Another Elio Blog With Nothing New...

[bowers baldwin]

Up to 7000 years... no wins.
Maybe gambling on the Elio isn't such a bad idea.

How many plays did that come out to?

 

[CrimsonEclipse]

How many plays did that come out to?

over 700,000

I finally went to 10,000 years never won the 1 million or jackpot.

And that was using the older 1:175,000,000 ratio instead of the 1:240,000,000 used today/

Calculating the $2 bet and the 56% cash option, the power ball is not a fair bet until it goes to $1 billion.

Playing at anything less than that just shows you're bad at math.

Also, overall, your return of investment is between .09 and .12 on the dollar.

 

[bowers baldwin]

over 700,000

I finally went to 10,000 years never won the 1 million or jackpot.

And that was using the older 1:175,000,000 ratio instead of the 1:240,000,000 used today/

Calculating the $2 bet and the 56% cash option, the power ball is not a fair bet until it goes to $1 billion.

Playing at anything less than that just shows you're bad at math.

Also, overall, your return of investment is between .09 and .12 on the dollar.

Kind of disappointing when you put it into perspective, if I was an avid player and lived for 50,000 years, my chances are still sh*#...

 

[Coss]

Good time to test your theory; Powerball jackpot is at $1.3billion for Wednesday's (1-13-16) drawing.
Depending on how many tickets are sold between now and then will add to the jackpot; could go to $1.5billion.
After taxes $800,000,000.00+

 

[Rickb]

the real tragedy, are folks who can't afford it, playing the lottery to win their pension. What great minds who can develop a game that cajoles $ from 1 billion people!!!, yea I know, you can't win it if you're not in it.
AND then their are the tragic stories of many winners who end up more miserable and broke, I got there without winning!

I don't gamble, the reason being I worked to hard for the retirement money I have and choose not to support any segment of the gaming industry. The only positive about lottery ticket sales is that in my current State of Idaho ho, ho............since 1986 the lottery has returned $624.4 million to the state about 24% of the $2.74 billion in ticket sales. It has given $292.9 million to the public education building fund. So for every $1.00 gambled $.25 goes back to the state. I see the lottery as somewhat of a self imposed entertainment tax for those who enjoy gambling.

 

[CrimsonEclipse]

Good time to test your theory; Powerball jackpot is at $1.3billion for Wednesday's (1-13-16) drawing.
Depending on how many tickets are sold between now and then will add to the jackpot; could go to $1.5billion.
After taxes $800,000,000.00+

Assuming $1.5 billion, $840 million would be the cash option and $546 million after federal taxes, state, county and city taxes not included.

(using a 56% average cash option, 35% federal income tax)

Edit:

95-99% of jackpot winners choose the cash option

 

[BlioKart]

I only buy 1 ticket when its high just for shits and giggles. I think we all dream to get some magical pay day like that.

 

[bowers baldwin]

I don't want to brag, but.... I did hit for $4. Now before we go down that dark road, no, I can't loan you any of it, and I already have some charities in mind, and really after taxes, I'm probably only going to get like $1.75....

 

[floydv]

I may have to win this powerball thing just so I can have an Elio built for me.

 

[Coss]

Assuming $1.5 billion, $840 million would be the cash option and $546 million after federal taxes, state, county and city taxes not included.

(using a 56% average cash option, 35% federal income tax)

Edit:

95-99% of jackpot winners choose the cash option

Washington State doesn't have any of those taxes and the federal tax is 25%
You can go right to your lottery site and it has the payout and taxes for each state.
Plus the lump sum payment, and the annuity payments (annuity is bad, you don't really start getting into bigger money until the 12th to 15th year.)

Here's a tax calculator state by state, and the tax rates, plus the payout amounts.

https://www.usamega.com/powerball-jackpot.asp