The Financial State of America

[sync0s]

Generally the lottery is considered a rather dumb thing to play. Your odds for the upcoming Megamillions jackpot is 175,000,000 to 1, yet people continuously play (I admit, I picked a couple up). That's fine for the lower/middle class to jump into the scheme, but can anyone explain to me why this isn't fucked up:

(AP) PROVIDENCE, R.I. - People queuing up for Mega Millions tickets aren't the only ones salivating over the record $540 million jackpot that could be won Friday — some state governments struggling through lean times know a hometown winner would bring a tax bonanza.


Taxes on a lump-sum payment option to a single winner could mean tens of millions of dollars of badly needed revenue that could go to restore entire social service programs on the chopping block, pay for hundreds of low-income housing units, forestall new taxes or hire more state troopers.


So many tickets have been sold that the jackpot climbed Thursday to the largest in U.S. lottery history, according to officials in Rhode Island, one of 42 states where Mega Millions is played. If a lone winner took the lump-sum payout on the jackpot's current amount, it would be an estimated $389.8 million.


"I'd love it if a Rhode Islander wins," said Rep. Helio Melo, the chairman of the House's Finance Committee.

http://www.cbsnews.com/8301-201_162-57406815/$540m-lottery-has-states-anticipating-tax-jackpot/

 

[NoDrama]

Aren't states already getting a good deal of money from lotteries in the first place?

 

[sync0s]

Aren't states already getting a good deal of money from lotteries in the first place?

I'm pretty sure they do. The fucked up thing I see in this is that we have politicians who are hinging the financial stability of their states on taxes gained from their citizens gambling vices, as well as the fact that they are salivating over how to spend it.

 

[beardo]

 

[ChronicObsession]

so we are in 2012 and the internet has been around for many years and so has Google and the sheep still don't know that playing the lottery is the silliest investment one can make if they are looking for those big incomes while sitting on the couch and checking numbers at 7PM. lol america... lol indeed. Oh I remember the nineties though. But seriously, lottery went out a long time ago. go play some poker please.

 

[sync0s]

so we are in 2012 and the internet has been around for many years and so has Google and the sheep still don't know that playing the lottery is the silliest investment one can make if they are looking for those big incomes while sitting on the couch and checking numbers at 7PM. lol america... lol indeed. Oh I remember the nineties though. But seriously, lottery went out a long time ago. go play some poker please.

I have a gambling vice. I'm playing in a poker tournament this weekend and I play a lot of blackjack, roulette, and baccarat. However, this is the very first time I've ever bought a lottery ticket. I figure you can't win if you don't play.

 

[ChronicObsession]

I have a gambling vice. I'm playing in a poker tournament this weekend and I play a lot of blackjack, roulette, and baccarat. However, this is the very first time I've ever bought a lottery ticket. I figure you can't win if you don't play.

i hear you, but i learned about lottery first, by watching my Dad play that religiously and keep charts and cross reference stuff and then I saw slots and then finally I moved to no limit texas holdem and play in some nice tourneys online

 

[sync0s]

i hear you, but i learned about lottery first, by watching my Dad play that religiously and keep charts and cross reference stuff and then I saw slots and then finally I moved to no limit texas holdem and play in some nice tourneys online

Slots are totally rigged. They only pay when they have made enough money.

 

[UncleBuck]

175 million to 1? $540 million prize?

sounds pretty good, actuarially.