N.Y.State lottery answer my question

Reply #6

WILLSELL — Mon, 10 Nov 2003 22:14:45 GMT

The nebulous answer was really the method they use to fund a payoff. Not necessarily how they determine the payout.Still it sounds shaky.

Reply #5

CASH Only — Mon, 10 Nov 2003 14:22:16 GMT

The NY Lottery had, if no longer has, a reserve fund. However, since NY Lotto returns a maximum of 40% (of sales) to players, I would avoid this game.

Reply #4

lottoscorp — Sun, 09 Nov 2003 17:27:46 GMT

I for

Reply #3

dvdiva — Sun, 09 Nov 2003 05:34:24 GMT

that sounds really suspicious to me. i wouldn't just drop it. at least in washington its pretty open what the cash prize is for the state lottery (half, period) although i still dont know what the cash value is in the megamillions nor does megamillions post the cash value -one more reason i like powerball more

Reply #2

Jorli D — Sun, 09 Nov 2003 02:59:16 GMT

Lottery is a state game that is taxable. Anything being taxed is open to public inquiry and should be published. Their explanation is suspect and certainly leaves room for corruption or financial mismanagement. If you truly want to know the payout amounts, and you should if you play the NY Lottery and you are interested in how the lottery helps New York as well as the New York school system, my advice would be to start a small group of 10 to 15 people, not all lottery players, but people inte... [ More ]

Reply #1

Todd — Sun, 09 Nov 2003 00:59:45 GMT

It's great that NY gave an answer to this question, but I believe their answer is wrong.Lotteries take in cash, then after the draw they divide up the total cash received into a number of buckets. One bucket would be for the prize pool, one for administrative costs, one for paying the lottery agents, etc., etc. As Cash Only has pointed out several times, for New York, the total percentage allocated to the prize pool is 40% of gross receipts.Therefore, the actual jackpot prize is given a fixed... [ More ]

N.Y.State lottery answer my question

megamillionaire — Sat, 08 Nov 2003 16:08:57 GMT

I asked the N.Y. State Lottery Commission why they didn't give the cash value amount for the lottery jackpots. Below is their answer. If other states and the Multi-State lotteries can I still think they should be able to.From: Questions <questions@lottery.state.ny.us>To: <swright3@nyc.rr.com>Subject: RE: Contact Us FormDate: Wednesday, November 05, 2003 11:10 AMUnfortunately, the New York Lottery cannot determine what the cash value is until after a drawing has been hit. The advertised LOTTO... [ More ]