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Lottery Inside Source 
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Re: “Georgia Powerball ticket unclaimed

RE: eLwood's question: Since the advertised PowerBall and other jackpot amounts are actually the total amounts paid out over a series of future payments (20 yrs) what is the discount factor used to determine present value?

Tonight, if someone hits Mega Millions jackpot, the winner will have the choice of a $204 Million payout spread over 29 payouts--one immediately and one each year afterwards (29 years total) of about $7 Million a year OR a lump sum payout of $152 Million. The formula is affected by interest rates and cost of annuities, etc, so it is not an absolute percentage. But this is an example. These payments are guaranteed even if the winner dies--they go to the estate.

Lottery legend has it that no winner has ever picked the annuity. Financial experts, what would be the upside and downside of taking the annuity? The lump sum?

RE: Citizen1--Taxes withheld by lottery on prizes $5K and above: 7 per cent state and 25 per cent federal.

Posted by Lottery Inside Source on 12/27/2011 at 11:58 PM

Re: “Georgia Powerball ticket unclaimed

RE: Retail Sales bonus for the store that sold the $77 Million ticket: That comes out of the pocket of the Georgia Lottery and not out of the Powerball fund. So it is irrelevant to Arkansas whether a bonus was paid to a store in Georgia. For the record, the Arkansas "selling bonus"(1% of prize amount up to maximum of $50K) paid to Arkansas retailers who sell big prize lottery tickets is not paid unless and until the ticket is cashed.

2 likes, 1 dislike
Posted by Lottery Inside Source on 12/27/2011 at 12:50 PM

Re: “Georgia Powerball ticket unclaimed

RE: The Hot Springs $1 Million Winner. Lottery employees bumped into her at a Hot Springs business about six months after she won. She had bought a house outright, paid her bills, and set up a fund for her son's college as well as a personal trust to help support herself down the road. She had just bought a lottery ticket when we saw her.

6 likes, 0 dislikes
Posted by Lottery Inside Source on 12/27/2011 at 12:45 PM

 

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