[vpFREE] Re: Mega Million, great play!!! For the government. Not VP

 

Hi gambo

Any way , allowing 40% for taxes and the profits from selling tickets the "State" is doing good.  How did the government operate before lottery? 

Purchasing lottery with funds left after taxation makes sense to Canadians.  Long ago I hit $4000 in Niagara Falls Canada.  I asked for Large bills.  Slot person brought me 4 one thousand dollar bills.  I asked, are u taking taxes out of win.  No, she said.   We believe you paid taxes once when you earned your gambling money. 

Sounded good to me. I often wondered why it didn't catch on in USA?  It was a good point.

Cheers......Jeep  

 I did drop a few bucks with a group.  Should be enough left to split up between a few.  

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[vpFREE] Re: Mega Million, great play!!! For the government. Not VP

 

There are very few things you can buy with pre-tax dollars, so it doesn't make much sense to consider the pre-tax value of the $2 you spend on a lottery ticket.


Pundits say the 1.6B 30-year annuity is worth about 905M as a lump sum payment.  The federal tax rate on that amount would be 37%, leaving 570M after tax.  State income tax will take another bite depending on where you live.  The odds are roughly 303M : 1.  If there is only a single winner it is a decent overlay.  Unfortunately there is a significant chance there will be multiple winners.  For a simple example, if you assume there is a 20% chance of two winners your jackpot equity would be (.8 X 570M) + (.2 X 285M) = 513M.

Caveat emptor.
Gamb00ler

whitejeeps said:

So U play with $ 2  that are taxed before U get it.  UP front the government gets a 50% hold  on the play. 

Winner gets 1000 million (1 billion).   Government nets roughly 1/2 of win in taxes . So odds about 1 chance in 302 million x $2 = 600 million.  On that exact scenario player makes 300million and government nets 300.

      300 mill lottery slice for selling

      150 mill lottery income tax

      120 mill estimated taxes on $ earned that were wagered

     ------   

     $570 million profit for states on $600 million hit???


I"m not a math guy.  How flawed is my quick calculation??


good luck to all that played.  Not a bad win!!   Jeep

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[vpFREE] Mega Million, great play!!! For the government. Not VP

 

So U play with $ 2  that are taxed before U get it.  UP front the government gets a 50% hold  on the play. 

Winner gets 1000 million (1 billion).   Government nets roughly 1/2 of win in taxes . So odds about 1 chance in 302 million x $2 = 600 million.  On that exact scenario player makes 300million and government nets 300.

      300 mill lottery slice for selling

      150 mill lottery income tax

      120 mill estimated taxes on $ earned that were wagered

     ------   

     $570 million profit for states on $600 million hit???


I"m not a math guy.  How flawed is my quick calculation??


good luck to all that played.  Not a bad win!!   Jeep

__._,_.___
Posted by: whitejeeps@yahoo.com
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[vpFREE] Bob Dancer Column - 23 OCT 2018

 

Bob Dancer Column - 23 OCT 2018

Learning a Second Game — Part II of II

https://www.lasvegasadvisor.com/gambling-with-an-edge/learning-second-game-part-ii-ii/

or

<a href="https://www.lasvegasadvisor.com/gambling-with-an-edge/learning-second-game-part-ii-ii/">
https://www.lasvegasadvisor.com/gambling-with-an-edge/learning-second-game-part-ii-ii/</a>

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and doesn't constitute an endorsement or approval
of the linked article's content by vpFREE. Any
discussion of the article must be done in
accordance with vpFREE's rules and policies.
*************************************************

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Posted by: vpFREE3355 <vpFREE3355@gmail.com>
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Re: [vpFREE] Re: VPFree 2 database

 

> I added a update to Foxwoods yesterday and do not see it yet?

> Has the procedure changed?

If your vpFREE2 update isn't being done as quickly as you'd
expect, you can use the Contact Us link there to communicate
with the site owner directly. But I'd allow more time
than 24 hours to make an update.

vpFREE Forum Administrator

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Posted by: vpFREE3355 <vpFREE3355@gmail.com>
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