Man claims $16M Florida Lotto prize

May 21, 2008, 7:40 am (39 comments)

Florida Lottery

Played new Lotto feature to up his winnings by $10 million

First winner of Lotto Plus feature

A Bradenton, Florida, man Monday stepped forward to claim his winnings for a $16 million lottery ticket.

Charles E. Hill, 56, took the one-time, lump-sum payment of $9,072,011 on the ticket he purchased May 10 at Bud's Mini Mart, 1000 Carlton Arms Blvd., according to a Florida Lottery press release.

Hill purchased a $2 ticket that upped his winnings by $10 million over the $6 million jackpot. He was the first lottery winner in the Lotto Plus jackpot since it was introduced March 2.

"I will continue playing Florida Lotto," Hill said, according to the press release, "But I think I will start buying the $3 Lotto Plus from now on."

The Florida Lotto game offers players three levels of jackpots. A ticket purchaser can choose to pay $1 and be eligible for the posted jackpot, which starts at $3 million and rolls over to the next drawing if no one matches all six of the winning numbers.

A Lotto player also can purchase a $2 ticket and add $10 million to the jackpot if the six numbers are picked, or play the $3 ticket and have $25 million added to the winnings.

Hill is the fifth Florida Lotto winner to purchase a winning ticket in Manatee County since the game started in 1988 and the 938th overall.

Jay Patel, owner of Bud's Mini Mart, will receive $20,000 for selling the winning ticket.

"I saw him the other day, and he didn't say anything to me," Patel said. "But a co-worker came into the store before that and said Chuck had quit his job."

Hill worked at Southern Comfort Heating and Cooling, 410 22nd St. E., said Service Manager Paula Dodd.

"This is a fabulous thing for him," Dodd said. "We all wish him luck."

She said Hill was a gentleman and very kind to his co-workers and customers.

"He is very dependable and always on time," Dodd said. "We'll miss him very much."

Patel said he remembers selling the ticket to Hill.

"It's all coming together now," said Patel, who did not know about Hill claiming the prize until contacted Monday morning by the Bradenton Herald.

Hill chose to take the lump sum option, but he could have spilt his winnings into part lump sum and part annuity because he bought a Lotto Plus ticket, said Florida Lottery spokeswoman Jennifer Greene.

"The winnings come out of two different prize pools," Green said. "It's good because if your not as responsible as you thought you were and go through your winnings, you still have a regular income from the annuity."

Although Hill often purchases Quick Pick tickets, where the computer picks the numbers, this time he chose his own numbers, he told Florida Lottery officials.

The winning numbers were 11-15-22-23-25-42.

The next Florida Lotto drawing will be held at 11 p.m. Wednesday and has a $9 million jackpot for a $1 ticket.

Bradenton Herald

Comments

time*treat's avatartime*treat

"But I think I will start buying the $3 Lotto Plus from now on." LOL

"But a co-worker ... said Chuck had quit his job." No No gossipy, aren't they?

JackpotWanna's avatarJackpotWanna

Wise $2 investment. = $16 million!

 

Wow!

ThatScaryChick's avatarThatScaryChick

I'm sure he is happy that he decided to add that extra dollar. Yes Nod

GamerMom's avatarGamerMom

what ticks me off about the whole, add 1 or 2 dollars is: If you spend the extra $$$ and get 5 out of 6 numbers you still win the same lousy five or so grand.  I think it should be upped all across the board. 

 

They are making a KILLING off of this.  I will never pay more than $1 for my Fla lotto numbers.

tiggs95's avatartiggs95

I use to carry mail in Bradenton and know where he bought the ticket..Good for Charley and at his age glad he is quitting his job and living off the money..That's I will do when I hit!!...

MeFirstYouLast

Quote: Originally posted by JackpotWanna on May 21, 2008

Wise $2 investment. = $16 million!

 

Wow!

Like everything in life, it always wise - when it works out.  For the thousands who lost their money, it wasn't aa wise investment. 

This is just additional proof that the shiney lure never fails to attract the losers.  Buying a lottery tickets has three main characters: One, those that want the jackpot; Two, those that have a lower acievement goal, which is, take anything they can get, and Three, those who just spend money because they haven't brains enough to drop their drawers when they sit on the pot. When you are in category one, spending money on second place increase is foolish, buy two tickets and increase your chances for the jackpot.  When you are in catagory two, you must spent the extra money - because you don't plan to win a jackpot. If you are in category three, spend everything you have or just spend a dollar, it makes no difference.  The bad news, most winners are category three!  When they win, they have made zero plans to win, thus make dumb statements at their press conference.

I am in category one, wishng I could downgrade to category three.  It would be cheapers, and my odds of winning would increase tremendously.

psykomo's avatarpsykomo

Quote: Originally posted by MeFirstYouLast on May 21, 2008

Like everything in life, it always wise - when it works out.  For the thousands who lost their money, it wasn't aa wise investment. 

This is just additional proof that the shiney lure never fails to attract the losers.  Buying a lottery tickets has three main characters: One, those that want the jackpot; Two, those that have a lower acievement goal, which is, take anything they can get, and Three, those who just spend money because they haven't brains enough to drop their drawers when they sit on the pot. When you are in category one, spending money on second place increase is foolish, buy two tickets and increase your chances for the jackpot.  When you are in catagory two, you must spent the extra money - because you don't plan to win a jackpot. If you are in category three, spend everything you have or just spend a dollar, it makes no difference.  The bad news, most winners are category three!  When they win, they have made zero plans to win, thus make dumb statements at their press conference.

I am in category one, wishng I could downgrade to category three.  It would be cheapers, and my odds of winning would increase tremendously.

WOW>>>>YouLast:

This would be a G@@D POLL>>>>>????????????

Please tale us about UR pottie manner's & droppin drawer's ?????

IF U live in VEGAS, U  could most likely write a book on UR above post

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^Puke

LOL

PSYKOMO

pigsNtrees's avatarpigsNtrees

Quote: Originally posted by MeFirstYouLast on May 21, 2008

Like everything in life, it always wise - when it works out.  For the thousands who lost their money, it wasn't aa wise investment. 

This is just additional proof that the shiney lure never fails to attract the losers.  Buying a lottery tickets has three main characters: One, those that want the jackpot; Two, those that have a lower acievement goal, which is, take anything they can get, and Three, those who just spend money because they haven't brains enough to drop their drawers when they sit on the pot. When you are in category one, spending money on second place increase is foolish, buy two tickets and increase your chances for the jackpot.  When you are in catagory two, you must spent the extra money - because you don't plan to win a jackpot. If you are in category three, spend everything you have or just spend a dollar, it makes no difference.  The bad news, most winners are category three!  When they win, they have made zero plans to win, thus make dumb statements at their press conference.

I am in category one, wishng I could downgrade to category three.  It would be cheapers, and my odds of winning would increase tremendously.

Do you feel the same way about the Megaplier? I have never bought a ticket that I didn't think, I could win this. My lotto tickets are not an impulse buy. So the idea that I could double, triple or quadruple my money, for a dollar more, makes sense.

mken32's avatarmken32

I will buy my 3 bucks Ticket......

Think's avatarThink

Quote: Originally posted by GamerMom on May 21, 2008

what ticks me off about the whole, add 1 or 2 dollars is: If you spend the extra $$$ and get 5 out of 6 numbers you still win the same lousy five or so grand.  I think it should be upped all across the board. 

 

They are making a KILLING off of this.  I will never pay more than $1 for my Fla lotto numbers.

This is a jackpot game.  The smaller prizes are there so you can feel like you won something.  I don't understand why people play jackpot games to win second prize or lower prizes.   Maybe you don't understand how good this in-state game is compared to other states where you have to wait forever for the jackpots to grow!  Google "ring michigan"  and find the lottery link and look how long it takes a jackpot here to roll to 3 million dollars.  If I could pay a dollar or two extra so I didn't have to wait forever for the jackpot to grow I would.

 

As far as never paying more than a dollar for a ticket maybe you should consider inflation in your figurings.

Anyway you have the choice there in Florida that nobody in any other state has yet.  You can pay 1,2, or 3 dollars and go for whatever jackpot level you want.  Choice is a good thing.

MeFirstYouLast

RULE ONE: The lottery was created to T-A-K-E your money, not to reward you for gambling.  RULE TWO: See rule one.

The extra dollar gimmick was activated because studies show it would make money for the lottery.  The officials make bonuses whenever they make additional money.  Paying an extra dollar for a lower tier win is a guarenteed bonus maker for a Lottery Directory.

Once the ten ammendments were added to the U.S. Constitution, no one in the governemnt, city, state, or federal, has ever written a law that will be to your benefit or add to your freedoms.`  Everything from that days is written to make money for the government.  Remember, the government has no money and can only get money from willing citizens.  Thus, to keep a cushy six figure job, with undefinable medical and retirement benefits, they will tribble little amounts down to the masses.  That is one of the reason they allow the lottery.  They get more money and power over Americans.  Simple and plain.

When in doubt, see rule one.

GamerMom's avatarGamerMom

Quote: Originally posted by Think on May 22, 2008

This is a jackpot game.  The smaller prizes are there so you can feel like you won something.  I don't understand why people play jackpot games to win second prize or lower prizes.   Maybe you don't understand how good this in-state game is compared to other states where you have to wait forever for the jackpots to grow!  Google "ring michigan"  and find the lottery link and look how long it takes a jackpot here to roll to 3 million dollars.  If I could pay a dollar or two extra so I didn't have to wait forever for the jackpot to grow I would.

 

As far as never paying more than a dollar for a ticket maybe you should consider inflation in your figurings.

Anyway you have the choice there in Florida that nobody in any other state has yet.  You can pay 1,2, or 3 dollars and go for whatever jackpot level you want.  Choice is a good thing.

I guess i would just rather have 3 chances at winning 3 million than 1 chance at winning 12 million or whatever the top jackpot is.  I'm not a greedy person, i'll take the lower prize---it's more than I had to start with!!!

MeFirstYouLast

Quote: Originally posted by GamerMom on May 22, 2008

I guess i would just rather have 3 chances at winning 3 million than 1 chance at winning 12 million or whatever the top jackpot is.  I'm not a greedy person, i'll take the lower prize---it's more than I had to start with!!!

As long as you can afford to loose money, it matters not how you throw it away. Three dollars instead of one dollar is the advantage of those who can afford to loose money. Buy a three dollar ticket or buy a one dollar ticket and a Hersey Bar.  Atleast with the Hersey Bar, you get some nutrition - and pleasure.

Remember, the goal of the lottery is to take as much money from you as possible.  Your goal is outwit all the experts and tremendous odds; only you get to spend real money proving your point and they get to keep your real money when your fail.  Who is right more often then not?

BuyLow's avatarBuyLow

Dupe AlertOh come on....it's just like Vegas builds all the casinos with the winners money.....LOL!!!

MeFirstYouLast

Quote: Originally posted by BuyLow on May 23, 2008

Dupe AlertOh come on....it's just like Vegas builds all the casinos with the winners money.....LOL!!!

Ever seen a lottery sellers store that looks like a Casino?  I can buy a drink in a Las Vegas casino and sit for hours watching people having a great time, enjoying the color, entertainment, and comfort of air conditioning.  Cost, about five bucks.  Five bucks at a lotto store and all I get is broken english and a need to get back in my car!

Although the goal of the Casino and the lottery is to take your money, I enjoy being screwed in Vegas, in the lottery store I feel unwanted.  When I was a kid and used to bet the numbers over my fence, there was more friendliness then the Inida seller who couldn't understand anything not written on a ticket. Las Vegas Casino's go out of their way, and spend millions, to make me a happy person - while taking my money.

Same goal, just one has pi** poor management!

Think's avatarThink

Quote: Originally posted by GamerMom on May 22, 2008

I guess i would just rather have 3 chances at winning 3 million than 1 chance at winning 12 million or whatever the top jackpot is.  I'm not a greedy person, i'll take the lower prize---it's more than I had to start with!!!

Well everyone has their own way of figuring what jackpot to play for.

I figure out the yearly amount in todays dollars then multiply that by recent historic worst case inflation scenarios for 20, 25, 26 or 30 years depending on the game and then I multiply that by the annuity duration to get the jackpot that I play for.

As an example -

$50,000 * 4.831(30 years inflation) = $241,550 * 30years = 7.3 million advertised annuity amount.  Actuall figures will vary but that is as good a way to figure as any.

justxploring's avatarjustxploring

I agree with GamerMom.  The extra dollar should increase the lower tier prizes.  Only then will I spend it.  I got a few 3 out of 6 wins this year and on Wed I got 4 out of 6.  Had I spent the money on increasing the jackpot with the hope that I'd win with my other combinations (instead of just buying a few more tickets) I would have gotten nothing at all.   

Think's avatarThink

Quote: Originally posted by justxploring on May 24, 2008

I agree with GamerMom.  The extra dollar should increase the lower tier prizes.  Only then will I spend it.  I got a few 3 out of 6 wins this year and on Wed I got 4 out of 6.  Had I spent the money on increasing the jackpot with the hope that I'd win with my other combinations (instead of just buying a few more tickets) I would have gotten nothing at all.   

The smallaplier option should be there too but I would not use it.

The only time I might do that is if PB/MM had an option that had bigger multipliers but only for second and third prizes. 

Hopefully PB/MM will do a double jackpot thing and powerplay/megaply  and maybe a goldaplier that has higher multipliers but only for second and third prizes and maybe silverplier with a higher multiplier for lower prizes.  That should be enough choices for most people.

So then you could jackpot kicker if you wanted and either PP/MP  or goldaply and/or silverply

If you are going to play a progressive machine you might as well have all three quarters in.

justxploring's avatarjustxploring

Florida doesn't have MM or PB.  This article is about the Florida Lotto.  It is a 6/53 game that starts at $3 million and rolls each time nobody wins.  The extra $1 adds $10 million as a bonus and, if you spend $3 per ticket, the bonus is increased to $25 million.  In all cases, you can choose to take your prize as a lump sum (averaging 55% of the total) or a 30 year annuity.   The winner in this story won $6 million and added $1 for a total of $16 million and took the lump sum.   All I was saying is that, in this case, he got very lucky.  Actually, even winning $6 million would be okay with me!  However, considering the odds are about 1:23M, I'd rather take the extra buck and bet it on another combination.  At least the Powerplay in PB gives people who don't win the jackpot a shot at a higher prize amount, but doesn't affect the jackpot.  The FL Lotto design is just the opposite and only gives the extra bonus to the jackpot winner.  Well, at least people are getting a choice.  Now they have 2 draws each day for the pick-3 and pick-4 so obviously FL is trying to make more money.  These are all new ideas, although they're not as popular & successful as the raffles.  I wish they'd take the extra money and use it for a revote.  (Too late for a 2000 recount!)

OldSchoolPa's avatarOldSchoolPa

Quote: Originally posted by justxploring on May 24, 2008

Florida doesn't have MM or PB.  This article is about the Florida Lotto.  It is a 6/53 game that starts at $3 million and rolls each time nobody wins.  The extra $1 adds $10 million as a bonus and, if you spend $3 per ticket, the bonus is increased to $25 million.  In all cases, you can choose to take your prize as a lump sum (averaging 55% of the total) or a 30 year annuity.   The winner in this story won $6 million and added $1 for a total of $16 million and took the lump sum.   All I was saying is that, in this case, he got very lucky.  Actually, even winning $6 million would be okay with me!  However, considering the odds are about 1:23M, I'd rather take the extra buck and bet it on another combination.  At least the Powerplay in PB gives people who don't win the jackpot a shot at a higher prize amount, but doesn't affect the jackpot.  The FL Lotto design is just the opposite and only gives the extra bonus to the jackpot winner.  Well, at least people are getting a choice.  Now they have 2 draws each day for the pick-3 and pick-4 so obviously FL is trying to make more money.  These are all new ideas, although they're not as popular & successful as the raffles.  I wish they'd take the extra money and use it for a revote.  (Too late for a 2000 recount!)

I take it you would want the Democratic Party to reverse its decision to exclude the results of the primaries for Florida and Michigan...getting excluded is what happens when you don't play by the rules...sorry Hil!  Anyway, I like the way Florida has its lotto setup with a jackpot winner having a chance to add on a bonus amount for an extra buck or two.  It would peeve me off to win the PB or MM (in TX) jackpot after having paid an extra buck for the Powerplay (Megaplier) as it would have no effect on my prize amount.  Sure I would have the satisfaction of having won the el grande jackpot.  Maybe that is why I don't buy Powerplay except when April rolls around and they throw the 10x Powerplay option out there (it didn't serve me at all this year but I have hit in one prior year...hmmm...I think I won't fall for that trick in the future and just save my dollar...ahhh, I'll save my dollar for when I visit Florida and then I will buy the $3 ticket! And yes, I will be sure to tell all of you if I win and how great it feels to have some extra millionaire dough for just $2).

MeFirstYouLast

I take it you would want the Democratic Party to reverse its decision to exclude the results of the primaries for Florida and Michigan...getting excluded is what happens when you don't play by the rules...sorry Hil! 

First of all it is N-O-T the Democratic Party, it is only the Democrat Party.  It has never tried to change its name. That is a minor attempt to fool the uneducated into something it is not.

Secondly, since some one else brought it up, no matter how you look at it, honesty shows the democrats took away the votes of millions; they are showing their real colors to the public.  Rules are rules, written to enhance the decision.  The party who demand all votes be counted, except when the results would be a disaster for them  They tried to tell American citizens, when they could vote and how they could vote.  I am not sure what is democratic about that. I am fairly sure George Washington, John Adams, and Thomas Jefferson would feel differently then John Dean.  Now you wound up with an illegitimate canditate.  Kind of like Bush was said to be illegitimate when the human Florida votes were previsouly "ignored" then represented by some one elses opinion.  Personally, I prefer to have MY VOTE COUNTED not restructed for fear of riots and panic!  IF they allowed Forida (and Michigan) to be redone, The Big H would win!  Plain and simple, non-disbutable. Thus riots in the streets because the half-white guy didn't. So stated by Rev Sharpton numerous times!  It is how that group works, when in doubt, burn something.  Look at Detroit, look at Los Angeles, look at DC. Pretty soon, look at Denver!  History does not lie and cannot be re-written to be PLC!

Think's avatarThink

Quote: Originally posted by justxploring on May 24, 2008

Florida doesn't have MM or PB.  This article is about the Florida Lotto.  It is a 6/53 game that starts at $3 million and rolls each time nobody wins.  The extra $1 adds $10 million as a bonus and, if you spend $3 per ticket, the bonus is increased to $25 million.  In all cases, you can choose to take your prize as a lump sum (averaging 55% of the total) or a 30 year annuity.   The winner in this story won $6 million and added $1 for a total of $16 million and took the lump sum.   All I was saying is that, in this case, he got very lucky.  Actually, even winning $6 million would be okay with me!  However, considering the odds are about 1:23M, I'd rather take the extra buck and bet it on another combination.  At least the Powerplay in PB gives people who don't win the jackpot a shot at a higher prize amount, but doesn't affect the jackpot.  The FL Lotto design is just the opposite and only gives the extra bonus to the jackpot winner.  Well, at least people are getting a choice.  Now they have 2 draws each day for the pick-3 and pick-4 so obviously FL is trying to make more money.  These are all new ideas, although they're not as popular & successful as the raffles.  I wish they'd take the extra money and use it for a revote.  (Too late for a 2000 recount!)

Well I suppose you could see it that way but what I saw was an article about players having a choice.  Whatever game you have I believe the player should be given choices.

Currently Florida is the only state that offers players a chance to kick up the jackpot.  They should have a smalliplier too.  I know PB and MM are not sold in Florida and that is why Florida has one of the top in-state games in the country.  It would be the best if you could smalliply also.

MeFirstYouLast

Quote: Originally posted by Think on May 24, 2008

Well I suppose you could see it that way but what I saw was an article about players having a choice.  Whatever game you have I believe the player should be given choices.

Currently Florida is the only state that offers players a chance to kick up the jackpot.  They should have a smalliplier too.  I know PB and MM are not sold in Florida and that is why Florida has one of the top in-state games in the country.  It would be the best if you could smalliply also.

If I ignore the truth, that purpose of the lottery is to take money away from you, not to give it to you, I agree with the premise.  I would love to see Mega or Powerball go to some concept of where paying an extra dollar or two and doubling or trippling the jackpot.  Obviously it would result in lower base jackpots, but, when you hit, man would it be nice!

If they take fity percent and apply it now, I am not sure if they would make enough off of those who pay the extra dollar or two, to come up with a X2 or X3 for the jackpot, but the thought would be nice!  That would require a lowering of the fifty percent profit.  How would they give out bonuses and build $60M offices for their staff?

Remember, the goal of the lottery is to take as much money from you as possible.  Your goal is outwit all the experts and tremendous odds; only you get to spend real money proving your point and they get to keep your money when you fail.  Who is right more often then not?

justxploring's avatarjustxploring

Quote: Originally posted by Think on May 24, 2008

Well I suppose you could see it that way but what I saw was an article about players having a choice.  Whatever game you have I believe the player should be given choices.

Currently Florida is the only state that offers players a chance to kick up the jackpot.  They should have a smalliplier too.  I know PB and MM are not sold in Florida and that is why Florida has one of the top in-state games in the country.  It would be the best if you could smalliply also.

Think, I agree with you.  If you go back and read what I wrote, I did mention that at least the new game gives players a choice.   I was only stating that I try to stick to a budget and prefer to take any extra money I choose to spend and bet it on either another game or an additional ticket instead of increasing the jackpot.  Obviously the man who won $16 million is happy he spent one extra dollar for $10 million more.  For me, considering the odds, I'd rather increase my chances.  However, you do have a point.  If the jackpot was $3M or even $6M and 2 people won, it would certainly make a life-changing difference if one of the winners added the $10M or $25M bonus. 

MeFirstYouLast

If the jackpot was $3M or even $6M and 2 people won, it would certainly make a life-changing difference if one of the winners added the $10M or $25M bonus. 

Hummm. Very valid point.  I had not put that into the hopper.  I never think about the split; selfishness blocks that train of thought.  Good nudge!

OldSchoolPa's avatarOldSchoolPa

I think I will ignore your reply to my post MeFirstYouLast, as I believe the Donkey Party is all screwed up anyway.  Hee-Haw!

hearsetrax's avatarhearsetrax

Quote: Originally posted by OldSchoolPa on May 27, 2008

I think I will ignore your reply to my post MeFirstYouLast, as I believe the Donkey Party is all screwed up anyway.  Hee-Haw!

Roll Eyes personally I tink we need to start bbqing both the elephants & donkeys b4 they can breed again

any one got some spare napalm ??

Sandra Dee's avatarSandra Dee

just for the record my dream team would have been kucinich/perot -- fat mouth + fat wallet = a better america Crying

DC81's avatarDC81

And two creepy, whacky, little men.

hearsetrax's avatarhearsetrax

Patriot

 

if Perot had the nads to run again ....I'd vote for him

 

anything HAS GOT TO BE BETTER then whar we at now  !!!!

Sandra Dee's avatarSandra Dee

Quote: Originally posted by DC81 on May 27, 2008

And two creepy, whacky, little men.

whaaaaaa? is it their wrinkles, their squinty little eyes or ears? Green laugh

MeFirstYouLast

Quote: Originally posted by pigsNtrees on May 22, 2008

Do you feel the same way about the Megaplier? I have never bought a ticket that I didn't think, I could win this. My lotto tickets are not an impulse buy. So the idea that I could double, triple or quadruple my money, for a dollar more, makes sense.

Like some one else said on the LP, I only spend the extra dollar one time a year; when Powerball replaces a number 5 with the number 10.  I have never cheered for second place, and never will.  All my money goes for the jackpot; any hit less is nice money, but also a disappointment.  I think the megaplier is a waste of money.  Hundreds of thousand of dollars go into the state coffers twice a week, and they pay back on a less then a handfull; sometime none.  Throwing money at the lottery is bad enough, throwing another dollar at the megaplier is a major step back in the DNA evolution.  Your returns are better with two tickets then one ticket.  Simple math!

Remember, the goal of the lottery is to take as much money from you as possible.  Your goal is to outwit all the experts and tremendous odds; only you get to spend real money proving your point and they get to keep your money when you fail.  Who is right more often then not?

DC81's avatarDC81

I think I would probably be more disappointed if I matched a 5+0 than I would if I didn't match anything. Sure the second prize is nice but I was just a power/mega ball away from the jackpot! Bang Head It'd bug me even after getting the $250,000 before taxes check.

MeFirstYouLast

Quote: Originally posted by Sandra Dee on May 27, 2008

whaaaaaa? is it their wrinkles, their squinty little eyes or ears? Green laugh

A lot of people like huge ears.  Look at Barrack Hussen Obama, the half-white guy.  His ears are  twice the normal size. He has forbidden the left wing drive-by media to talk about them, but I can.  They are huge! Looks like a tall Perot with a tan!

MeFirstYouLast

Quote: Originally posted by DC81 on May 27, 2008

I think I would probably be more disappointed if I matched a 5+0 than I would if I didn't match anything. Sure the second prize is nice but I was just a power/mega ball away from the jackpot! Bang Head It'd bug me even after getting the $250,000 before taxes check.

Yeah me too. I would cry and whimper all the way to the mortgage office!  They would need a bucket to accept my payment.  Some how, I feel they would cry also; thinking of the interest they'll be loosing, and thr wet bucket.

mylollipop's avatarmylollipop

Way to go.  I was not aware that there was also an additional option for annuity and lump sum.  Neat concept for the young (thirty-five) and younger.  When you hit fifty, you need to lump-sum-it! LOL Approve

justxploring's avatarjustxploring

Quote: Originally posted by mylollipop on May 27, 2008

Way to go.  I was not aware that there was also an additional option for annuity and lump sum.  Neat concept for the young (thirty-five) and younger.  When you hit fifty, you need to lump-sum-it! LOL Approve

I never got an answer, but I once wrote to the lottery and asked if a winner can take the base jackpot as a lump sum and the bonus as an annuity.  Doesn't that make sense?  It would actually benefit the lottery commission since they wouldn't have to payout as much.  For someone who is concerned about managing his or her money, that might be the best of both worlds.  For example, if you win Lotto on Sat, you'll get $21 million with a $1 bet.  For me, there is absolutely no reason to add the extra dollar and it would make more sense to just buy another ticket.  However, let's say I marked the bonus box and go for the $10 million additional prize.  I'd have a huge base jackpot to use for investing, purchasing homes & cars, etc., and a yearly cash flow of around $335K for the next 30 years (or $835K if I bet the extra $2)   It would all depend on the current annuity rate too.  At first that's the way I thought the new game was designed, but it's obviously not since this winner got the entire $16 million. Actually, getting over $9 million isn't a bad payout, so I think the lump sum is better all around no matter how old you are.  Still, I think having both options as I mentioned above is a good idea.

MeFirstYouLast

No matter how you slice, choosing the annuity equals loosing control of the base value.  You have no control over it what-so-ever.  You have no guarantee that the end prize promised will happen.  The state will transfer the money to some group and they are no longer involved.  No state has the resources to manage annuitys for year after year.  Can you name a state that does not need extra money for something? No, they always need extra money.  Some day they will need money, and look around for resources.  Guess what is laying there waiting for them? The annuity's! They would drop a tax, say an additional 10%, and you could do nothing about it! You signed the form, you have zero control. Your participation is to get the annual check, minus what they want to take away.

You choose cash, in all cases, and you can only be taxed on the principle once - never again. To never be taxed again (on the priniciple) and to have control of my income. What a concept!  That, or spend the next twenty, thirty, or whatever, years wondering if some one will be kind enough to give you what they promised, and not give you what they didn't warn you about.

KY Floyd's avatarKY Floyd

Quote: Originally posted by justxploring on May 29, 2008

I never got an answer, but I once wrote to the lottery and asked if a winner can take the base jackpot as a lump sum and the bonus as an annuity.  Doesn't that make sense?  It would actually benefit the lottery commission since they wouldn't have to payout as much.  For someone who is concerned about managing his or her money, that might be the best of both worlds.  For example, if you win Lotto on Sat, you'll get $21 million with a $1 bet.  For me, there is absolutely no reason to add the extra dollar and it would make more sense to just buy another ticket.  However, let's say I marked the bonus box and go for the $10 million additional prize.  I'd have a huge base jackpot to use for investing, purchasing homes & cars, etc., and a yearly cash flow of around $335K for the next 30 years (or $835K if I bet the extra $2)   It would all depend on the current annuity rate too.  At first that's the way I thought the new game was designed, but it's obviously not since this winner got the entire $16 million. Actually, getting over $9 million isn't a bad payout, so I think the lump sum is better all around no matter how old you are.  Still, I think having both options as I mentioned above is a good idea.

There's no question that it would be nice if you had the option of taking some cash upfront while setting some aside as an annuity,  but that's not an option anywhere. I think it's an IRS issue, though if you can choose cash or annuity I don't see a logical reason why you couldn't choose some cash and the  rest as annuity. Regardless of how some people view the Florida game, there's only one jackpot, so you only get the one choice for cash or annuity. The payout for the lottery is exactly the same whether it's cash or annuity, because the cash is used to fund the annuity. I expect the lottery prefers paying the cash, because then they're done with it, and they don't have to worry about the annuity.

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