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Large Jackpot in 2008 PB and/or MM

Avatar
delS

Happy New Year and may it be a prosperous one for every LP member.  Your thoughts on the next large jackpot.  I think we'll see the very first $400m Jackpot by June!

Guru101's avatar - rw6jhh
Guru101

I think we'll see a $400M jackpot by September, especially with the talk of a Powerball matrix change.

spy153's avatar - maren
spy153
In response to Guru101

I have to agree.

Avatar
LckyLary

<super cringe> Powerball matrix change again??? it's like changing dirty diapers, it never stops!!! Just what we need, more #*&^@ balls because it's wayyyy too easy to win the obscene prize of 3 dollars!!! At some point people are going to throw in the towel and their efforts to increase their sales are going to backlash and make sales drop instead. Not to mention that it boogers up my program every time they do this every what, 2 years lately? Then Mega is going to do the same thing? I would rather see them join forces and keep the matrix as is now on PB or MM. For crying out loud, 25 million isn't enough for people??? The odds will end up soon to be more than the population of the country! Can you tell us where this bad news came from?

dvdiva's avatar - 8ball
dvdiva

If any game would be ripe for change it would be Euromillions. Currently they haven't even had a double rollover in over 2 months.

Best thing state lotteries can do to help increase sales would be to push to have winnings from state run lotteries to be exempt from Federal income tax like the rest of the world. Just knowing the money is tax free would increase sales. I don't count on the current administrators to be that smart but there's always hope.

Avatar
KY Floyd
In response to dvdiva

I'm skeptical that making the prize tax free would do much to increase sales. Sure, it would make the net prizes bigger, but what percentage of lottery players use that number in deciding whether or not to play, and how much? You're one of the regulars here, but your post in the powerball matrix thread suggests that you dodn't know where the cash and annuity values even come from. Why would you expect the average lottery player to be aware of the actual net when a lot of players are confused by the difference between cash and annuity value.

What will definitely happen if they get rid of taxes on lottery prizes is the government's take from lotteries will drop significantly if sales don't increase. They'll need to make that up somehow, and that will probably mean that everybody who doesn't win a jackpot will help make up the difference.

four4me's avatar - gate1
four4me

When you take the cash option uncle sam should pay the taxes on your half after all they are getting the other half are they going to pay tax on their take of the prize... no way. 

dvdiva's avatar - 8ball
dvdiva

The cash prize comes from sales like all games. Currently considering the low post cash value most jackpot games offer compared to the odds it's better to spend your gambling dollars in Vegas or at a reservation considering the money spend, the potential post tax prize and the odds. This ratio gets worse when taxes are rased for public health care. The amount gained from taxing Jackpots is low since the total amount given out in Jackpots is low compared to total sales.

The money spent on jackpot games has been going down especially in games where the jackpot levels have been stagnant. As far as confusion I don't think they are. Sales listed at lotto report match sales and the cash prize closer to any inflated annuity. There isn't an unlimited amount of gambling dollars to go around. Private casinos and reservations don't add to the government's bottom line unlike state run games. I think it's sad that the US continues to be the only place that taxes money won from state run lotteries. 

ThatScaryChick's avatar - pI8lWzJ
ThatScaryChick

IMO we will see a few jackpots reach the 250 million mark and maybe one or two reach 300 million. I'm not sure if we will see a 400 million jackpot unless there is another matrix change.

spy153's avatar - maren
spy153
In response to Guru101

Does anyone know why the powerball matrix change?

dvdiva's avatar - 8ball
dvdiva
In response to spy153

I haven't seen anything on a change, so I'll believe it when it happens. The change is to get larger jackpots. I think they will get at least one jackpot over $300M with the current matrix during 2008. If they increase the second prize too much it risks breaking some of the smaller states unless they switch the second prize to a national liability instead of carried by each state like it is now.

Mega will have 2 pots over $200 but I doubt will break $300 for 2008.

Euromillions will be the worst with large pots only coming from bonus rounds. 

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