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Jackpot at $250 Million for Powerball
Yahoo! News ^ | July 9, 2003 | LISA RATHKE

Posted on 07/09/2003 12:57:23 PM PDT by El Conservador

EAST MONTPELIER, Vt. - Denise and James Webster were going fishing when they took a detour to test their luck first elsewhere: buying their first Powerball lottery ticket in Vermont.

The couple, along with hundreds of thousands of people in 25 states and territories where the game is played, have been lured by a jackpot that stood at $250 million Tuesday and could climb higher by Wednesday evening's drawing.

"Everybody's got a chance to win," James Webster said. "Now we're gonna try our luck at fishing."

To many Vermonters, the high stakes game is entirely new and the jackpot — $250 million — mind-boggling. Some Vermonters are buying lottery tickets for the first time and they're picking up five or 10 at once.

"I've got a lot of people buying who've never have been buying before," said Mike Finnell, owner of Mike & Terry's Exit 4 Sunoco in Putney.

State lawmakers approved including Vermont in the Powerball lottery last winter. Powerball profits will go to the Vermont Education Fund — and are expected to generate an additional $3.2 million in the first year.

Lottery officials say the game's novelty and the size of the jackpot lured more players than expected the first week. The jackpot has already rolled over 17 times since May 10, making Wednesday's jackpot the game's fourth largest.

"Number one: The game is just starting so it's a new game for players. Number two: The jackpot started out at $165 million, so obviously there's a lot of interest," said Lottery Director Alan Yandow.

Rick Wisler, New Hampshire's lottery director, said many people buy more than one ticket, believing they are dramatically increasing their odds of winning. But, he said, any improvement is minuscule.

At Middlebury College in Vermont, Mathematics Professor Bill Peterson, who teaches probability, put it this way:

Buy one ticket and there are 119,999,999 other choices. Buy two, there are 119,999,998 other choices. Buy 100, you still have 119,999,900 other possible combinations of numbers.

His non-mathematical advice: "Don't quit your job."

The largest Powerball jackpot was captured last year by a 55-year-old West Virginia contractor who won $314.9 million on Christmas Day. The richest lottery prize in U.S. history was $363 million in the Big Game jackpot, won by two players in Illinois and Michigan in 2000.

___

On the Net:

Powerball: http://www.powerball.com


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: Vermont
KEYWORDS: powerball
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Oh boy, the things I'd do with $250M...
1 posted on 07/09/2003 12:57:23 PM PDT by El Conservador
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To: El Conservador
Frantically grabbing phone....

"Hello...Mom?"

2 posted on 07/09/2003 12:58:01 PM PDT by mhking
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To: All
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3 posted on 07/09/2003 12:58:48 PM PDT by Support Free Republic (Your support keeps Free Republic going strong!)
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To: El Conservador
I bought my 5.

I won't hold my breath.
4 posted on 07/09/2003 1:00:46 PM PDT by MNlurker
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To: El Conservador
I know one you'd definitely do. $$$$$ PAY LOTSA TAXES $$$$$
5 posted on 07/09/2003 1:01:34 PM PDT by kylaka
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To: El Conservador
You guys can stop all those fund raising posts. I'm gonna win this thing, so lets just say that FR won't have any financial problems for a loooooooooooooong time.
6 posted on 07/09/2003 1:02:43 PM PDT by The G Man (The left hates Bush more than they love America)
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To: kylaka
True. The actual cash value is half. Assume about 40% would go in taxes and the jackpot is really worth about $75 million. I think I could scrape by on that.
7 posted on 07/09/2003 1:06:58 PM PDT by colorado tanker
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To: El Conservador
Peanuts! I'm not buying a ticket until it hits $1 billion. ;-)
8 posted on 07/09/2003 1:07:02 PM PDT by LibWhacker
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To: El Conservador
Got my ticket....even after I take the cash and pay the taxes, I'll be sitting in the front rooooow.
9 posted on 07/09/2003 1:12:38 PM PDT by Catspaw
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To: Catspaw
And, you sure can't win if you don't play. We have friends who won a few years back so it does happen to regular people all over the country.
10 posted on 07/09/2003 1:15:30 PM PDT by toddst
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To: kylaka
I know one you'd definitely do. $$$$$ PAY LOTSA TAXES $$$$$

WHO CARES

11 posted on 07/09/2003 1:16:45 PM PDT by cynicalman
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To: El Conservador
Have my enemies driven before me, and listen to the lamentations of the women?
12 posted on 07/09/2003 1:18:36 PM PDT by SoDak
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To: LibWhacker
Wrong. The odds of winning are 120 million (or is it 180 million?)to 1.

The jackpot is greater than the odds...therefore the odds ARE IN YOUR FAVOR!!. Thus you cannot afford not to get a ticket. ;^)
13 posted on 07/09/2003 1:36:08 PM PDT by RJCogburn ("Who knows what's in a man's heart?".....Mattie Ross of near Dardenelle in Yell County)
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To: toddst
A quirky old guy from my old neighborhood won a few years back. In his largesse, he said he was giving each of his kids $1000. He really didn't realize how much money he had won.
14 posted on 07/09/2003 1:38:18 PM PDT by Catspaw
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To: Catspaw
I'd put a quarter of it in a trust that paid out in income once a year, and blow alot of the rest on friends, family and charities, and maybe even buy my momma a double-wide.
15 posted on 07/09/2003 1:59:04 PM PDT by SoDak
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To: RJCogburn
190,000,000 to 1...last I checked.
16 posted on 07/09/2003 2:00:46 PM PDT by TomServo (Free Illbay!!)
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To: Catspaw
A quirky old guy from my old neighborhood won a few years back. In his largesse, he said he was giving each of his kids $1000. He really didn't realize how much money he had won.

Interesting. Guess he didn't count the zeros.

Here's another interesting fact:

In 2002 a $51.5 million jackpot drawn September 14 was never claimed and forfeited by someone in Indiana. Right now there is one unclaimed for $21 million in Louisiania that will be forfeit soon.

I guarantee if I have a winning ticket it WILL be claimed!

17 posted on 07/09/2003 2:01:20 PM PDT by toddst
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To: El Conservador
The cash option is $141M...figure 40% in taxes, and you clear around $86M in cash.....in the bank, earning a piddly 1% a year, and you can live off the $840K and not even touch the principle.

That'll buy a couple cases of beer, eh?

18 posted on 07/09/2003 2:03:43 PM PDT by ContemptofCourt
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To: TomServo
Okay, so I gotta buy a ticket. Back soon!
19 posted on 07/09/2003 2:16:54 PM PDT by RJCogburn ("His lower lip? What was you aiming at?".......Emmitt Quincy)
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To: toddst
The old duffer just died--I'd bet his kids divided what was left of his winnings.

He was this strange little guy who'd collect scrap metal, lived in a tiny one bedroom house & collected rusted hulks of old cars. His only indulgence was to restore those old cars and buy a few more. He never moved out of that tiny house--although he did put siding on it.

I remember running into him at one of the local grocery stores in the old neighborhood after he had won. It was lottery drawing night & he was too late to buy a ticket. He was fighting with the manager, saying by HIS watch it wasn't too late to get a ticket. After he walked out of the store, the manager and I had a good laugh about it.

20 posted on 07/09/2003 2:20:16 PM PDT by Catspaw
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To: El Conservador
Ah yes the ever popular tax on the mathematically disinclined. Last I saw $.75 of each ticket when into the pot, so in order to build a $250 million jackpot that means over 333 million losing tickets have been sold since the last time somebody won. Think about it people.
21 posted on 07/09/2003 2:24:51 PM PDT by discostu (you've got to bleed for the dancer)
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To: RJCogburn
Okay, so I gotta buy a ticket. Back soon!

LOL! Already have mine (3).

22 posted on 07/09/2003 2:29:51 PM PDT by TomServo (Free Illbay!!)
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To: discostu
I've thought about it.

I feel real sorry the people who bought losing tickets and when I win, I might even do something for them.

23 posted on 07/09/2003 2:30:22 PM PDT by Catspaw
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To: Catspaw
I feel real sorry the people who bought losing tickets and when I win, I might even do something for them.

Don't forget to donate to FR.

24 posted on 07/09/2003 2:36:56 PM PDT by TomServo (Free Illbay!!)
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To: Catspaw
And when you don't win and 60% of your 5 bucks goes to some Democrat who'll donate chunk of it to the DNC.

Odds are still 190 million to 1 against. You've got a better chance of being struck by microscopic particles of the moon than winning the lotery. You can see how low the chances are of winning just by how many times it rolls over because there is no winner.
25 posted on 07/09/2003 2:37:54 PM PDT by discostu (you've got to bleed for the dancer)
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To: El Conservador
I got my ticket...

And, in case anyone wants to know, the Multi-state lottery association that puts on Powerball started in Iowa...

26 posted on 07/09/2003 2:41:29 PM PDT by Keith in Iowa (Tag line produced using 100% post-consumer recycled ethernet packets,)
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To: El Conservador
I let slip once at a gathering of Mrs. Slim's family that I bought tickets occasionally. They immediately started harping on some statistic that 80% of all lottery winners are broke in a couple years. I told them I knew why.

It was because the winners gave money to their in-laws.

27 posted on 07/09/2003 2:41:53 PM PDT by Tijeras_Slim (The Preview button is for wimps!)
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To: kylaka
I'd have to expatriate myself if I won that much :D
28 posted on 07/09/2003 2:45:23 PM PDT by Tempest
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To: discostu
Yup, the same argument my husband makes.

When I told him that if I won that I just knew he wouldn't want a dime from the proceeds of evil gambling, he said quickly, "this is a marital property state. I get half of anything you have."

29 posted on 07/09/2003 3:08:54 PM PDT by Catspaw
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To: TomServo
Don't forget to donate to FR.

"Donate?" How about "endow."

30 posted on 07/09/2003 3:10:40 PM PDT by Catspaw
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To: Catspaw
"Donate?" How about "endow."

Sounds too PBS'ish. I already told my wife how much we'd donate if we won. Hope JR ain't holdin' his breath.

31 posted on 07/09/2003 3:25:27 PM PDT by TomServo (Free Illbay!!)
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To: Tijeras_Slim
A large number of lottery winners also kill themselves and go broke..
32 posted on 07/09/2003 3:26:56 PM PDT by ewing
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To: ewing
A large number of lottery winners also kill themselves and go broke.

Sources, please.

33 posted on 07/09/2003 3:29:25 PM PDT by toddst
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To: discostu
Odds are still 190 million to 1 against. You've got a better chance of being struck by microscopic particles of the moon than winning the lotery. You can see how low the chances are of winning just by how many times it rolls over because there is no winner.

...A little less... combination formula...5 of 53 = 2869685:1 x 42 (powerball) = 120,526,770:1

Bye!...gotta buy a fiver..gotta support FR :))

34 posted on 07/09/2003 3:32:19 PM PDT by skinkinthegrass (Just because you're paranoid,doesn't mean they aren't out to get you. :)
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To: Catspaw
It's not evil gambling, in gambling you actually have a useful chance of winning, in the lottery you don't. If you want to play for fun have at it, if you actually think you'll win understand that you won't.
35 posted on 07/09/2003 3:40:35 PM PDT by discostu (you've got to bleed for the dancer)
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To: El Conservador
I actually get tired of winning these things.
Now I just put them in the kitchen drawer with all
the other winning tickets.
36 posted on 07/09/2003 3:44:02 PM PDT by tet68
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To: El Conservador
Oh boy, the things I'd do with $250M...


Ok lets get that in one lump sum. Whoops, now it's down to about $100 Million.

Oh and there Federal Tax that has to get paid first. I beleive it is 33% - down to $66 Million

Now state anywhere from 5 to 12% more, so you would end up with something on the order of:

$57 Million - Not bad for $1

Put it all in a 5% bond or fund and you would have a POST Tax income of about $150,000 PER MONTH!!!!

Yep, I could live on that.
37 posted on 07/09/2003 3:45:21 PM PDT by taxcontrol
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To: tet68
Lets set the wayback machine to a time long ago..........
there was no powerball, no state lottery and about the only
lottery going was in a foreign country.

Yes, that's right, The Irish Sweepstakes, I remember it sounded so exotic, and tickets then were rather hard to
come by, couldn't just pick them up at the 7-11.

Any others?
38 posted on 07/09/2003 3:49:20 PM PDT by tet68
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To: discostu
Blah blah blah.

Please stridently and annoyingly lecture someone else. Make sure you shake your finger at them as you do.

39 posted on 07/09/2003 3:50:00 PM PDT by Catspaw
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To: Catspaw
Hey you replied to me, I'm just giving you the facts. The fact is you won't win. The fact is the chances are so far and away against you that you're better off wandering through parking garages hoping to stumble on a briefcase full of cash. Don't like the facts? Tough. The lottery is a tax on people that can't grock math, and you're proving it right now.
40 posted on 07/09/2003 3:52:19 PM PDT by discostu (you've got to bleed for the dancer)
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To: taxcontrol
Federal Tax that has to get paid first. I beleive it is 33% - down to $66 Million

Now state anywhere from 5 to 12% more,

If I won, could I pay them in Pennies? What about stamps?

Ooooooh would I make them work for it.
41 posted on 07/09/2003 3:52:30 PM PDT by tet68
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To: Catspaw
Great story. Thanks for sharing it.

One of the early winners in Kentucky was a bulldozer driver for a coal company in E. Kentucky. He went right on working, said his winning wasn't going to change HIS life! Some folks are really big on not letting anything disturb what they do. I guess he enjoyed running that 'dozer.

42 posted on 07/09/2003 3:54:22 PM PDT by toddst
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To: discostu
Hope springs eternal.
Are we all going to die?
Yes, but maybe it won't be for a while yet.
43 posted on 07/09/2003 3:55:11 PM PDT by tet68
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To: tet68
Hopes get dashed eternally. I've known too many people that blew 5 bucks a week on the lottery with the eternal hope and it never came true and in the end they didn't save any money because they were too busy counting on winning the lottery one of these days and one of these days simply never came.

I've got no problem with spending money entertainment and if the lottery is an entertainment expense and people feel they're getting a good ROI in their entertainment great. It's when people start pre-spending their "winnings" I feel the need to be a cold splash of water in the face.
44 posted on 07/09/2003 3:59:45 PM PDT by discostu (you've got to bleed for the dancer)
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To: discostu
zzzzzzzzzzzzzzzzz
45 posted on 07/09/2003 4:09:42 PM PDT by Catspaw
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To: toddst
One of the early winners in Kentucky was a bulldozer driver for a coal company in E. Kentucky. He went right on working, said his winning wasn't going to change HIS life! Some folks are really big on not letting anything disturb what they do. I guess he enjoyed running that 'dozer.

Winning the lottery didn't change Fuzzy's life substantially. It just made it more enjoyable.

46 posted on 07/09/2003 4:11:43 PM PDT by Catspaw
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To: Catspaw
Awww did I bust up your sacred cow? Imagine how not upset I am. You posted to me and now your upset at my answer, that's really sad and even more shallow.
47 posted on 07/09/2003 4:16:29 PM PDT by discostu (you've got to bleed for the dancer)
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To: RJCogburn
"Wrong. The odds of winning are 120 million (or is it 180 million?)to 1."

I've been struck by lightning twice (over the past 12 years) so I figure it's high time that something rare happens to me that's good. :) Winning this jackpot can't be worse than being a crispy critter.

48 posted on 07/09/2003 4:20:45 PM PDT by tuna_battle_slight_return (Sine waves.)
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To: discostu
Please go shake a crone-like finger at someone else. You bore me.

I bet you whine when there's a parade, too--just too much infernal noise and those horses make such a mess.

49 posted on 07/09/2003 4:32:54 PM PDT by Catspaw
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To: El Conservador
Drat. I lost.

Powerball
19 - 21 - 26 - 31 - 51 - PB 40
Power Play Number is 3 for July 9, 2003

1 Winner in Missouri and
1 Winner in Pennsylvania

Next Powerball Jackpot Estimate Saturday, July 12th, 2003
$10,000,000 (5,600,000 cash option)
50 posted on 07/09/2003 11:48:16 PM PDT by Keith in Iowa (Tag line produced using 100% post-consumer recycled ethernet packets,)
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