Welcome to WebmasterWorld Guest from 54.234.13.175

Forum Moderators: open

$1.6 BILLION Lottery

The Mega Millions

     
1:37 pm on Oct 20, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member 10+ Year Member Top Contributors Of The Month

joined:Sept 4, 2001
posts:2271
votes: 68


As of this post, the projected payout for Tuesday's US multi-state Mega Millions drawing is $1.6 billion (US). I am sure by then, it will probably reach $2 billion. Yes, I bought a ticket for yesterday's drawing, but I also watched as people were spending hundreds to thousands of dollars on a chance to win. I spent $2.00. How much would you spend and what would you do if you won? Remember, that current $1.6 billion is an annuity payment over around 30 years. If you took the cash instead, it would be around $910,000,000.00 (less taxes of course).
2:12 pm on Oct 20, 2018 (gmt 0)

Full Member

Top Contributors Of The Month

joined:Sept 13, 2018
posts:313
votes: 58


what would you do if you won

I'll certainly die from a heart attack ...
2:18 pm on Oct 20, 2018 (gmt 0)

Senior Member from GB 

WebmasterWorld Senior Member brotherhood_of_lan is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Jan 30, 2002
posts:4956
votes: 36


I'd be thankful that I'm young enough to take the 30 year option. Half of it would be given away. Some local sports teams would be beneficiaries. The way I see it, the mission is to spend the money in better ways than 50% of other people, and hopefully it's for the greater good.

But there'd be some nepotism in the giveaway for sure...

It's an insane amount.
2:50 pm on Oct 20, 2018 (gmt 0)

Senior Member

WebmasterWorld Senior Member Top Contributors Of The Month

joined:Apr 1, 2016
posts:2233
votes: 589


1 in 300M are the odds. At 2$ a ticket a meager 600M investment would net 1B$. Brilliant!
7:04 pm on Oct 20, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member 10+ Year Member Top Contributors Of The Month

joined:Sept 4, 2001
posts:2271
votes: 68


1 in 300M are the odds. At 2$ a ticket a meager 600M investment would net 1B$. Brilliant!
Assuming you are the sole winner.
7:44 pm on Oct 20, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member tangor is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Nov 29, 2005
posts:8727
votes: 699


The tax man will be the true winner. :)
8:06 pm on Oct 20, 2018 (gmt 0)

Senior Member

WebmasterWorld Senior Member Top Contributors Of The Month

joined:Apr 1, 2016
posts:2233
votes: 589


Assuming you are the sole winner.

That's a great point. So maybe 3 or 4 winners are expected, thus the pot is really 1,6B / 4 or 400M (less taxes) so 200M.

The expected value of the ticket is 1/300M * $200M = $0.67 for which you pay $2. (this is a over simplification of a rather complex calculation)

The tax man will be the true winner. :)

Big time!
For each ticket sold the respective state lottery commissions (aka: tax-man) pocket somewhere around $1.33 per ticket on the front end. Then the state and federal tax-man together pocket another 800M or so by clawing back the pot.

My money stays in my pocket. I pay enough taxes, without being tricked into forking more over through the lottery. But I would like to sincerely thank all those that do play, specially the big rollers. Thank you for paying a bigger share of the tax burden.
11:05 am on Oct 21, 2018 (gmt 0)

Full Member

Top Contributors Of The Month

joined:Sept 13, 2018
posts: 313
votes: 58


So if I recover from my heart attack, I will also consider using the most of it to help others. I am not going to change my way of life, which is modest. I love my house, so I am no planning on getting another one, or having particular expenses. With my wife, we do not have kids, and will not have any now. So we would use most of it, to help others, and projects were the money is really going to those in need, and not being hijacked by intermediate organisms and people.

If had kids, I think it would be different I would put aside enough to be sure my kids and grand kids could leave peacefully, without money problems. I don't now how much I would dedicate to the future such descendants. I wouldn't want them to be lazy and turn #*$!s like most of kids from celebrities and rich people.
11:16 am on Oct 21, 2018 (gmt 0)

Moderator from US 

WebmasterWorld Administrator keyplyr is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Sept 26, 2001
posts:12913
votes: 890


I have never spent a single dollar gambling. I've worked in Las Vegas for years and never wagered a bet. Don't need the headache.
4:45 pm on Oct 21, 2018 (gmt 0)

Full Member

Top Contributors Of The Month

joined:Sept 13, 2018
posts: 313
votes: 58


An important stats to know, 100% of winners bough a ticket...
4:49 pm on Oct 21, 2018 (gmt 0)

Senior Member

WebmasterWorld Senior Member Top Contributors Of The Month

joined:Apr 1, 2016
posts:2233
votes: 589


@justpassing that is true.

Would you pay $20 for the chance to win the 1.6B?
7:37 pm on Oct 21, 2018 (gmt 0)

Senior Member

WebmasterWorld Senior Member topr8 is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Apr 19, 2002
posts:3419
votes: 56


For each ticket sold the respective state lottery commissions (aka: tax-man) pocket somewhere around $1.33 per ticket on the front end.


as i've always said ... lotteries are an extra tax on the poor!
11:07 pm on Oct 21, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member tangor is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Nov 29, 2005
posts:8727
votes: 699


Lottery tickets are more entertainment for the buck than buying a ticket to a movie theater. The movie only lasts 2 hours or less, the lottery ticket is (usually) 24 hours of dreams. :)

Of course folks can get silly and spend too much ... I invest $1 a month, and only if "over this winning amount". Costs me about $5 dollars a year. :)

There's the old joke about a wisher wanting to win the lottery if only a higher being would make it happen ... and after a week of supplication a "voice" was heard saying "I can't help if you don't buy a ticket!"
2:06 am on Oct 22, 2018 (gmt 0)

Moderator from US 

WebmasterWorld Administrator keyplyr is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Sept 26, 2001
posts:12913
votes: 890


Would you pay $20 for the chance to win the 1.6B?
No... it's a sucker's game. Just how many Millions have you won so far?

I've watched what greed does to people. I've seen how they end up. If gambling was a fair game, Las Vegas wouldn't exist.
2:29 am on Oct 22, 2018 (gmt 0)

Senior Member

WebmasterWorld Senior Member Top Contributors Of The Month

joined:Apr 1, 2016
posts:2233
votes: 589


@Keyplyr
My point is that the price is currently set at 2$ to win 1.6B and the vast majority of people seem fine with that. Are they still fine with $20 per ticket, how about $200? At a certain point as the price rises the people begin to reason more rationally, is the cost of the ticket really worth it given the probability, where is the fair price?

There are people that are willing to purchase $1000 worth of 2$ lotto tickets for what amount to 1/600,000 chance to win $200M that result in an expected value $333.33 ($666.66 over priced), but give the same person the opportunity to wager $500 to have a 1/10 to win $5,000 they would likely turn you down, despite the fact that the expected value is $500, or what mathematically amounts to a fair price.

I must say I really enjoy watching the spectacle, the mass hysteria. My favorite part is listening to people rationalize what they know is a poor decision. When i worked in an office, every time such a draw would arise I would have people in my office trying to convince to partake in the office pool. "You'll regret it!" they said "Monday you will be only one left in the office." The Mondays always came and the whole lot of them came back to work more depressed then the time before. They are probably still doing to this day. Schadenfruede...

Then again, I every morning I open my AdSense dashboard and I still haven't won that bet. Who is the one that really has the schadenfruede?
2:34 am on Oct 22, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member lucy24 is a WebmasterWorld Top Contributor of All Time 5+ Year Member Top Contributors Of The Month

joined:Apr 9, 2011
posts:15257
votes: 692


For each ticket sold the respective state lottery commissions (aka: tax-man) pocket somewhere around $1.33 per ticket
Nope, only about half that amount is the “tax-man”. The other half goes to the businesses that run the lottery. That's why state lotteries notoriously have by far the lowest payoff percentage of any form of gambling, legal or otherwise; the money is split three ways rather than two.
10:09 am on Oct 22, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member 5+ Year Member Top Contributors Of The Month

joined:Oct 5, 2012
posts:868
votes: 143


I swear I would spend every dime trying to beat wikipedia for the #1 spot in the serps...
10:11 am on Oct 22, 2018 (gmt 0)

Full Member

Top Contributors Of The Month

joined:Sept 13, 2018
posts:313
votes: 58


I swear I would spend every dime trying to beat wikipedia for the #1 spot in the serps...

:)

something I am sure about, is, that I would not use the money to build a business. Even if there is no risk from a financial point of view, this is too many worries and stresses.
10:26 am on Oct 22, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member 5+ Year Member Top Contributors Of The Month

joined:Oct 5, 2012
posts:868
votes: 143


Managing/maintaining money is one of the most demanding "business" or jobs there is. Even if one was to become purely philanthropic in their endeavors it would be 100 hour a week job.
10:27 am on Oct 24, 2018 (gmt 0)

Full Member

Top Contributors Of The Month

joined:Sept 13, 2018
posts:313
votes: 58


At least one winner, from South Carolina: [wtop.com...]
12:16 pm on Oct 24, 2018 (gmt 0)

Administrator from GB 

WebmasterWorld Administrator engine is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:May 9, 2000
posts:25663
votes: 785


Lottery tickets are more entertainment for the buck than buying a ticket to a movie theater. The movie only lasts 2 hours or less, the lottery ticket is (usually) 24 hours of dreams. :)


No comparison, because, if you buy a ticket to a movie theatre you are a guaranteed winner and can watch the movie. It's not a gamble.

I'm not a fan of gambling, and i've only ever put down $1 in Las Vegas just to say i've done it. I knew I wasn't going to win.

I have bought lottery tickets in the past, but usually as a present for someone, and in return, some people have bought me tickets. The odd are just too small, but I am a believer in you have to in it to win it. But, really, I can go a couple of years without even thinking of buying a ticket, no matter the size of the draw.

On those weak odds of winning, if it ever came up for me, I probably wouldn't move house, but i'd want to make sure my friends and family wern't short of a penny or two, and i'd probably want to do more to support local charities in the first instance: I'd want to do some good with it, which always gives me the greatest satisfaction. Yes, i'd probably employ people to look after it for me.
However, the chances are negligible of a win, so i won't think any more about it.
1:18 pm on Oct 24, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member 10+ Year Member Top Contributors Of The Month

joined:Sept 4, 2001
posts:2271
votes: 68


At least one winner, from South Carolina
Guess since I do not live in South Carolina, it was not me. Then again, I did not buy a ticket.
3:53 pm on Oct 24, 2018 (gmt 0)

Senior Member

WebmasterWorld Senior Member Top Contributors Of The Month

joined:Apr 1, 2016
posts:2233
votes: 589


Then again, I did not buy a ticket.

That automatically makes you a winner, you are at least $2 richer than those that played.
7:56 pm on Oct 24, 2018 (gmt 0)

Moderator from US 

WebmasterWorld Administrator keyplyr is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Sept 26, 2001
posts:12913
votes: 890


Well the BIG ONE has come and gone and I didn't waste one second of my time worrying about whether I picked the winning number, nor waste my money.

But one thing is certain, greed will prevail and there will be another BIG ONE
8:18 pm on Oct 24, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member lucy24 is a WebmasterWorld Top Contributor of All Time 5+ Year Member Top Contributors Of The Month

joined:Apr 9, 2011
posts:15257
votes: 692


I would spend every dime trying to beat wikipedia for the #1 spot in the serps...
Not enough. Based on current revenues, it would take more like $50bn.
8:26 pm on Oct 24, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member 5+ Year Member Top Contributors Of The Month

joined:Oct 5, 2012
posts:868
votes: 143


Doggone it Lucy, can't a guy dream?
9:24 pm on Oct 24, 2018 (gmt 0)

Senior Member from FR 

WebmasterWorld Senior Member leosghost is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:Feb 15, 2004
posts:7139
votes: 410


Doggone it Lucy, can't a guy dream?



... ..
Welcome My Son.

We Told You What To Dream


^_^
9:36 pm on Oct 24, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member 5+ Year Member Top Contributors Of The Month

joined:Oct 5, 2012
posts:868
votes: 143


Oh, by the way, which one's Pink?
9:43 pm on Oct 24, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member lucy24 is a WebmasterWorld Top Contributor of All Time 5+ Year Member Top Contributors Of The Month

joined:Apr 9, 2011
posts:15257
votes: 692


Wouldn't it be fun, though, if a $1.6bn investment in any aspect of your website could be guaranteed to yield more than $1.6bn in profits?

:)
10:25 pm on Oct 24, 2018 (gmt 0)

Senior Member from US 

WebmasterWorld Senior Member 5+ Year Member Top Contributors Of The Month

joined:Oct 5, 2012
posts:868
votes: 143


Yes, the eternal struggle of business, ROI.

Everyday websites remind me more and more of Las Vegas. The best way to make a Billion online is to spend 2 billion.
This 33 message thread spans 2 pages: 33
 

Join The Conversation

Moderators and Top Contributors

Hot Threads This Week

Featured Threads

Free SEO Tools

Hire Expert Members