Thread: Powerball jackpot world's largest at $1.3 BILLION

Powerball jackpot world's largest at $1.3 billion

By JOSH FUNK 22 minutes ago

OMAHA, Neb. (AP) — Disappointed you didn't win the Powerball jackpot this weekend? Don't be.


Lottery officials say the estimated $1.3 billion prize is the world's largest. Ever.

"Biggest jackpot in the history of the world. Absolutely confirmed," Texas Lottery executive director Gary Grief said.

The jackpot is so big that billboards in Texas and around the country have to advertise the price as $999 million because they're not built to show billions. The lottery computers will handle the decimal point without a problem.

No one matched all six Powerball numbers Saturday night, leading to the astronomical prize. And that is all but certain to grow before the next drawing Wednesday, according to Texas Lottery spokeswoman Kelly Cripe.

"We've never been at these levels," said Grief, whose state lottery is part of the Multi-State Lottery Association that runs Powerball.View galler


Samir Akhter, the owner of Penn Branch Liquor, exchanges money for Powerball tickets, Saturday, Jan. …

The odds to win are one in 292.2 million. Seventy-five percent of all the possible combinations were purchased before Saturday's drawing, Grief said, and he expects that enough tickets will be sold to cover about 80 percent by Wednesday.

About 95 percent of Powerball tickets have computer-generated numbers.

"I've been in the industry over 20 years, and I've seen jackpots hit when we hardly have any of the potential numbers covered — like 5 percent of the possible combinations covered. And I've seen other jackpots when we've had 95 percent of the combinations covered and it rolls," Grief said.

The jackpot has ballooned since its Nov. 4 starting point of $40 million.

Saturday's winning numbers — 16-19-32-34-57 and Powerball number of 13 — did gain some people a little wealth: 25 tickets won $1 million by matching five numbers, and three other tickets won $2 million because they paid extra to multiply smaller prizes.

The record jackpot lured an unprecedented frenzy of purchases. Between Jan. 6 and Saturday's drawings, more than $900 million in Powerball tickets were sold.

Officials expect similar sales before the next drawing, but Grief said it's hard to predict how excitement about the record jackpot will boost sales.

"It's exponentially greater than any sales that any of the states involved have ever seen," he said.

http://news.yahoo.com/latest-no-powe...080229486.html

'Ain't this a b****h I almost won!' Bankrupt rapper 50 Cent claims he nearly won Powerball after getting three numbers (and pocketing $7)

No one claimed jackpot in Saturday's nearly $950million Powerball draw

50 Cent joked that he 'almost' won after getting three numbers right

The rapper, whose real name is Curtis Jackson, actually won just $7

But he's determined to win big, adding: ‘Watch I’m gonna win this S***'

America was whipped into a frenzy as the Powerball jackpot soared… but no-one claimed the record prize in Saturday’s draw.

However, a certain bankrupt rapper took to Instagram to joke that he ‘almost’ won after having only three of the necessary six numbers.

50 Cent posted his ticket on the social network on Saturday nightly, adding: ‘Balls. $899,999,9679 away from Jackpot. AINT THIS A B**** I ALMOST WON!!! [sic]’

And now that the prize has soared to $1.3billion, it appears the lure of becoming a billionaire means the rapper, whose real name is Curtis Jackson, will continue to play.

The winning numbers for the $949.8 million Powerball jackpot on Saturday were 32-16-19-57-34 and Powerball number 13.

But despite only winning $7, the 40-year-old is determined to land the jackpot – a world record – as he added: ‘Watch I’m gonna win this S*** [sic]’.

In May 2015, Forbes estimated his net worth at $155million – with income generated from music as well as his business ventures in beverages, technology and clothing.

However, the number is set to be revised after Jackson filed for bankruptcy in July last year after a jury ordered him to pay $7million to Lastonia Leviston for posting, along with mocking commentary, a sex tape of her on his personal website.

Leviston, who has a child with the Jackson’s rap rival Rick Ross, said the tape destroyed her life and drove her to the brink of suicide.

He was also embroiled in an $18million lawsuit over his headphones business and said his costly legal problems forced him to file for bankruptcy.

Jackson has also been forced to drop the price of his Connecticut mansion in a bid to raise funds after his bankruptcy filing.

The 21-bedroom property in Farmington was listed for sale in 2007 at $18.5million but the price was slashed several times in his attempts to sell.

In October last year, he dropped the price yet again to $8.5million.

However, more recently, it seems the rapper has returned to his lavish displays of wealth.

In recent posts on Instagram, he has flaunted stacks of cash which he stores in his fridge and oven.

Read more: 50 Cent shares his Powerball ticket after winning just $7

Opinion: I already know the winner of the next Powerball drawing
Published: Jan 11, 2016 10:12 a.m. ET

Who is it? It’s the federal, state and local governments, which grab up to two-thirds of the jackpot

By
CULLEN ROCHE

(Editor’s note: The following article was written before Saturday night’s Powerball drawing. No one won the grand prize of about $900 million. The next drawing will be Wednesday.)

Tonight’s Powerball is expected to total $900 million. But you won’t get $900 million — not even close.

Most winners choose the lump-sum-payout option, which, in this case, will amount to $558 million. That is probably the smart move for a savvy saver in a low-interest-rate environment who will wisely allocate the cash in a diversified portfolio expecting to beat the rate of return of the 30-year-annuity option. But since most winners aren’t savvy investors, this is usually a bad option. The annuity forces the winner to be more disciplined, which, given the life-changing sum of money, is probably a good thing for most people.

But let’s not focus on the “winner” here because the real winner of the lottery system is not the person who buys the winning ticket. The real winner is the government, which taxes the winner. The government automatically withholds 25%, but the winner will be bumped into the highest marginal tax bracket in the case of the lump sum. In addition, the player will very likely pay a state tax (usually 4% to 9%) and perhaps even local taxes. While the Powerball will be marketed as a $900 million prize, the actual payout to a winner in, say, Washington D.C., will be only $289.6 million — a full 68% less than advertised.

Importantly, the revenue from the lottery is itself a type of tax often termed the “poor tax,” given that the lottery has a disproportionately negative impact on the poor. Typically, about 25% of the revenue goes to fund state programs, but according to Duke University economics professor Charles Clotfelter, author of “Selling Hope: State Lotteries in America,” there’s little evidence that this has any meaningful positive economic effect. Sadly, a whopping 15% of the revenue goes to financing the marketing of this gigantic economic drag. So the lottery system actually looks a lot more like a massive back-door tax scheme than anything else.

I find the whole lottery system rather disturbing. It preys on our behavioral biases and irrational understanding of money. So while the media will widely tout the “winner” of any drawing, the real winners will be the government entities that spend millions to promote a program that does little public good and hurts those who need the money most.

Cullen Roche is the founder of Orcam Financial Group LLC, a financial-services firm that offers low-fee asset-management, private-advisory, institutional-consulting and educational services. He also is the author of “Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance” and “Understanding the Modern Monetary System.”
http://www.marketwatch.com/story/i-a...ing-2016-01-10

California State Lottery - Wikipedia, the free encyclopedia
https://en.wikipedia.org/wiki/California_State_Lottery
Wikipedia
California does not tax California Lottery winnings . . .

California State Lottery

Lottery Act[edit]

The California State Lottery Act of 1984 was intended to provide more money to schools without imposing extra taxes. Accordingly, the Lottery was required to provide at least 34% of its revenues to public education, supplementing (not replacing) other funds provided by California. Another 50% of its revenues must be paid to the public in the form of prizes, making a mandated minimum of 84% of all funds that must be given back to the public in the form of prizes or funds for public education. The remainder, a maximum of 16%, was to be spent on administration, such as salaries and running the games...

Tue Jan 12, 2016 11:59am EST

Powerball hits $1.5 billion, largest-ever lottery jackpot for one winner

A person holds a Powerball ticket in New York January 10, 2016.
REUTERS/STEPHANIE KEITH

The Powerball lottery jackpot climbed to $1.5 billion on Tuesday, making it the largest-ever U.S. lottery prize as well as the world's biggest potential jackpot for a single winner, according to lottery officials.

The payout has increased due to strong ticket sales on Monday, said Texas Lottery Commission spokeswoman Kelly Cripe.

The Powerball lottery drawing will be held on Wednesday. The game is played in 44 states, Washington, D.C. and two U.S. territories.

The jackpot is worth $930 million if a winner chooses an immediate cash payout instead of annual payments over 29 years, according to the Multi-State Lottery Association.

The grand prize in Wednesday's drawing is the world's richest lottery jackpot that could go to a single ticketholder, and the amount is expected to rise further before then, according to lottery officials.

The Powerball jackpot has been growing ever since the last winner was drawn in November.

While the current $1.5 billion prize is by far the largest ever up for grabs in North America, Spain's El Gordo lottery, or "the Fat One," had a prize pool of $2.45 billion in December 2015. A year earlier, it totaled $2.7 billion.

But El Gordo payouts are awarded to thousands of ticketholders while Powerball's riches could go to a single ticketholder.

http://www.reuters.com/article/us-us...0UQ21920160112

in a few country of Europe we have a lottery as far i remember a bigger price was 190 Euros a winner in France FDJ with Euro Millions Ticket you got to bet minimum 2,50 and if you have all 5 numbers and 2 stars out of 50 numbers and 11 more you bet more you win but France tax you to pay on everything you make even on game like that

• Canadians Flock to U.S. to Try Their Luck at Record Powerball
  
  
• Mexicans cross the border to buy Powerball tickets

California Lottery
✔@calottery

We have a winner in California! A jackpot-winning ticket was sold in Chino Hills. We’re still awaiting results from other states.
8:13 PM - 13 Jan 2016

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???? I'm still trying to figure out what this has to do with our mission on ALIPAC. Shouldn't this be in the "Other Topics" forum?