Powerball Lottery now at $475 MILLION

[LovelyLadyLux]

Here you can buy lottery tickets in the grocery stores. Yesterday afternoon I saw that Powerball was at $360 Million and the drawing last night so I bought a ticket - but -

Nobody actually won the $360 so now it is estimated the pot will rise to $475 million. At these high numbers I guess I'm going to be prompted to purchase another ticket. I'm really not a big time player but I do buy 1 ticket when I'm in a grocery store that sells them and when the pot is in the multi millions.

I've never thought through what I'd do if I won and I almost think that any one person winning such a huge amount might find it more of a headache than anything else.

In these tough economic times I've long thought that I'd really rather see them draw 450 tickets awarding 1 million each vs 1 ticket @ 450 million. OR maybe make the top prize 45 million (10%) and then second 10 million and the rest 1 million. Mostly I'd love to see a formula that spreads the wealth out and about to lots more people.

What would you do if you actually won $475 Million?

[Grandad]

Have a miocardial infarction I expect

[LovelyLadyLux]

Yeah - if the actual news of me actually winning something struck then I'd first have to wonder if I'd stay alive

I think it would actually be hard work to manage 475 million........

After the obvious of clearing all the kids mortgages and setting up educational funds for the kids I'm not totally sure what I'd do. Be something charitable but would have to also be something really practical so that people would actually have improvement in their lives......

[Kiya]

I think first of all I would disappear on a month or two holiday & sit back & watch & hear how everyone reacts to my big win fall, then take my time & work out who deserves a share of my win
Only in dream land I think

[LovelyLadyLux]

Pie in the sky comes to my mind however somebody has to win. Can't not buy a ticket myself when the winnings are that high.

I must say I buy one cause really I don't get wrapped up in 'winning' on such a lottery. Unfortunately the person in front of me in the line purchased close to $40 which I see as a rather large amount to put into a lottery which such incredible odds of not winning. Just hope the $40 was not originally earmarked for food or some such and I do hope that this was not non-discretionary money 'in hopes' of a winning.

[LovelyLadyLux]

Just saw a news blurb and because the lottery is SO high it has now gone to 600 MILLION!

GEEESHHHHHH!!!!

[Jayway]

I know exactly how I would distribute the millions, no problem. BUT, apparently THEY DONT PAY YOU THE WINNINGS, you get it in bits and pieces so your non-optional lawyers, advisors, mental stress assistants etc., can take their cut, and therefore THE WHOLE LOTTERY BUSINESS IS A BIG FAT LIE.

[LovelyLadyLux]

This lottery became SO popular that the final winning was actually 600,000,000 and apparently ONE person in Florida won it. The take home dollar amount, after taxes owed is something like 350,000,000 OR they give you the option of getting so much money weekly or monthly for the rest of your life (like I'd take that option - NOT)

I really believe the totals of these lotteries should be brought down - 600 people winning one million is much more a boost to everything and everybody than one mega winner.

AND - ok I did buy ONE ticket. When I went to the grocery store and it read "WINNER" I nearly died........

When the clerk handed me my winnings ($7) I went out and enjoyed a nice lunch.......

[Grandad]

Do you have to pay tax on lottery winnings LLL? We don't, and get to keep the lot and all the problems that a big win brings.

Apparently the odds against winning Powerball are 175,223,510 to 1, our lottery is around 14,000,000 to 1 so rather better odds than yours. That is because our first drum has 49 balls and our 'bonus ball' drum has 14 balls. 6 are drawn from the first drum and 1 from the bonus ball drum.

In the Euromillions draw (available in 9 European countries) the odds are nearer to yours at 116,531,800 to 1. In this draw 5 random numbers are computer generated from 1 - 50, and 2 further numbers randomly generated from 1 - 11.

So, the UK lottery has the most favourable odds but the jackpot is seldom more than around £3million unless there is a rollover.

BUT I STILL THINK YOU NEED TO FESS UP.......YOU WERE SPOTTED A WEEK OR SO AGO BUYING A TICKET IN A FLORIDA STORE

[LovelyLadyLux]

Yessssssssss it was ME - there I was in Florida cashing in my tickie!

As a Canadian I do NOT have to pay taxes on winnings but I do have to pay tax on any income any winning generates. I know in the USA when people go to gamble the USA takes their tax share asap and then there is apparently a process for recovering this amount. (Am truly not a gambler so really don't know)

Those odds are not great but when the lottery gets big enough and if I'm near a sale point I do sometimes buy one ticket. Somebody has to win