NY subscription winner a LOSER

Reply #19

CASH Only — Fri, 10 Jan 2003 16:52:43 GMT

BUG: Mt Kisco is in Westchester Co. I'm not far from Connecticut (I usually play the CT Lottery in Danbury).

Reply #18

Bug — Fri, 10 Jan 2003 16:30:10 GMT

I like Boston, but I only visited. I have friends who went to school there, and it seems like good times when your up there at that age. I'll have to check out Mt Kisco on the map, as I'm not familiar with it

Reply #17

CASH Only — Fri, 10 Jan 2003 16:15:06 GMT

TG is in Mass. I'm near Mt Kisco NY

Reply #16

Bug — Fri, 10 Jan 2003 16:06:56 GMT

TG and Cash, where are you guys from. I'm outside of DC in Bethesda, Maryland.

Reply #15

CASH Only — Fri, 10 Jan 2003 16:03:43 GMT

tg: Since you also feel that the MA Lottery is corrupt, maybe you can start a campaign within MA to reform the MA Lottery so that ALL big winners (except of lifetime prizes-a slightly different issue) are allowed to be paid in LUMP SUM, if they desire, after meeting with MA Lottery officials. On the plus side is that you have a new Governor (I won't go into that he's from Utah...).

Reply #14

tg636 — Fri, 10 Jan 2003 15:57:24 GMT

I agree with the corruption view...the MA lotteryhas already proven to be rife with it accordingto a report issued last year. This is, after all, the lottery that Whitey Bulger won and where winning scratch tickets have turned up in the same storesand families way more than chance would dictate. Andit is inexcusable - after all, the money is there, what possible non-corrupt reason can they have fornot writing a lump sum check? I just got a new seasonticket, so I have a year to think about it.

Reply #13

CASH Only — Fri, 10 Jan 2003 15:45:22 GMT

tg: No lottery winner should EVER be forced to receive annuity payments. MA doesn't fully respect the rights of lottery players. To me, annuity-only lottery prizes reek of (possible) corruption. I suppose if MA had their way, Mega Millions winners in MA would have to receive annuity payments also. MA also has many annuity-only scratch games. Here in NY there are about a half dozen annuity-only scratch games. When did those people win their annuities? Perhaps the reason why they didn't co... [ More ]

Reply #12

Bug — Fri, 10 Jan 2003 15:43:55 GMT

The only way to screw up a lump sum payment is to invest it in something that goes south or let someone else do your investing. For most people lump sum and bonds are the way to go. I'm just examining all my options if I ever had the chance. There's probably a slew of tax consequences that I am not aware of.

Reply #11

tg636 — Fri, 10 Jan 2003 15:34:22 GMT

I don't feel that strongly about it. Maybe if Iactually won I would become more financiallyastute and upset. I'd certainly like to beable to take the lump sum and say goodbye to Massachusetts forever, without being connectedby a yearly check. But it comes down to if I won ...and winning an annuity certainly beats what I have now.I actually know 2 people who have won MA Megabucksand they've never complained about being paidover 20 years.

Reply #10

CASH Only — Fri, 10 Jan 2003 15:21:39 GMT

You don't know what will happen tomorrow, let alone 20+ years down the road. NEVER allow the lottery to choose an annuity for you. If you're in Massachusetts, DO NOT play either the 6/42 or 6/49 because both jackpots are _still_ annuity-only. If the game you play still requires the choice made WHEN you play, choose CASH/LUMP SUM.

Reply #9

Bug — Fri, 10 Jan 2003 14:58:37 GMT

Persons with assets in the excess tens of millions are interested in a minimal type of risk environment for their dollars. Bonds are the number one investment. When bonds pay more than 5% one is better off taking a lump sum, and vice versa. I would tend to make a decision on the ten year bond, and whether there is any tax benefit of taking the lump sum. The estate tax should be of great concern to winners whom have an immediate family, and the lump sum wins hands down again. While Cash is going

Reply #8

tg636 — Fri, 10 Jan 2003 14:29:55 GMT

I am curious, what do you calculate the differenceis in the annuity vs. lump sum? I assume you can investit and make more than the annuity, but are thereare any case studies on the subject about what lump sumwinners have actually made or lost I can read about? Personally, I think most people would be so glad tobeat the awful odds that they wouldn't get too upsetif they did have to take the annuity - I'm sure itwouldn't bother me.

Reply #7

CASH Only — Sun, 05 Jan 2003 11:37:55 GMT

QUESTION for NY Lotto 6/59 players: Starting today, if you play NY Lotto (which I don't recommend because of the 40% prize return) and _always_ play for CASH VALUE , and you win a Lotto free play, please let me know whether the free play says CASH VALUE or 26 ANNUAL PAYMENTS .

Reply #6

CASH Only — Mon, 23 Dec 2002 17:25:12 GMT

I saw that the $25 million ticket holder for the NY Lotto 6/59 came forward today. He hit the December 11 drawing. As you know, in NY you still have to make the cash/annuity choice when you PLAY. He made the wrong choice, and has no chance to correct it.

Reply #5

CASH Only — Fri, 13 Dec 2002 20:14:59 GMT

Powerball 125 million. Buy two $1 tickets instead of playing for a $500,000 second prize.

Reply #4

CASH Only — Fri, 22 Nov 2002 17:16:06 GMT

Scratch tickets are the most popular lottery games now (make sure there are NO annuity-only prizes!) There are no controversial pick-5 games. CityPicks is a game that probably won't be around a long time. I probably wouldn't mess around with it. Hot Lotto is a mini-Powerball game that I would like to see expand. You can play HL in Iowa, but you have to be 21 to buy Iowa tickets. Getting back to Powerball, you don't need to wait for a huge jackpot if you exercise the Powerplay option. Ove... [ More ]

Reply #3

curt777 — Fri, 22 Nov 2002 16:43:07 GMT

Actually Cash, I'm a Pick 5

Reply #2

CASH Only — Fri, 22 Nov 2002 14:53:55 GMT

Curt: Powerball players (regardless of where) don't have to worry about having to choose UNLESS they win. AFAIK, the only Mega Millions state that requires the choice _when_ you play is NY; Illinois Lotto and Wisconsin Megabucks winners also choose AFTER they win. What do you think of the WI CityPicks game? I would have liked WI to sell Hot Lotto instead (six Powerball states also play HL).

Reply #1

curt777 — Fri, 22 Nov 2002 14:10:58 GMT

That's funny Cash, I live near Wisconsin. I'm always jumping over there for Supercash. That's good info though, on the rare occasion that I go up for a big Powerball jackpot. I'll keep that in mind. -Curt Little Lotto King

NY subscription winner a LOSER

CASH Only — Fri, 22 Nov 2002 12:33:33 GMT

One of this morning's front-page stories is about a NY Lotto play-by-mail customer who bought a subscription several months ago. NY still requires the cash/annuity choice WHEN you play, in person or by mail; the choice is binding, despite the 1998 change in IRS rules which led to many states/games allowing the lump sum/annuity choice to be exercised after you win, when it should be made. Anyway, the man chose 26 ANNUAL PAYMENTS . You know the rest. This is actually BAD publicity for the NY Lott... [ More ]