I am not broke.

 

[Bert Notorius]

It's a tax on people who are bad at math...and taxes don't stimulate the economy.

 

[koalabear]

There is a lot I do not understand on how the lottery winnings' payouts work.

The Mega Million tax payout on this win alone, is about $180 million in taxes. (I am not going to complain about getting only $460 million.)Out of $640 million,15% of those total sales goes to retailers and lottery operating costs. The IRS gets $161 million, and $23 million to the states of the winners.

http://finance.yahoo.com/blogs/dani...stimulates-sales-cuts-deficits-170535742.html

Where the money goes: http://www.megamillions.com/about/

If the lottery taxes in each state actually go to where they are suppose to (which I doubt), then why are so many states going broke in so many areas? And why do taxes continue to rise in the same areas the lottery is suppose to supplement (schools, highways, etc.)?

What does the IRS do with the extra money? How do our states manage to keep fucking up their portions of it by not properly utilizing and managing their part of the money?

The Lottery is suppose to stimulate the economy, correct? And not serve to only be wasted?

For the Indiana Lotto, the build Indiana Fund is nothing more than a slush fund for the politicians.

Where does the money go?

When you think about the Hoosier Lottery, you probably think about playing games with the anticipation of winning a prize. After all, those winning moments are what has made us famous. But there’s more to it than that – a lot more.

Our goal is to provide fun and entertaining games for our players while benefiting the State of Indiana. So let's talk about those benefits - where did the Hoosier Lottery money generated in fiscal year 2011 sales go? It went:

...to players:
Over $494 million in prizes was awarded to winners.

...to support Hoosiers who have served Indiana:
$35 million was directed to the pension and disability funds for retired Hoosier police officers and firefighters. Another $35 million was allocated to the pension fund for retired teachers.

...to keep your excise tax low:
$160 million was directed to the Build Indiana Fund, which used it to offset your motor vehicle excise tax. Take a look at your vehicle registration form to see how much the Hoosier Lottery helped you. Click here to see the Build Indiana Fund Distribution Report for fiscal year 2010.

...to Indiana businesses:
$56 million in commissions and bonuses were earned to retailer partners who sell our games.

Fireplace

Here's a closer look at how the numbers break down:

$160 million to the Build Indiana Fund
$35 million to the Teachers' Retirement Fund
$35 million to Police Officers' and Firefighters' Pension and Disability Fund

Since the Hoosier Lottery's inception in 1989, through 2/29/12:

Total prizes paid to players: $8.6 billion
Net income to the State of Indiana: $4.0 billion
Total to the Build Indiana Fund: $2.8 billion
Total to the Teachers' Retirement Fund: $667.6 million
Total to Police Officers' and Firefighters' Pension and Disability Funds: $479.7 million
Total to other funds: $1.8 million
Total retailer commissions and bonuses: $983.9 million

 

[miles]

It's a tax on people who are bad at math...and taxes don't stimulate the economy.

Maybe, but it's a voluntary tax.

 

[Wok]

At nearly 800 million to one odds, none.

 

[Johnny_Ray_Wilson]

I am certain I would spend a lot of the winnings on the following: 1st,costs on recovery from a heart attack. 2nd, costs of an attorney on what to do with the winnings (followed by another heart attack or stroke), 3rd, JRW's army of security guards and a Brinks truck rental fee. 4th, I can only imagine the costs of trying to be anonymous and holding off the media.

It's a tax on people who are bad at math...and taxes don't stimulate the economy.

Taxes sure as hell stimulate me to keep a tighter grip on my money.

 

[sweepthefloor]

I didn't play. I will only bet on horses this May.

 

[Bert Notorius]

I am certain I would spend a lot of the winnings on the following: 1st,costs on recovery from a heart attack. 2nd, costs of an attorney on what to do with the winnings (followed by another heart attack or stroke), 3rd, JRW's army of security guards and a Brinks truck rental fee. 4th, I can only imagine the costs of trying to be anonymous and holding off the media.






Taxes sure as hell stimulate me to keep a tighter grip on my money.

It would be cheaper to just fantasize about $800 mil falling from an alien spaceship in geosynchronous orbit and landing at your feet.

 

[Johnny_Ray_Wilson]

For the Indiana Lotto, the build Indiana Fund is nothing more than a slush fund for the politicians.

Where does the money go?

When you think about the Hoosier Lottery, you probably think about playing games with the anticipation of winning a prize. After all, those winning moments are what has made us famous. But there’s more to it than that – a lot more.

Our goal is to provide fun and entertaining games for our players while benefiting the State of Indiana. So let's talk about those benefits - where did the Hoosier Lottery money generated in fiscal year 2011 sales go? It went:

...to players:
Over $494 million in prizes was awarded to winners.

...to support Hoosiers who have served Indiana:
$35 million was directed to the pension and disability funds for retired Hoosier police officers and firefighters. Another $35 million was allocated to the pension fund for retired teachers.

...to keep your excise tax low:
$160 million was directed to the Build Indiana Fund, which used it to offset your motor vehicle excise tax. Take a look at your vehicle registration form to see how much the Hoosier Lottery helped you. Click here to see the Build Indiana Fund Distribution Report for fiscal year 2010.

...to Indiana businesses:
$56 million in commissions and bonuses were earned to retailer partners who sell our games.

Fireplace

Here's a closer look at how the numbers break down:

$160 million to the Build Indiana Fund
$35 million to the Teachers' Retirement Fund
$35 million to Police Officers' and Firefighters' Pension and Disability Fund

Since the Hoosier Lottery's inception in 1989, through 2/29/12:

Total prizes paid to players: $8.6 billion
Net income to the State of Indiana: $4.0 billion
Total to the Build Indiana Fund: $2.8 billion
Total to the Teachers' Retirement Fund: $667.6 million
Total to Police Officers' and Firefighters' Pension and Disability Funds: $479.7 million
Total to other funds: $1.8 million
Total retailer commissions and bonuses: $983.9 million

That is all good. It really is. There are a lot of people, like myself, who are highly critical as to how this 'free' money is utilized in real life. Lotteries are a great thing, however, I do not see them living up to their expectations to help the taxpayers. Or rather, the result does not seem to live up to the hype.

 

[MNGuy]

I put in a buck while getting my breakfast sandwich yesterday morning. I know the odds are astrological (I like using that word wrong), but they were even worse if I didn't buy a ticket. I will not buy more than one ticket, it doesn't increase your odds.

But I did almost convince one of my younglings at work to buy $1,000 in tickets.

I explained to him that if he bought 2 tickets, he would double his odd, cutting his odd from 1:170,000,000 to 1:85,000,000. Then progressed to buying more tickets until he reached he bought enough tickets to guarantee a win. I fudged the math, he didn't know it, so I figured if he bought $1,000 in tickets he would be guaranteed to win.

He was so excited, and wondered why no one else had ever thought of that, he was ready to go buy $1,000 in tickets.

Then I explained the cold hard statistical facts to him, and he didn't want to believe it!

 

[Super-Surprise]

I opened my browser today to play the internet lottery, and this is what I got...






























































http://files.sexyandfunny.com/photos/img_orig/img4b9f23390fa09.jpg

 

[koalabear]

That is all good. It really is. There are a lot of people, like myself, who are highly critical as to how this 'free' money is utilized in real life. Lotteries are a great thing, however, I do not see them living up to their expectations to help the taxpayers. Or rather, the result does not seem to live up to the hype.

In Indiana's case it helps the State pay for the Union pensions.