Lotteries are said to be sucker bets for those who lack mathematical understanding, but some who understand systemic quirks can exploit them for huge gains. [More]
A Michigan man isn’t letting something a lottery windfall stop him from using government assistance to buy food. [More]
There are lots of things that you would probably do if you won the lottery. Pay off your family members’ mortgages, fill a Jacuzzi with hot chocolate, buy a water park, or donate to your favorite blog. However, a basic understanding of math will force you to admit that there are much better places for your dollar than the lottery’s coffers. You can, however, simulate the experience of playing the lottery for decades at a time without ever spending money on a ticket. This handy web app simulates the experience of playing the same numbers in the multi-state MegaMillions game for as long as ten years. [More]
A couple weeks back, we brought you the story of a reader who found out that Chase now considers playing the lottery as internet gambling — but only after they nailed him with exorbitant fees and sky-high interest. Now, the New York Lottery has turned the tables on Chase MasterCard, alleging that these extra charges are illegal. [More]
If you’ve ever played the lottery, here’s your chance to vicariously live through the moment of realizing you’re the winner. Store clerk Chris Shaw recently became a $258.5 million Powerball winner of the Missouri lottery, and here’s the footage of him arriving at the gas station where he bought it and learning he gets all the marbles. If anything he seems pretty aw shucks and humble about it. [More]
Earlier this week, a lottery winner pulled up her stretch Hummer in front of a Burlington Coat Factory store near Columbus, Ohio. In an Oprah-esque share of largesse, she promised to buy every shopper in the store $500 worth of merchandise. But she turned out to be no fairy godmother. She wasn’t even a real lottery winner. When customers discovered the lie, they took their frustration out on the store, trashing it.
Lotteries are bad news — regressive tax systems that nickel-and-dime the poor to raise money for public necessities such as school by dangling the false hope of riches before the unwashed masses.
It’s a problem most lottery players would like to have but will never face — what to do with that jackpot?
Would you buy that “Million dollar” lottery ticket if you knew that someone had already claimed the million bucks? No? Well, if you buy lottery tickets in Virginia you may have been doing just that, according to a new lawsuit.
The sad news is that 1 in 3 lottery winners are in serious financial trouble or even bankrupt within 5 years. Why? The suddenly wealthy often never learn to manage their money.
The lump sum payout is, for most winners, the best choice. You know the tax consequences, you know the lump sum payout and you often have the opportunity to invest the proceeds to earn more than you could with the guaranteed return from the annuity payments.
Good to know. Now we just have to concentrate on the numbers… the numbers…
“Mr. Jackson, who lives in Hamden and could not be reached for an interview this week, told local newspapers back then that he had been distracted by caring for his sick father, who owned the floor-cleaning business where he worked. By the time Mr. Jackson realized he had the winning numbers, it was 11:45 p.m. on a Sunday night and he figured lottery headquarters would be closed. The next day was Columbus Day, a holiday, so he thought it was impossible to contact a state official.
Poor Mr. Jackson. If you people play the lottery, check your tickets! Its bad enough to throw away one dollar on a ticket, don’t throw away millions.—MEGHANN MARCO
When I was a kid, I always looked forward to McDonald’s Monopoly rolling around. It always seemed like a million bucks was just one Boardwalk sticker on the back of my small fries away. Of course, I didn’t know the odds, but as McDonald’s Monopoly rolls around again, Fast Food News has been kind enough to tell you exactly how unlikely you are to get anything at all.