The Lottery Frenzy – Part 2 – Truths, Myths, Stories, Humor & A Dose of Reality

 

Tis the season to start dreamin’……But don’t quit your day job just yet. 

You’ve Heard it Said Before  – “You Can’t Win If You Don’t Play”  How about some other similar sayings, like:

“You Can’t Win If You Don’t Enter” (Still waiting for the balloons & GIGANTIC Check!)

“You Can’t Sit If You Want to be Fit” (True! I’m glad I found that saying sitting in my recliner!)

“(If) You Can’t Say Something Nice, Don’t say ANYTHING AT ALL”

“You Can’t Complain If You Don’t Vote” (Just think – If we had a $1 National Complaint Jar, We’d turn that deficit around in no time!)

poor-t-rex_o_177370

“You Can’t Make Your Bed If You’re a Tyrannosaurus Rex”(Ok, that’s kinda off track, but pretty funny)

Let the FRENZY continue! Part 2 of today’s NETG Lottery craziness reminds us of the reality of betting the lottery.  If you want to read the first post, click here for POWERBALL Payoffs, A Little History, & A Little Bit of Humor.

Here are some truths about Mega Lotteries:images (1)

  • 75% of Jackpot winners used Quick Picks for their numbers.
  • The four winning-est Powerball Numbers are 26, 41, 22, 16
  • The odds are so large that even buying every number combination at $2 a ticket would cost you $584 million.  Sounds like a profit, right.  After taxes, you’ll still owe millions.
  • Lottery results are completely random, so no one can control the outcome. It is impossible to predict a number beyond its overall probability of appearing among the winning numbers. A random guess has just as much chance at winning as playing birthdays, anniversary dates, or any personal system. Players can’t control lottery outcomes by using various methods to forecast winning numbers – if so, would it be over $800,000,000?
  • The rules were changed on October 7, 2015 to make the jackpot harder to hit, and thus grow larger jackpots. The previous jackpot probability was 1 in 175.2 million. It is now 1 in 292.2 million.
  • Buying more tickets does not increase your chances.  Each ticket should be considered like one play on a slot machine – one event. THE ODDS DON’T CHANGE! YOU DON’T HAVE A BETTER CHANCE IF MORE OR LESS PEOPLE BUY TICKETS, OR WHATEVER THE JACKPOT IS!

WHAT ARE YOUR CHANCES – REALLY?

While it is true – “You Can’t Win If You Don’t Play,” what chances do you have to win? You have a better chance of the following instead of winning the jackpot:

1. Dying from an asteroid strike: 1 in 74,817,414

2. Getting killed by a terrorist act in the United States: 1 in 10,000,000

3. Getting murdered during a trip to the Grand Canyon: 1 in 8,156,000

4. Dying from chronic constipation: 1 in 2,215,900

5. Becoming a movie star: 1 in 1,505,000

6. Getting struck by lightning: 1 in 1,101,000

7. Birthing identical quadruplets – Odds: 13,000,000 to 1

8. Becoming an astronaut – Odds: 12,100,000 to 1

9. Getting a royal flush in a first hand of poker – Odds: 649,740 to 1

10. Finding a four leaf clover – Odds: 10,000 to 1

 

LOTTERY Myths and Facts

Myth: There are “hot numbers” that are drawn more often than others.
Fact: Lottery draws are completely random, so there are no hot numbers. Every number has an equal chance of being drawn, so every set of lottery numbers has the same chance of winning.

Myth: “Fresh” or newly arrived tickets are luckier than tickets from a previous week.
Fact: The probability of purchasing a winning ticket is the same over the lifespan of a lottery game. Unsold tickets from a previous week have the same chance of containing a winning ticket as newly delivered tickets.

Myth: Players can control lottery outcomes by using various methods to forecast winning numbers.
Fact: Lottery results are completely random, so no one can control the outcome. It is impossible to predict a number beyond its overall probability of appearing among the winning numbers. A random guess has just as much chance at winning as playing birthdays, anniversary dates, or any personal system.

LOTTERY HUMORth

Did you hear about the guy who put his Powerball ticket in a box labeled “Schrodinger’s Cat?” He figured without opening the box, he increased his odds from 1:292,000,000, to 50/50 – as long as he didn’t open the box!

A Man Wins the Lottery rushes into his house and yells to his wife, “Martha, pack up your things. I just won the state lottery!”
Martha replies, “Shall I pack for warm weather or cold?”
The man responds, “I don’t care. Just so long as you’re out of the house by noon!”

Did you hear about the new 3 million dollar State Lottery? The winner gets 3 dollars a year for a million years.

The best bet for a player to make is what is called a “Mind Bet” You stand behind the game watch the action and attempt to predict the winner. You never bet any real money you only bet in your mind. Last week a friend of mine lost his mind three times.

WEIRD LOTTERY FACTS

  • …if you put $20 a month into buying lottery tickets from age 25 to 65, you’ll likely come out with next to nothing. If you instead put that into a mutual fund, you would have $93,626.41, after taxes!
  • 5 years or less is the typical amount of time it takes a lottery winner to burn through his winnings.
  • The first recorded signs of a lottery are keno slips from the Chinese Han Dynasty between 205 and 187 BC. These lotteries are believed to have helped to finance major government projects like the Great Wall of China. (interesting – gambling to fund social / public projects, hmmm….some things haven’t changed)images
  • In America, the numbers game operated out of “Policy shops” in the U.S. prior to 1861, where bettors choose numbers. By the early 20th century, the game was associated with poor communities, and could be played for as little as a penny.

An Interesting LOTTERY Story

The U.S. Powerball lottery drawing of the March 30, 2005 game produced an unprecedented 110 second-place winners, all of whom picked five numbers correctly with no Powerball number. The total came out to $19.4 million in unexpected payouts. 89 tickets won $100,000, but 21 additional tickets won $500,000 due to the Power Play multiplier option. PowerballPowerball officials initially suspected fraud, but it turned out that all the winners received their numbers from fortune cookies made by Wonton Food Inc., a fortune cookie factory in Long Island City, Queens, New York. The number combinations printed on fortunes are reused in thousands of cookies per day. The five winning numbers were 22, 28, 32, 33, and 39. The sixth number in the fortune, 40, did not match the Powerball number, 42.

So, it’s true – You Can’t Win If You Don’t Play. Have fun with it, since, you’re likelier to die getting struck by lightning than winning the Powerball jackpot: 1 in 134,906.

That’s all for now. I have to rush down to Lotto Mart to buy “a” ticket.

Binbin

The Lottery Frenzy – Part 1 What To Do If You Win?

When lottery frenzy pops up now and then, I’m always reminded of one of my favorite musicals “Fiddler on the Roof.”  Tevye, who I have played on stage, opens “If I were a Rich Man” with the following monologue “

“Dear God, you made many, many poor people.
I realize, of course, that it’s no shame to be poor.
But it’s no great honor either!
So, what would have been so terrible if I had a small fortune?”

Tevye “If I Were A Rich Man”

There it is……a small fortune, that’s what Te ye and all lottery players are looking for, right?  Of course, right!

Today I woke up to find no one won the big jackpot. The jackpot in the Mega Millions soared Friday to a record-setting $1 billion, the largest Mega Millions prize ever, for the drawing tonight at 11 p.m. EDT. Add the Powerball inflated jackpot and it’s a mega-money frenzy. Mega Millions is played in 44 states, the District of Columbia and U.S. Virgin Islands. The draw is at 11 p.m. ET.

“This is truly uncharted territory, and it’s exciting to see people across the country buying their tickets and joining in the fun,” Mega Millions lead director Gordon Medenica said in a statement.

What to do if you win

There are many tragic stories that have been reported by those who won a lottery, including bankruptcy and crime. So, before you start picking out your new Ferrari, here are suggestions from the Today program this morning.  They asked several experts for advice on how to handle the large sum of cash and not end up another sob story. The following was written by Jordi Lippe-McGraw from TODAY.com.

1. SIGN THE TICKET AND PUT IT IN A SECURE PLACE.

“The first thing a player will want to do is sign the back of the winning ticket,” Kathleen Jacob, public affairs specialist at the North Carolina Education Lottery, told TODAY. “It establishes ownership and the ticket must be signed to claim the prize. Of course, the player will want to keep the ticket in a secure place until then.”

2. DON’T ACCEPT THE PRIZE MONEY RIGHT AWAY.

No matter how excited you are to deposit that huge check into your bank account, Jacob suggests holding out as long as possible. “One of the biggest things we urge players to do is to take their time,” she said. “Prize claim policies may vary in each state, but here in North Carolina players have 180 days to claim their prize. This will give a player time to make some very important decisions, like what they want to do with the money and how they think it will change their life.”

3. HIRE A TEAM OF PROFESSIONALS TO MANAGE YOUR MONEY.

With hundreds of millions of dollars it might seem like you can just throw money at any problem, but it doesn’t exactly work that way. The good news is you’ll have plenty of cash to hire a slew of experts to manage everything from your finances and legal issues to personal relationships. “Get an estate attorney to help you with structuring and protecting your assets,” Ric Edelman, chairman and chief executive officer of Edelman Financial Services, told us. “Also, get a financial planner and make no financial decision without that person’s guidance. Use that person as a buffer with all those who ask you for money — this will help insulate you and protect your relationships.”

4. STAY QUIET AND LEAVE TOWN FOR A WHILE.

We wouldn’t blame you for wanting to shout from the rooftops that you’re a multimillionaire, but it’s best to keep quiet. “Other than a spouse or life partner, I wouldn’t tell anyone about your good fortune until after you’ve created a solid plan with the professionals,” Laura Adams, author of “Money Girl’s Smart Moves to Grow Rich,” told TODAY. “Well-meaning friends and family may not offer you the best financial advice.”Erica Sandberg, personal finance expert and author of “Expecting Money: the Essential Financial Plan for New and Growing Families,” told us, “Take a vacation. Get out. Go to Bora Bora for a month. Disappearing for a while means you won’t have strangers and family members hounding you for money. It gives you a chance to settle yourself. When people get a huge windfall it could take people up to a year to fully adjust to this new lifestyle.”

5. DON’T HAND OUT CASH TO FAMILY AND FRIENDS.

Having a lot of money means you can help a lot of people, but that doesn’t mean you can help everyone — nor should you. “Don’t feel obligated to bail out, reward, loan or give out lumps sums of cash to friends and family members,” William R. Patterson, chairman and CEO of the Baron Solution Group, advised us. “It may seem like harsh advice, but this is one of the fastest ways to lose your money. Talk with your financial advisers about strategies and vehicles, such as trusts, that can allow you to help others and also preserve your wealth. Additionally, cash and other gifts can have significant tax consequences.”

6. DON’T FORGET ABOUT ALL THOSE TAXES.

Pay those taxes – Uncle Sam is watching you!

Even though the jackpot is $1.5 billion, that doesn’t mean you’ll walk away with that amount. More than half will likely go to taxes immediately. And it doesn’t end there. “It sounds boring, but planning for taxes is very important,” Sandberg said. “The inclination is to not plan for taxes and not anticipate them. If you have investment income you’ll have to pay taxes each year. If you walk away with $500 million, it’s going into some sort of investment account that will earn money. All of those earnings are taxable.”

7. SET A BUDGET.

How could you blow through $500 million, right? Wrong. Even with a huge sum of money, you still have to set a budget. “Realize it’s not a bottomless pit of money. Don’t spend wildly in the belief that it’ll last forever,” said Edelman. “A financial adviser can tell you how much income you can receive monthly from your winnings — you need to live on that amount or less.” Sandberg agreed, saying, “Set a budget, but also allow yourself those dream purchases. It’s a balance.”

8. DONATE TO CHARITY.

Do some good with your money! “Identifying some organizations you want to donate to will help counteract any feelings of guilt and will also help with your taxes,” said Sandberg. “You’re going to have to set boundaries early though and stick to them as much as possible. You can’t help every sick person out there, so set aside a certain percentage of your money that will go to a selection of organizations.”

9. HIRE A THERAPIST.

Along with your team of professionals helping you manage your money, you should also consider having a therapist to help you manage all the emotions that come with winning the lottery. “A therapist should probably be your second call after telling your closest family members,” said Sandberg. “People who do have a huge windfall can’t anticipate all of the emotions they’ll feel. It’s quite a massive pill to swallow. It’s not as joyful as people expect. Expect that you’re emotions will run all over the place. It could be terror, lack of deserving, the pressure that your friends, family and strangers might put you under. Find someone who can help you manage the emotional response.”

So, there you have it.  If you win, just remember where you found this great advice.  NETG will be happy to help you feel relieved with a donation!

Nah…….just kidding…..

Binbin

 

 

The Belmont Stakes, Justify and Where to Celebrate

Favorites don’t often win the Belmont, and when they do they pay poorly.

But, Justify is not just the favorite, Justify is a triple Crown candidate after winning the Kentucky Derby and Preakness. Justify, at 4-5, was the overwhelming morning-line favorite in the 10-horse field followed by Hofburg (9-2), Bravazo (8-1) and Vino Rosso (8-1). Justify’s odds could be as low as 1-5 by post time.

Justify winning the Kentucky Derby.

But Justify seems different – a genuine favorite for the Triple Crown. How different?

  • He’s massive – weighing 1,380 pounds, more than 250 above the average thoroughbred.
  • Justify won the first leg of the Triple Crown by decisively Good Magic by 2½ lengths with Audible another head behind.The Washington Post calls says “He has an attitude to match, more pushy than regal.”
  • He won the Kentucky Derby in just his fourth lifetime start, and in doing so, beat the dreaded Curse of Apollo as the first horse since 1892 to win the Derby without having raced as a 2-year-old.

The Belmont Stakes is the last leg of the Triple Crown – called the “Test of Champions” because it is the longest of the Triple Crown races at 1 1/2 miles.

There have been 12 Triple Crown winners, with American Pharoah the latest winner in 2015. Thirty horses have won the first two legs of the Triple Crown, but 19 of them failed to win the Belmont. In addition to Sir Barton, the other Triple Crown winners have been Gallant Fox (1930), Omaha (1935), War Admiral (1937), Whirlaway (1941), Count Fleet (1943), Assault (1946), Citation (1948), Secretariat (1973), Seattle Slew (1977) and Affirmed (1978). Secretariat was the fastest ever, setting the world record for a mile-and-a-half distance on a dirt track at 2 minutes, 24 seconds.

So, where can you watch and celebrate the Belmont Stakes this weekend?

FOXWOODS – 150th Belmont Stakes – Advance wagering starts June 8th; Race celebration June 9th.

MOHEGAN SUN – Belmont Stakes Party – SATURDAY, JUNE 9TH, Doors open at 11:00am, Uncas Ballroom.  To add to the racing day atmosphere, VIRTUAL RACING – Saturday, June 9th 2018, 5:00pm & 8pm.

That’s all for now.

Binbin