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Sate Lotteries, What a Joke!!!

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posted on Jan, 4 2011 @ 11:33 AM
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Right now in my state of PA the Mega Millions Jackpot is $300 Million!!! That is just one of the multiple lotteries that PA offers. I am just wondering how PA can claim that the state is hurting for money, for that matter how can the country be in the state of financial hardship it is in with all of the states offering these lotteries?

I ask this because if they are giving away $300 million in just one drawing what are they making for themselves? There is no way they are giving out even 30% of their intake! So where is all of the money!!?!?!?
Please don't tell me it goes to the senior citizens, because the amount that goes towards that is miniscule.

In the early days of this country lotteries were used to generate funds for road work, bridges and a plethora of other things so the cost would be reduce or not passed on to the tax payers. So if this is the intended usage why are the prices going up on the turnpike among other things?

I am sure this money sits in an interest bearing account until it is paid off, imagine the interest on just $300 million! Then, if you are lucky enough to win and do not take the annuity you get a lesser amount ( more unaccounted for money) and then uncle Sam dips in and takes a healthy bite. LOL


Even if you win you lose, LOL! Remember you will also be paying taxes on that money and interest every year.

My whole point is why is this money not being put to good use??? Also I hate to say, if you are hurting for money ( I am, lol) and you think you pay to much for taxes already WHY FREELY GIVE AWAY MORE MONEY?!?!?!?!
I know we all hope to be rich but do you know the chances of winning compared to the amount you spent over the years trying to win?

I will make you a deal everyone who plays the lottery send me $20 a week (probably less than you spend on the lottery) and I will invest it and give you actual money back once every 5 years, it's better than the deal you are getting now!




posted on Jan, 4 2011 @ 11:40 AM
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posted on Jan, 4 2011 @ 11:43 AM
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reply to post by kcs7272
 


Who do I make the check out to?

Waitaminute, got 1 bell on a scratch off, wow, 2 bells, waitaminute. . . . . . . awwwwww dang. Guess my dog is gonna hafta wait fer that chemo again!


S+F for binging common sense to something foolish.



posted on Jan, 4 2011 @ 01:58 PM
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Originally posted by kcs7272

I ask this because if they are giving away $300 million in just one drawing what are they making for themselves? There is no way they are giving out even 30% of their intake! So where is all of the money!!?!?!?
Please don't tell me it goes to the senior citizens, because the amount that goes towards that is miniscule.



I worked at a state lotto and can assure you they make hardly anything at all on the number jackpot.

(it all comes from money collected in ticket purchases)

They make most of their money on the scratch offs - and almost all of that goes to one of four very Blackwater like global security companies.

It is the security companies (a part/spin off of the Military Industrial Complex) that makes all the money - and they make BILLIONS!!!

I have read their internal magazines - and they openly admit they will "covince" leaders in countries where scratch off tickets are not yet allowed.

Scratch off tickets are the psychological equivilent of crack - that is where the working poor often put between 15 to 40% of their earnings every week.

If the state lottery does collect unclaimed lotto draw winnings - then they just have to give that to the schools/parks/senior care as stipulated very clearly in their charter.

Trust me - it's these MIC types who make all the money - they compart themselves like a cross between the CIA and the Mafia - and they are serious as a heart attack about getting these security contracts to make and ship scratch off tickets world wide.



posted on Jan, 4 2011 @ 02:08 PM
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Originally posted by kcs7272
I will make you a deal everyone who plays the lottery send me $20 a week (probably less than you spend on the lottery) and I will invest it and give you actual money back once every 5 years, it's better than the deal you are getting now!


Lol, i would never play the lottery, its a con, do not tell me the balls cannot be fixed in this day and age.

Waste of time period, more fixed than horse racing.

Just imagine all he people doing lottery all over this world, and where does that wasted hope get them. People want the wrong things, and your making someone rich.
edit on 1/4/2011 by andy1033 because: (no reason given)



posted on Jan, 4 2011 @ 02:09 PM
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reply to post by truthmagnet
 


very interesting post. Yes scratch off is a big business. Just walk around any convenience store.. you will see unwinning scratch off tickets all over the grounds.

Thanks for your input.



posted on Jan, 4 2011 @ 02:25 PM
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Mega Millions is a multi-state lottery. It is played in roughly 40 states. The lotteries that are strictly limited to individual states are more likely to give back to education funding.

As far as paying taxes: If one decided to take the "cash out" option at the time of winning, taxes are deducted from the amount immediately. The cash out option for tonight's drawing is around 200 million bucks. The roughly 30% deducted is from the jackpot amount of the estimated 330 million dollars. It makes more financial sense for one to take the lump sum amount than to receive an annuity over the course of 20-40 years. Once the 200 million are deposited into the trust (or trusts) of your choice, you can comfortably live off a 5% interest on what is in the account. Your 5% would give you 10,000,000 a year to live off of without ever touching the principle. Of course, you will have to pay taxes on this interest, but your main principle will not be touched. After taxes on your "interest income" you will still take home around 7,000,000 a year.

I do agree that these lotteries are pretty bad. I consider them an "idiot tax." But the adventurous side of me is going to go buy 10 bucks worth of tickets. Hey, you never know.

Then again, I have a better chance of beating a Great White Shark to death with my bare hands while at the same time getting hit by lightning than I do winning the jackpot.


One can always dream.





Peace be with you.

-truthseeker



posted on Jan, 4 2011 @ 03:32 PM
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Originally posted by truthseeker1984
I do agree that these lotteries are pretty bad. I consider them an "idiot tax." But the adventurous side of me is going to go buy 10 bucks worth of tickets. Hey, you never know.



Agreed - it's a fun, long shot, ultra risky investment.

To minimize your losses the best way to play is to pick a lotto game where the secondary prize would still be a "life changing" amount and do the $1 extra play on it.

Play one ticket every drawing for a year (per family) - and you quite likely will get up to 33% of that back - however if you win the primary or secondary prize - your (families) life finances will be potentially forever positively altered.

I play the Powerball and Mega-Millions twice a week @ $2 a ticket for 52 weeks for a total outlay of $416 a year - and I usually win between $100 to $130 back.

This is the sanest, lowest risk, strategy according to the lawyers and accountants I worked with day in and day out at the lottery.

(buying more tickets per drawing for an average family is statistically useless for improving your odds)

Never Ever EVER buy scratch off tickets - accept for a gag or larf - they have horrible odds and are often illegally manipulated (my State Lottery illegally misrepresented prize odds also on them - and it was fairly new and under an unusual amount of public scrutiny - this is an industry wide problem)

Oh - and for goodness sakes - if you do win - refuse all public appearences disclosure you can get away with denying - and have a lawyer put your money in a trust - under an untraceable name - where even your family can't access 90% or more of it for a specified cool down time (usually 1 to 3 years) - and don't tell a soul that you won - its a burden for you AND a burden on them - just help family/charity anonymously.

Good Luck to everyone playing!


edit on 4-1-2011 by truthmagnet because: (no reason given)

edit on 4-1-2011 by truthmagnet because: (no reason given)



posted on Jan, 4 2011 @ 03:37 PM
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Thanks for all of the responses so far!!!! like I said, I know the money is to go to this and that but I have to believe it ends up mostly in some rich S.O.B.'s pocket or account.

Correct that the Mega Millions is a lottery shared by many states but A. How much do they take in as opposed to giving out? B. That interest that is collected as the money sits in the account waiting to be won has to be INCREDIBLE!!!!!

Scratch offs!!?!???? Don't get me started I agree it is the equivalent of crack!! LOL Like I said If anyone one wants send me their money they spend on lottery and I will put it in an interest bearing account and some other options and I will give you back like 25% of your earnings after taxes yearly taken from the interest and gains from ALL of the pool of funds!!!

Sounds like a deal huh? Everyone who plays send me $20 a week instead of buying tickets, LOL it's a sure payout!!! That would be $2 million a week if 100,000 people put $20 a week in!!! That's crazy! Think of what the pay out in interest alone would be in 1 year YIKES!!!

I know I am goofy but I wish I invented this scam called the lottery!!! That is why the government trys to make other forms of gambling illegal! You have better odds and they aren't getting any of the money!!!!



posted on Jan, 4 2011 @ 03:49 PM
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reply to post by truthseeker1984
 

Wow I see you have taken alot of time thinking "what if"...

I sounds real good when you brake it down like that.

I'm had to the store to cash in my $30 winner to by a Mega Lotto...

See ya



posted on Jan, 4 2011 @ 03:55 PM
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Reply to post by kcs7272
 


But the lottery money is being put to good use. The "general fund." You need to pay your stupid tax so your politicians can buy the votes of imbeciles with nonsensical and destined for failure/bankruptcy legislation and policies.

Politicians need jobs too ya know.


 
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posted on Jan, 4 2011 @ 04:56 PM
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They probably are hurting for money. The jackpot does not come from the states pocket.... It comes from OUR pockets.... Ticket purchases.....



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