LOTF is offering a $1000000 finder’s fee to anybody who can find an investor to fund this project. The business objective is to create an offshore lottery operation that will be innovative more cost-effective, highly profitable and simply better than the existing models. In order to project the future, we must learn and understand the past. The lottery has been around since the beginning of recorded history. Last year, the biggest prize pool of any lottery in the world, totaling over 2 Billion Euros or $2.8 Billion Dollars was won in Spain. In March of this year, $370 Million Dollars was won in the megamillions lottery and is now the largest US jackpot ever. The total 2006 revenues derived from the Gaming Industry breaks down as follows: The Casino Total was $96.1 Billion Dollars and the Lottery Total was $200 Billion Dollars. The Revenues overseas, more than doubled that of the US. The Lottery operations overseas, although different from each other, mostly do not deduct taxes from the jackpot, unlike the US counterparts. The Spanish Christmas lottery, El Gordo or ‘The Fat One’, is the biggest lottery in the world and also one of the oldest, having started in 1812. El Gordo has the biggest prize pool of any lottery in the world. The odds of winning the El Gordo this year could reach 1 in 28571429 based on their projection that the jackpot could reach $4 Billion Dollars at the cost of $200 Dollars per lottery number. These consist of 10 tickets that can also be purchased …
Tammy
If I win the Mega Millions jackpot, should I take the lump sum payment, or the 26 annual payments.
Lump sum is approx. 60% of total jackpot. Currently you will get $75.2 million(of a $125 Million jackpot), before taxes.
Or you get 26 annual payments of $38,500 per million won. The current jackpot is $125 million, so you would get $4,812,500 before taxes per year for 26 years.
What is the best option? Clearly I am going to win this thing on Tuesday.
Nancy
I’m asking about the jackpot if you take the Lump-Sum amount. So I know you lose some money for taking the lump-sum deal and you lose money to taxes. How much do you end up with if you win the jackpot amount of $12 Million, $50 Million, $100 Million?
Michele
By mega millions I mean any really large amount in a State sponsored legal numbers game. You hear all the time that people take the lesser amount by taking the “cash payout” why do they do that and how do you get your money if you choose the other option. Do your heirs get the money should you die before the total is paid? Does someone get the entire amount, ever? (this is not a tax question) I know states are different, please name your state and how you know. (I know I could read hundreds of pages of rules but I am interested in the short version. And would you ever pick the standard payout to get all the winnings?
I am not a gambler. Actually I am pretty much against the “Legalization of Gambling” (children suffer no matter what the States claim.) BUT I do wonder why any body would put up a company (wal-mart could not get away with it) that said if you buy this and your numbers are actually drawn, even though we said the winnings are at 360 million the winners get only a portion of that amount. (like I said this has nothing to do with what the taxes are on the money) I just want to know if a car manufacturer said you only get 2/3 of a car, Would you buy it? If a gallon of milk was $4.65 and you paid the amount stated, how could they hand you a half gallon? Seems like FALSE AVERTISEMENT.
Lester
which is about….70-80 million after lump sum and taxes?
what would you do with $70 million dollars?
thanks
Lauren
Be careful how you answer, here’s why…you’ve already purchased everything you always wanted and even shared some with your family and a few close friends. So…what now?
Clara
I’m trying to find out the total cash out the GA couple get for their 270 million cash out after taxes. Anyone know?
Bryan
