The Mega Racket is now $1.6 Billion

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Ad Orientem
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The Mega Racket is now $1.6 Billion

Post by Ad Orientem » Fri Oct 19, 2018 11:21 am

I am embarrassed to admit it but, I threw away a couple bucks on the lottery. I figure $2 can be justified as a form of cheap entertainment. I'm renting a daydream and its a lot cheaper than going to the movies.

So what do you think of my soon to be new boat? For sale at $45M...
https://www.yachtcharterfleet.com/luxur ... athena.htm
Last edited by Ad Orientem on Mon Oct 22, 2018 5:52 pm, edited 3 times in total.
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Cortopassi
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Re: The Mega Racket is now $1 Billion

Post by Cortopassi » Fri Oct 19, 2018 3:21 pm

$2 for 15 minutes of fantasizing is worth it.
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Re: The Mega Racket is now $1 Billion

Post by jacksonM » Sat Oct 20, 2018 11:34 am

Just learned that I hit the Mega Ball on Tuesday's drawing.

Now I have to decide whether to put my $2 winnings towards a can of beer at the convenience store or let it ride for $1.6 billlion.

It'll be a tough decision.
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Re: The Mega Racket is now $1 Billion

Post by dualstow » Sat Oct 20, 2018 3:38 pm

Winning too much would destroy your my life. A few hundred thousand, no prob. A billion? That’s a curse. Note the absence of a smiley here at the sentence end.
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Tortoise
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Re: The Mega Racket is now $1 Billion

Post by Tortoise » Sat Oct 20, 2018 4:09 pm

dualstow wrote:
Sat Oct 20, 2018 3:38 pm
Winning too much would destroy your my life. A few hundred thousand, no prob. A billion? That’s a curse. Note the absence of a smiley here at the sentence end.
Ditto. For me, winning up to maybe $100 million might be manageable, but $1 billion or more would just be... a curse.
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Kriegsspiel
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Re: The Mega Racket is now $1 Billion

Post by Kriegsspiel » Sat Oct 20, 2018 5:34 pm

I wondered why everyone was talking about it.

Can you win and stay anonymous?
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Re: The Mega Racket is now $1 Billion

Post by jacksonM » Sat Oct 20, 2018 6:24 pm

Kriegsspiel wrote:
Sat Oct 20, 2018 5:34 pm
I wondered why everyone was talking about it.

Can you win and stay anonymous?
I think this depends on the law in the state where you live, but if you win you are stuck in a catch-22 situation. They tell you to sign the back of the ticket immediately if you win so nobody can hit you on the head and take it from you but if you sign it you have, in effect, identified yourself. The only way around this is to set up a trust fund in advance and sign the trust fund's name on the back of the ticket. But who makes that kind of advance planning for winning the lottery? You would have to be feeling real lucky.

I read about a woman in New Hampshire who signed her ticket but still managed to remain anonymous except for the city in which she lived. It required a court battle however. At least she had plenty of money to pay the legal bills.

One entity that definitely won't let you remain anonymous however is the IRS.
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Ad Orientem
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Re: The Mega Racket is now $1 Billion

Post by Ad Orientem » Sat Oct 20, 2018 6:57 pm

Kriegsspiel wrote:
Sat Oct 20, 2018 5:34 pm
I wondered why everyone was talking about it.

Can you win and stay anonymous?
Eight states have laws allowing lottery winners to remain anonymous. A few others have loopholes that might give de-facto anonymity to those who claim the prize through a carefully constructed trust. But most states require any human beneficiary of the lottery or trust to be named. The states that do allow winners to remain anonymous are Delaware, Kansas, Maryland, North Dakota, Ohio, South Dakota,Texas and most recently Georgia.
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dualstow
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Re: The Mega Racket is now $1 Billion

Post by dualstow » Sat Oct 20, 2018 7:10 pm

jacksonM wrote:
Sat Oct 20, 2018 6:24 pm
Kriegsspiel wrote:
Sat Oct 20, 2018 5:34 pm
I wondered why everyone was talking about it.

Can you win and stay anonymous?
<snip>
I read about a woman in New Hampshire who signed her ticket but still managed to remain anonymous except for the city in which she lived. It required a court battle however. At least she had plenty of money to pay the legal bills.

<snip>
That was an interesting case to follow. She was pretty active in her area before winning and once the court case began, the cat was out of the bag pretty quickly.
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Ad Orientem
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Re: The Mega Racket is now $1 Billion

Post by Ad Orientem » Sat Oct 20, 2018 7:38 pm

dualstow wrote:
Sat Oct 20, 2018 3:38 pm
Winning too much would destroy your my life. A few hundred thousand, no prob. A billion? That’s a curse. Note the absence of a smiley here at the sentence end.
Whoever wins this is not going to be a billionaire in reality. It would take most of 20 years of the annuity to get there and that will be taxed. If, like most people, the winner takes the cash you are looking at around $900 million (that will likely go up before the drawing) in a pre-tax lump sum. But the point is well made. Most people who are buying tickets are dreaming of yachts and islands and private planes. Most have probably given little or more likely no consideration to the practical realities of going from working or middle class, in the space of about a minute at 11PM EDT Tuesday night, into a member of the top .001%. Even if you have the misfortune of living in one of the uglier tax locals (hello New York City), and you take the cash, you are unlikely to walk away with less than $450 million. That is a mind blowing amount of money. And most folks just aren't going to be prepared to deal with it. Worse, is that unless you are very lucky in your domicile, you are going to have to deal with becoming an instant celebrity. Probably a global celebrity. Whatever normalcy existed in your life is over. Gone. Stick a fork in it. You are going to be hounded by moochers, nuts, con men, criminals and people who are honestly in a jam and maybe hoping for a hand. The winner will likely need bodyguards, at least for a while. Having to move or even go into hiding? And what about family? They are going to have their world turned upside down too.

I'm not sure if I am down for that.
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Re: The Mega Racket is now $1 Billion

Post by ochotona » Sat Oct 20, 2018 7:55 pm

I spend about $1 per month on lottery tickets for fun, and I always choose the lower-paying games. For me, winning $250,000 would be just grand.
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Re: The Mega Racket is now $1 Billion

Post by dualstow » Sat Oct 20, 2018 8:14 pm

Actually Ad, I think for many winners, you can classify family along with the moochers and other problems, not with the victims.

I’m with you, Ocho. 250K would be digestible.
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