Rich for Life

Reply #6

Lottoways — Sun, 25 Aug 2002 22:46:17 GMT

My .02 worthFrom lottoways out of Illinois.I play the scratch offs but not as much as I use to.Reason being is one day I started reading all the odds of winning on the back of the tickets.It was amazing .On some of the $ 500.00 $1,000 winning odds,it was better to play the pick three (1000 to 1) or even the pk4 at 10,000 to 1.I could see the odds being high on the larger jackpots, but even to win a smaller pot was just about imposible.So, I now play the pk3 more and scartch offs less.Check ou... [ More ]

Reply #5

megamillionaire — Sun, 25 Aug 2002 22:02:28 GMT

Cash Only,The Rich for Life is paid in four yearly payments of $65,000 ($260,000 a year). The good thing about scratchoffs is that you don't have to play the ones you don't like. You know what the payoffs are in advance. If you're getting money for life from a scratchoff you haven't lost, you've won and are getting a salary for a very small investment. I only play the 2,5, and 10 dollar scratch offs. Money is money. On the Lotto and Mega Million I always take the cash option. That way when I ge... [ More ]

Reply #4

CASH Only — Sun, 25 Aug 2002 19:43:39 GMT

I agree that many players like the idea of a lifetime prize, but, US lotteries should be allowed to offer such prizes ONLY in scratch games, and prohibit annuity-only situations where the prize is not lifetime , eg 20 or 25 years.

Reply #3

CASH Only — Sun, 25 Aug 2002 19:24:12 GMT

The NY Lottery from 1996-2000 had a scratch game called Tax-Free Million , which had a grand prize of $1.6-plus million, with winners receiving a check for $1 million LUMP SUM. Not only have the NY Lottery not offered a new version of this successful game, but ALL the scratch games with a potential top prize of over $500,000 are ANNUITY-ONLY, including five games of $1m or $2m in 20 annual payments with NO CASH OPTION.

Reply #2

CASH Only — Sun, 25 Aug 2002 19:12:13 GMT

Furthermore, there are complications from annuity payments that don't arise with a lump sum. Among other things, NEVER allow a lottery to assign annuity payments to you if the annuity is finite (X number of years.

Reply #1

CASH Only — Sun, 25 Aug 2002 18:55:17 GMT

I am not so high on this game, because the top prize CANNOT be paid in lump sum. There are about 10 different NY scratch games that are annuity only , including three Lose for Life type games, six which pay in 10 or 20 annual installments with NO cash option, and a scratch game with Lotto free plays that automatically say 26 ANNUAL PAYMENTS . The best NY scratch is Instant TAKE FIVE .

Rich for Life

megamillionaire — Sun, 25 Aug 2002 18:22:00 GMT

New York State has a great $10 scratchoff called Rich for Life. Pays off 5 grand a week for life, with a guarantee of 5 million for the player or his or her estate. I read in the news reports that some state ( I forget which is planning a $20 scratchoff.