Question about Ohio Classic Lotto

Reply #3

RJOh — Thu, 02 Sep 2010 21:46:13 GMT

When you look at Ohio Lottery website and read Mega Million next jackpot $16.0 M cash option value:$11.1 M and see Classic Lotto next jackpot $8.0 M and read cash option value is 50% of jackpot amount you might wonder why it's not $5.5 M.

I suspect that option allows them to advertise a higher jackpot than they have money to buy an annuity for, but as long as every winner take the cash option they won't have fund an annuity to pay the jackpot amounts.

Reply #2

Justwinbaby — Tue, 31 Aug 2010 04:47:36 GMT

RJOh, thank you for your response and for providing clarity on this issue. I find it interesting that none of the national lotteries have not gone the same route as the Ohio Classic Lotto, and cap the value that you can get should you opt for the cash option as opposed to the annuitized value. States could easily assume any money, as you stated, that can be made in excess of the 50% listed as the cash value. The same is true for other state lotteries. It seems a bit unfair but I guess the approa... [ More ]

Reply #1

RJOh — Mon, 30 Aug 2010 03:54:59 GMT

As stated on the Ohio Lottery website site, the cash value of Classic Lotto jackpot isn't related to the interest paid on government bonds as the jackpots of PowerBall and MegaMillions are, the state will simply pays 50% of the advertised jackpot if you prefer cash to an annuity. Apparently any money that can be made in excess of the 50% would go to the state.

Question about Ohio Classic Lotto

Justwinbaby — Sat, 28 Aug 2010 23:33:15 GMT

Hello everyone, I am new to the forum but have actually been lurking in the dark for several years now. Anyway, I had a question about the Ohio Classic Lotto. The cash value is never posted publicly (to my knowledge), but it is stated to be 50% of the jackpot amount. However, lately, rates have been incredibly low, causing cash values to be higher. For instance, a person who wins Mega Millions and opts for the cash option would be entitled to $8.3 million (69.2%) of the $12 milion annuitized val... [ More ]