We all know the lottery is a ripoff, but what kind of scam are

they really running?
People across the country have spent 1.5 billion on this jackpot, yet the prize is only 640 million and if you take the cash value, its down to around say 400 million.
so where the fuck is the 1.1 billion that is left. Really where is all that money, since am pretty sure no states are lowering anybodys school taxes or any other taxes.  Every lottery in the country needs to be audited top to bottom, to find out where this loot really is, because 1.1 billion in profit has got to be somewhere.
On top of that, if the lottery took in 1.5 billion, why the hell do they got to lower the prize value if you take a lump sum payment?

I always knew the lottery was a ripoff, but still played it a few times a week, but after seeing that kind of money being kept by the lottery, i really dont think am gonna play that much anymore.

I think Cuomo wanted to sell new yorks state lottery to a private company for some figure, which after seeing these numbers was incredibly low. If ny state does turn the lottery over to a private company, just to get some up front cash now, it will have to go down as one of the biggest scams our country has ever seen.

https://news.yahoo.com/americans-bet-nearly-1-5b-win-record-jackpot-203515291.html

kinda like the vietnam war. 

completely agree cd

somewhere i heard this, ill repeat it:

Excellent Thread. God knows how much money is pocketed yearly.

It's one of those things. Like let's say Snapple sold bottles for $34.50. And sold millions a year. Why would you complain? You don't like it? Don't drink Snapple. You don't like the Mega Millions? Don't play. They don't have to answer to you. Millions of people disagree with you.

Millions of people are mathematically challenged....

Who cares....

Bingo,lottery,horses,dogs....house always wins and they tell you so....

Up to you if you think you're the one....

There's always one- and everyone else thought it was fonna be them....

Gonna

Millions of people disagree with me, on where all the money is going?  Are you drunk or something.  You dont care that a government run lottery is putting that money where its supposed to be goings.
You must be mentally handicapped to not care that the lottery pocketed over a billion dollars.  You dont care where that tax money goes and yes the lottery is a tax.
I think many more people would disagree with you silly comparison of the lottery and snapple.

DSN, you have me confused, i dont get your post.  Please dont tell me you dont care where all that money they are taking in and not paying out in prize money is going?

p.s. how have you been?  staying busy with work?

[Quote: Originally Posted by cd329] they really running?
People across the country have spent 1.5 billion on this jackpot, yet the prize is only 640 million and if you take the cash value, its down to around say 400 million.
so where the fuck is the 1.1 billion that is left. Really where is all that money, since am pretty sure no states are lowering anybodys school taxes or any other taxes.  Every lottery in the country needs to be audited top to bottom, to find out where this loot really is, because 1.1 billion in profit has got to be somewhere.
On top of that, if the lottery took in 1.5 billion, why the hell do they got to lower the prize value if you take a lump sum payment?

I always knew the lottery was a ripoff, but still played it a few times a week, but after seeing that kind of money being kept by the lottery, i really dont think am gonna play that much anymore.

I think Cuomo wanted to sell new yorks state lottery to a private company for some figure, which after seeing these numbers was incredibly low. If ny state does turn the lottery over to a private company, just to get some up front cash now, it will have to go down as one of the biggest scams our country has ever seen.

https://news.yahoo.com/americans-bet-nearly-1-5b-win-record-jackpot-203515291.html

The advetised jackpot doesn't exist. i.e., there is not that much money set aside to pay off any winner or winners. The advertised jackpot, as it's called, is based on an annuity, that;'s why the cash value is always less.

Quite often, the "bucks for education" is nothing but hype and an exercise in voodoo accounting. Lottery money goes into an education fund, but an equal amount or more is taken out of the same fund somewhere else.

 

 

I give the human race a little more credit. You have proved to be naive and rather limited in your thought process. Do you really think the government is running a lottery FOR FUN? They're doing it for free? Is that what you thought up until your stunning revelation that they sold more $ in tickets than the prize pool? Hold on while I laugh 

People are given the chance to win 400MILLION CLEAN AFTER TAXES for 1dollar and you wanna cry because its not 900 million? Boo-hoo.

genius, did i say the lottery was doing this for fun and needed to give back everything they take in. The lottery was designed to lower peoples school taxes and other taxes, i doubt anybody is having their taxes reduced.
My point is what is our govt doing with all this cash. I guess fools like you could careless.

you must be brain dead. I didnt say the lottery should give all the money back. I said where is all that profit that they are making going.
With the kind of loot the states are taking in, the budgets should be getting help. lot of things can be funded with that kind of cashola

Lotteries made 80 billion in profit last year.

also genius in Canada, if the lottery is 640 million, you get 640 million.
In Spains lottery, i believe they give 95 percent of the money back to the people.

I think tonight you must be a little drunk and missed my point.

Lotteries are not supposed to be a form of gambling.  They are developed in states to raise public fund revenue.

government won the lotto! to pay down the debt!

1.5 billion dollar x 1 dollar with a 640 million dollar jackpot but then there's the getting paid part over the next 20 years minus taxes then what?  or you can do the 1 lump sum cash value shit or whatever and then minus out the taxes what will that leave you with?  85 million?

Here in TX the proceeds apparently go to schools. I don't know if it's true but I'd imagine most states do likewise (use the funds for some govt process). Kinda shocked someone would bitch about it. It's a business/tax not a winner take all event. 

yes you are 100 percent right.
My point is the lotteries are taking in a lot of money, but where is it going?  They need to get audited and find out exactly where all the cash is actually going.
I would bet if they ever did that, they would find alot of people earning multimillion dollar paychecks.

Cd329, brings up some excellent points, yet many people in this thread seem to overlook his essential question.  The fact that it is gambling and the house always wins has ZERO to do with the question he is asking. 

The lottery is a joke for a few reasons:  First, you should not have to pay taxes if you are lucky enough to win the stupid game, as a huge chunk of profit is already pocketed before the final payoff is shown.  Secondly, almost all lottery profits should first go into improving infrastructure (bridges, roads, public services).  But a lot of the money is unaccounted for and ends up in the hands of people running the game and their cronies.

So as CD has inquisitively inquired, EVERY penny that is collected by the lottery needs to be accounted for, but the people in charge would never allow that.  The politicians and higher-ups are not giving up that gold mine any time soon, while the poor and uneducated continue to chase the pyrite known as the the lottery. 

Ideally, with all this gambling revenue from lotteries, all bridges in that jurisdiction should be immaculate and state-of-the-art , and it should be a rarity to ever see a pothole on the road again.

I agree with all of this, there seems to be a lot of waste, but there is more money paid out in other prizes, anywhere from $1 for geting a mega number up to hundreds of thousands $$  for missing just 1 #... so this is where much of that "missing $1.1 billion" goes...