The US Powerball jackpot - silly, silly amount.


I would just follow this.

$38mil YOLO money with $1 mil a month “earnings”.

That leaves $500mil gaining value over time. That’s the thing to do.
 
Droolinggimp said:
BBC news article

So the US Power ball jackpot has climbed to $1.9 BILLION (£1.7 BILLION) after no one won it last week end.

$1.9 BILLION!!!!!!!

I mean, what would anyone actually do with that, minus the taxes of course. Still works out about $900 MILION.... I can imagine if there was a single winner, they would be old, be plastered all over the news and get harassed for the rest of their lives.
Before the usual stupid person tax posts appear, its a couple of dollars, what's wrong with parting with a few dollars to have that bit of excitement for a few days waiting for the draw.

Anyway.... $1.9 Billion!!!!!!
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LOL, I was driving back the 600 odd miles from North Carolina today with my buddies, and we saw the sign at 1.9 billion in Delaware about an hour ago, and he instantly commented "and no one won it!".

So... next time... people are gonna go NUTS in buying tickets.
 
dowie said:
Eh? That's just supporting what I said, UK residents (UK residents who pay tax here/aren't US citizens or green card holders) would be covered by the treaty mentioned and don't have to pay federal tax... they can be liable for state taxes.
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But we'd have to pay UK income tax - at 45% - wouldn't we?
 
Quartz said:
But we'd have to pay UK income tax - at 45% - wouldn't we?
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Nope, gambling winnings are tax-free in the UK and the US won't hold you liable for federal tax because we have a tax treaty... the operator might withhold it in which case you'd have to claim it back.

Individual states can have an income tax in the US though so you might be liable for some local income tax to a state depending on where the ticket was purchased.
 
In the UK, we pay tax on the ticket. Americans pay tax on receiving wins.

I remember about 20 years ago or so, the Powerball was c$730m. Won by a couple with about 8 teeth between them. The news presenter after the report, commented that the first thing they should by is some teeth!
 
Droolinggimp said:
BBC news article

So the US Power ball jackpot has climbed to $1.9 BILLION (£1.7 BILLION) after no one won it last week end.

$1.9 BILLION!!!!!!!

I mean, what would anyone actually do with that, minus the taxes of course. Still works out about $900 MILION.... I can imagine if there was a single winner, they would be old, be plastered all over the news and get harassed for the rest of their lives.
Before the usual stupid person tax posts appear, its a couple of dollars, what's wrong with parting with a few dollars to have that bit of excitement for a few days waiting for the draw.

Anyway.... $1.9 Billion!!!!!!
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I would rather win the EU lottery. Tax free, and anonymity.
 
SpellowHouse said:
I would rather win the EU lottery. Tax free, and anonymity.
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It isn't the lottery that's tax-free per se but differing tax treatment by different countries - an American winning the Euromillions will still need to pay tax, if you're a UK taxpayer and you win a US lottery on holiday you won't need to pay federal tax.

People do have creative solutions to anonymity for various lotteries like hiring a lawyer to collect or...

jCAixLz.jpg

WtCBpPI.jpg

:D
 
el_dazza said:
Article says most people take the 'give it to me now' option, forfeiting over half of their winnings. That is just baffling to me. Over 60m a year for the next 29 years, or 900m if you take it now. Americans really aren't smart are they.
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is that really the option they have? what happens if they die after a couple of years?

as for what i would do with the cash.................... make all my closest friends and family millionaires, make my more distant friends and family not have to worry about bills for a few years........... then spend a bunch of it greesing dodgy politicians and planning officials palms and set up an on shore wind turbine business called YIYBY (Yes in your backyard ) and deliberately build turbines in NIMBY areas :D
 
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chroniclard said:
Would you actually collect when using stuff like a lottoland bet.....
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To be honest, I'm not sure these are even valid, foreigners can certainly win if they buy a ticket on holiday, it's against the rules for someone to mail you a ticket (though these lottery agencies don't do that), I'm not sure it is legal for someone to buy a ticket on your behalf... plus would you really trust them with a prize of that size?

AFAIK collection varies according to state, some allow you to be anonymous, some will require publication of you name, likeness etc.
 
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dowie said:
To be honest, I'm not sure these are even valid, foreigners can certainly win if they buy a ticket on holiday, it's against the rules for someone to mail you a ticket (though these lottery agencies don't do that), I'm not sure it is legal for someone to buy a ticket on your behalf... plus would you really trust them with a prize of that size?

AFAIK collection varies according to state, some allow you to be anonymous, some will require publication of you name, likeness etc.
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Yeah but with lottoland you are not actually buying a ticket you are betting on the result.
 
What I don't get is why more people do it when it's 1bln vs 500mln.

Nah not interested in 500mln.
Oh 1bln? Sign me up.

They are both ridiculous amounts of money.
 
chroniclard said:
Yeah but with lottoland you are not actually buying a ticket you are betting on the result.
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Will be interesting to see how they handle tax then.. I guess it won't be tax-free if they (a US entity or US person on their behalf) has to collect and then pay out your "bet" with them from those winnings. Plus you again have to trust them not to just steal the money for themselves.

edit - oh, those guys don't even buy a ticket to hedge your bets, they have an insurance policy instead and sure enough they pay out as if you'd been taxed:

Q. DO I PAY US TAXES IF I WIN AN AMERICAN LOTTERY?​

At Lottoland you win the same amount of money as you would if you bought an official lottery ticket. For American lotteries like Mega Millions and Powerball this means that you get your winnings paid out as an annuity over 30 years and less the 38% you would pay in state and federal taxes (as state taxes on gambling vary from state to state this is an average). So while you do not pay any taxes, the winning amount you receive will be the same amount as a US-based winner would receive after tax was deducted from their winnings.
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Q. DO I PAY TAXES ON MY WINNINGS IN THE UK?​

You do not pay any taxes on your winnings in the UK because winnings from gambling are not taxable. For most European lotteries like EuroJackpot you will be paid the full amount as a lump sum as most European countries don’t tax gambling winnings. The main exception to this European rule is the Spanish Xmas Lottery and El Gordo Primativa where your winnings would be less 20% as gambling winnings are taxed in Spain, and you will receive the same amount that a Spanish winner would get after tax.
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Spot the contradiction... you're not winning the same amount of money as you would have if you bought an official lottery ticket as you'd not have to pay federal taxes if as someone from the UK/not residing in the US you'd bought an official lottery ticket... you'd maybe owe state taxes depending on the state...
 
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