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Powerball jackpot for Feb. 19 is $400 million.
susan wolcott February 18, 2014 at 12:25 pm
What is villalibra?
joe macksoud February 19, 2014 at 09:38 am
Even with a jackpot of $400 million, the Powerball is still not an “even money bet”. AnRead More even money bet is like flipping a quarter: there is a 50-50 chance of winning a quarter for the quarter bet. Not so with the Megamillions or Powerball. The odds of winning are 175,000,000 to 1 for Powerball. So what does it take to become an even money bet? Well, let’s work backwards and assume Federal income taxes only and you buy your ticket in a state with no state income taxes. The highest Federal tax bracket is 39.6%. So $175 million ( the even money bet ) has to gross up to $292 million before taxes. To win $292,000,000, the jackpot has to be about $550,000,000 so that the cash lump sum would equal $292,000,000. Oh, and if you are thinking about “ buying the board” or buying every ticket? Spending $175,000,000 to buy all possible combinations will only work when the jackpot exceeds the $550,000,000 mark. So, as it stands, other than the fantasy value, you still are playing a “suckers bet” until the jackpot rolls over one or two more times and the jackpot exceeds $500 million. Am I buying a ticket tonight for the $400 Mil? Darn right! I did say there was a fantasy value didn’t I? “ The lottery is gambling for people who are bad at math”.
william savick February 19, 2014 at 07:24 pm
joe, your not "bad at math" if your the 'one' out of 175,000.000.
Pam J November 1, 2013 at 09:49 am
The downside is the payoffs for having just the Mega Ball or a few white balls has dropped. YouRead More only get $1 if you have the Mega Ball, which used to be $2. I guess that will encourage you to pay the extra dollar for the power play.
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