Powerball jackpot at $400 million - Oops! $1.5 billion - $40 mil

[Train]

In Indiana you can fill out your card electronically with an app, then they scan it and print out your ticket. So you could automate the first half. Waiting for 292 million tickets to print on the other hand.

Hypothetical: You manage to print a significant number of tickets, let's say only 50 million. And you win.

Now dig through your pile of tickets and find the winner by the deadline, LOL

 

[SearchMaster]

http://www.nytimes.com/1992/02/25/u...ge-bets-in-lottery.html?pagewanted=all&src=pm

Yeah it doesn't work to buy all possible combinations. In the story above, the VA lottery had 7M combinations and the group was able to successfully buy 5M of them (for a $27M jackpot). A guy went to a grocery chain's HQ and had them distribute the purchase across several dozen stores (the tickets were picked up by couriers later). They made money on the deal but it wasn't a slam dunk.

You would have to plan an operation like this, which is actively discouraged by each state's lottery commission, and have it on a much much larger scale. Then you pray like hell that there aren't any other people who bought the same numbers because if there's a multi-way split, you're screwed and just lost hundreds of millions.

 

[gorcorps]

Once you factor the opportunity cost up front and inflation later, it probably wouldn't.

Personally I feel like the vast majority of people would benefit from yearly payments. They're less likely to burn through it quicker.

But that's a discussion that's been had many times before

 

[BeeBoop]

http://www.nytimes.com/1992/02/25/u...ge-bets-in-lottery.html?pagewanted=all&src=pm

Yeah it doesn't work to buy all possible combinations. In the story above, the VA lottery had 7M combinations and the group was able to successfully buy 5M of them (for a $27M jackpot). A guy went to a grocery chain's HQ and had them distribute the purchase across several dozen stores (the tickets were picked up by couriers later). They made money on the deal but it wasn't a slam dunk.

You would have to plan an operation like this, which is actively discouraged by each state's lottery commission, and have it on a much much larger scale. Then you pray like hell that there aren't any other people who bought the same numbers because if there's a multi-way split, you're screwed and just lost hundreds of millions.

How do you even find the right ticket in a pile of 5 million?

 

[TXHokie]

I hit the Powerball!!! only 5 more numbers and I would've won it big. 4 freaking dollars!!! I'm rich. Yes, dreams do come true.
I'm debating on whether to buy one ticket and get something to eat with the other $2, or starve and go all in.

 

[ioni]

Just play this powerball simulator instead. All of the disappointment but none of the cost. http://adamlamers.com/lottery_simulator

 

[zinfamous]

Personally I feel like the vast majority of people would benefit from yearly payments. They're less likely to burn through it quicker.

But that's a discussion that's been had many times before

It seems like a good protection from one's self, but for those with no restraint and would actually benefit from this, less-valuable option, it may not make a difference.

In some of the stories posted above, even annuity people went bankrupt/imprisoned. One lady was taking out massive loans on her future annual payments and defaulted on them.

I honestly don't know how that happens. I think the most tragic stories are a product of people growing up and surrounding themselves with terrible people, which for the people that play the lottery weekly, is going to be an over-represented class of people that tend to win the jackpots. I guess it makes sense in some way.

 

[ViviTheMage]

So if we do it again, you guys want a $10 buyin? No shares, using venmo?

 

[Capt Caveman]

So if we do it again, you guys want a $10 buyin? No shares, using venmo?

Sounds good!

 

[zinfamous]

So if we do it again, you guys want a $10 buyin? No shares, using venmo?

I'm in.

what is venmo?

yes yes, I'll google it myself.

 

[gorcorps]

It seems like a good protection from one's self, but for those with no restraint and would actually benefit from this, less-valuable option, it may not make a difference.

In some of the stories posted above, even annuity people went bankrupt/imprisoned. One lady was taking out massive loans on her future annual payments and defaulted on them.

I honestly don't know how that happens. I think the most tragic stories are a product of people growing up and surrounding themselves with terrible people, which for the people that play the lottery weekly, is going to be an over-represented class of people that tend to win the jackpots. I guess it makes sense in some way.

I suppose that's true. Somebody who will blow all of their money if they had it will also blow all their money if they know it's coming, so it's probably a wash. Maybe delays the inevitable at best.

 

[dainthomas]

I hit the Powerball!!! only 5 more numbers and I would've won it big. 4 freaking dollars!!! I'm rich. Yes, dreams do come true.
I'm debating on whether to buy one ticket and get something to eat with the other $2, or starve and go all in.

You could get Wendy's new 4 for $4 deal. So jealous!

 

[Train]

How do you even find the right ticket in a pile of 5 million?

at the very least, you should keep the tickets printed at each location separate. Because the lottery knows the location of each ticket sold.

You could break them out further by specific register and block of time.

 

[zinfamous]

I suppose that's true. Somebody who will blow all of their money if they had it will also blow all their money if they know it's coming, so it's probably a wash. Maybe delays the inevitable at best.

the reddit post linked earlier had a lot of good advice, particularly:

invest a significant chunk into something absolutely guaranteed, like US treasuries that can net out a decent income for 10, 20, 30+ years at mid six figures (all depending on winnings to invest, of course).

If nothing else, you have a salary to "fall back on" that is already 10-30x more than you ever would have possibly earned being the common schmo that you are.

 

[Sacraster]

So if we do it again, you guys want a $10 buyin? No shares, using venmo?

I'm in

 

[ViviTheMage]

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[Krazy4Real]

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NOTE: This is not endorsed by Anandtech, they have no legal obligations in this if I decide to screw you all over or something.[/QUOTE]
Awwwwwwwww Yeah! Here we go! I'm in!

 

[Pantoot]

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Thanks for the email reminder.

 

[ViviTheMage]

Thanks for the email reminder.

NP, used the list from AT LOTTO 6, which was like 2014 or so, but we had like 110 participants.

 

[Pantlegz]

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:thumbsup:

 

[Belegost]

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I know if I didn't buy in you guys would win and I would feel like a tool, so I'm in.

 

[ViviTheMage]

I know if I didn't buy in you guys would win and I would feel like a tool, so I'm in.

Pretty sure that is how all pools go, haha.

 

[AmdEmAll]

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$10 Amazon GC sent.. thanks for doing this again Vivi!

 

[Imported]

Done.

 

[olds]

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