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  #11  
Old 11-28-2012, 10:53 PM
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Serge.......I like it.
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  #12  
Old 11-28-2012, 10:53 PM
mbovaird mbovaird is offline
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If I win, I'll put a few pairs of Aida's up for a free drawing on AA.
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  #13  
Old 11-28-2012, 10:59 PM
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Quote:
Originally Posted by cmalak View Post
That is reason # 1. Excellent!

Two more issues. Anyone care to guess?
I don't know much about the powerball lottery since I don't play, but I would imagine purchasing enough powerball tickets to cover all the permutations of the numbers would be logistically impossible. It would take forever!
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  #14  
Old 11-28-2012, 11:00 PM
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Quote:
Originally Posted by cmalak View Post
That is reason # 1. Excellent!

Two more issues. Anyone care to guess?
Taxes
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  #15  
Old 11-28-2012, 11:02 PM
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The other reason is..... You can probably get better return on your money over the years it would take the lottery to pay out...
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  #16  
Old 11-28-2012, 11:05 PM
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Where is Ivan tonight? Did he take the 458 down to the gas station to get a suitcase full of lottery tickets?
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  #17  
Old 11-28-2012, 11:08 PM
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Quote:
Originally Posted by audioguy3107 View Post
I don't know much about the powerball lottery since I don't play, but I would imagine purchasing enough powerball tickets to cover all the permutations of the numbers would be logistically impossible. It would take forever!
Ding ding ding...we have a winner That's the biggest obstacle. For 1 person to buy up all the tickets, assuming 1 ticket per second (which is impossible) would take over 6 years, and you have only 3 or 4 days in between drawings So you would have to set up a syndicate of 600+ people (I forget the exact number and again assuming 1 ticket per second which is again impossible) to do it in 4 days. You would have to give each person some $600K+ to do this and if you win the payout (after-tax) per person would be $700K+ per person. So then the question becomes does the syndicate hold? If one person decides to just take the money and not buy tickets then the guaranteed win falls by the wayside and for those of you who remember the Prisoner's Dilemma scenario from game theory, in such scenarios, the incentive is always to run with the money as opposed to trust your fellow members in the syndicate of seeing out the exercise.

The third wrinkle is that the payout has to be large enough so that the after-tax winnings are large enough to be greater than the cost of buying out each ticket (or $350 million roughly...I initially had posted $195 million which was incorrect).

Fun article to read.
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  #18  
Old 11-28-2012, 11:09 PM
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Taxes
Also correct (see above)
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  #19  
Old 11-28-2012, 11:09 PM
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Originally Posted by PHC1 View Post
The other reason is..... You can probably get better return on your money over the years it would take the lottery to pay out...
for sure
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  #20  
Old 11-28-2012, 11:11 PM
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Here's the article by the way for those interested: Is It Possible to Guarantee a Powerball Win? - Yahoo! Finance
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