Betsy Gutierrez from the Hoosier Lottery says if you’re in on a group ticket, there’s more to it than pitching in some cash.
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“You can do more exotic stuff like asset protection trusts and charitable remainder trusts, but when my one ticket wins, I’ll do the simple equity-muni bond mix and take my million a month at a tax rate of about 11.9%”.
Saturday night marked the 19th straight drawing with no victor, vaulting the jackpot to more than a billion for the first time ever.
A history making jackpot has sparked the debate again and folks around here will tell you all you have to do is look at the Powerball jackpot to find one and half billion reasons to bring a lottery to Alabama.
“The smallest-yielding income off that kind of money is plenty to live off of for the types of people who play the lottery”, said Kashif Ahmed, president of American Private Wealth.
Nearby, a store clerk who did not want to give his name said he preferred not to buy a ticket because of the low odds of winning. Then they get the grand prize.
The largest Powerball jackpot prior to the current one was taken home by a Zephyrhills woman who won a $590 million jackpot in 2013.
They referred that question to the Multi-State Lottery Association, which administers Powerball.
Between Jan. 6 and Saturday’s drawings, more than $900 million in Powerball tickets were sold. Can’t I win just a little loot? They get $50,000 for four white balls and the Powerball, or if you hit the five white balls but not the red Powerball, you get a $1 million “consolation” prize. It doesn’t make financial sense. “The identities of the winners are not yet known”.
A victor would have the option of receiving the $1.5 billion in annual installments over 30 years, or receive a one-time payment of $868 million, the Oklahoma Lottery Commission said. And, like many other players, he has already given some thought to what he would do with the cash. A more detailed contract could also include information about how the winnings will be divided, how the numbers will be picked, and whether the payout will be as a lump sum or as an annuity.
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“The $1.3 billion [now estimated at $1.5 billion] is vast, unbelievable, insane, and people are going crazy over it”, he said. A lump sum is about two-thirds that amount.
