Lottery currently at $1.6 billion prize monies

[Thekwango]

right @Kutter - you've gone very quiet......you scoop the jackpot and gone into hiding!!!

 

[D.P.]

yeah, knowing my luck i'd realise i'd won and have a heart attack :-/

think i'd want an anonymity clause on that, can only imagine the begging letters and potential ransom threats that might be made if you suddenly land that sort of dosh.

"Not if you’re not a US resident and from a county with a tax treaty." does the US allow winners from other countries? i'm sure i read the Powerball didn't, back when that hit some idiot amount a few years ago; some company immediately appeared where you could buy tickets online and then it was pointed out they'd all be invalid due to that clause.

no, anyone can buy US lottery tickets

 

[Rendog]

Those that are buying US lottery tickets which sites are you using?

 

[Bobcat]

Those that are buying US lottery tickets which sites are you using?

I used Lottoland.co.uk myself, hope this helps

 

[dowie]

Those that are buying US lottery tickets which sites are you using?

I think it was the lotter I used last time there was one of these huge jackpots... though one minor annoyance was that they'd claimed to buy lottery tickets in (IIRC) Delaware but ended up giving me tickets bought in New Jersey.... that sort of thing can cost you tens of millions with a jackpot this size!

 

[Kutter]

right @Kutter - you've gone very quiet......you scoop the jackpot and gone into hiding!!!

Its not drawn yet m8, been busy getting ready to move to Atlanta. If i do win i wont forget my old Warthunder pals

 

[Thekwango]

Its not drawn yet m8, been busy getting ready to move to Atlanta. If i do win i wont forget my old Warthunder pals

Oh you on the move?! No more snowy winters then??

 

[Ergates]

I missed the 12%

So 25% goes to charity and a 12% goes to the government. So 63% goes to the winner/operator.

Quite a few deductions that people don't immediately realise are losing here in the UK when comparing to the US.

https://en.m.wikipedia.org/wiki/National_Lottery_(United_Kingdom)

As stated in that article, the 25% is arguably a stealth tax as it funds charitable things the government don't then have to fund.

In the UK all the deductions are taken before the prize. So, in the UK if the prize is £10 million, then you get to keep £10 million. In the US, if the prize is $10 million you'll get taxed on that too - about $2.5 million on by the state and between about $900k an $0 depending on the state - so you'd get to keep $7.5 - $6.6 million (ish).

 

[dowie]

In the UK all the deductions are taken before the prize. So, in the UK if the prize is £10 million, then you get to keep £10 million. In the US, if the prize is $10 million you'll get taxed on that too - about $2.5 million on by the state and between about $900k an $0 depending on the state - so you'd get to keep $7.5 - $6.6 million (ish).

See previous posts on this subject, some states don't tax it and if you're from the UK (as most on this forum are) then the federal taxes don't apply. In both the US and UK lotteries various deductions going towards either the UK government or local US state are deducted from the funds raised.

 

[muon]

In the UK all the deductions are taken before the prize. So, in the UK if the prize is £10 million, then you get to keep £10 million. In the US, if the prize is $10 million you'll get taxed on that too - about $2.5 million on by the state and between about $900k an $0 depending on the state - so you'd get to keep $7.5 - $6.6 million (ish).

But in the US the prize fund would have been $15m to begin with.

 

[theone8181]

But in the US the prize fund would have been $15m to begin with.

Which is about £10million, so is uk lottery better?

 

[muon]

Which is about £10million, so is uk lottery better?

I don't think you got my point. Besides the powerball is actually $1.6bn.

 

[Thekwango]

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What?

 

[kaiowas]

Aren't the US jackpot figures artificially inflated anyway? Isn't the headline figure based on taking payment in installments meaning that inflation will have taken huge chunks out of it by the time you get most of it? If you take the option of taking it all up front you'll get a lot less than quoted even before the taxman comes knocking.

 

[dowie]

Aren't the US jackpot figures artificially inflated anyway? Isn't the headline figure based on taking payment in installments meaning that inflation will have taken huge chunks out of it by the time you get most of it? If you take the option of taking it all up front you'll get a lot less than quoted even before the taxman comes knocking.

Yes, basically they don't display the actual jackpot amount but rather what you'd win if it is invested over several years and you take regular pay outs.

The jackpot in this case is actually 900 million but 1.6 billion sounds better for marketing purposes.

The tax isn't particularly relevant when comparing lotteries as it is governments not lotteries that apply it, a US citizen playing the euromillions still owes tax to the US government and a UK citizen playing a US lottery doesn't owe tax to the federal government.

 

[Efour]

Is monies the plural of money?

Everytime I read monies I day it in a pseudo Nigerian accent...

I have issues

 

[Housey]

In

 

[kindai]

In

Also in.

Lets make a deal, we profit share 1% of our winnings.

Ill let you know in the morning where you can come pick up your 16 million dollars.

 

[Housey]

I want the 1.2 billion one, that's the one I entered, I think.

I've not read the small print have I

 

[dowie]

I want the 1.2 billion one, that's the one I entered, I think.

I've not read the small print have I

me neither, but I've got a scanned copy of a ticket and I'll be on the phone to a big US law firm in the unlikely event I win

Sadly it is just 900 million though, not whatever 1.X billion they're claiming, that's just a marketing con based on taking payments over time and having the jackpot invested.