questionscan i buy 176 million mega millions lottery…

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vote-for15vote-against

If you have 176 million already, the last thing you need is the lotto.

Remember, there are taxes to pay on the winnings, the lumpsum isn't the advertised amount, and what if someone else wins too? MONEY LOSER!

vote-for8vote-against

You can. I've read stories about families who pool their money to win lotteries this way. However it's a bit late to start now as I believe the drawing is tonight.

I'd also think that if you were going to do this that there are lotteries with better odds.

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Well if someone else wins - they would get half and you would get half. Cash payout is around 462 million so you would have 231 million but after taxes you would probably have 160 or 170 million maybe? I'm not sure.

But wait - there's more.

You would also have 46 of the 5 + 0 combos each worth 250K before taxes or whatever.

And all the other combinations. So if you and only 1 other person won. Then you would be fine.

vote-for7vote-against

if you bought all of the approximately 175 million number combinations, and spent 5 seconds filling each ticket out, it would take over 28 years to purchase all your tickets.

Or something like that. Also figure odds are good there will be at least one other winning ticket, so after taxes, you'll probably lose 10 million dollars.

vote-for3vote-against

Ahhh, but wouldn't it be fun?

vote-for4vote-against

final problem is you need to secure yourself $175 million in upfront money to buy all the tickets.

vote-for2vote-against

Does this make anyone else's head hurt?

vote-for11vote-against

No, the lotto does not allow one to do that in one purchase by one person. They qualify this as fraud. If it was allowed, people would have done it already. If the governing lottery commission suspects this has happened, they can and will take you to court.

You could, arguably, split it between a few different people over a few days to separately buy 1000s of tickets each day.

The problem is that when the lottery gets big enough to be able to turn a profit after investing 175 million, there are more people playing and therefore a higher likelihood that there will be more than one winning ticket. Imagine banking everything on winning only to be told that you were one of five winners.

Lotteries are a tax on stupidity...even if you can win $640 million.

vote-for2vote-against

@kamikazeken even if you would lose 10 million wouldnt you get all the small wins as well, that would add up to a ton too, and by buying all the tickets the jackpot would go up as well correct?

vote-for2vote-against

@raremonkey: Exactly you would have every other $250,000 (5 white balls) win for a total of $11,250,000. Then all the others... it adds up fast!

vote-for4vote-against

2 reasons why this is a bad idea:

1. statistically speaking, it is far more likely that there will be 9-12 winners than just 1 -- in fact, approximately 5 times more likely

2. assuming it takes 5 seconds to fill out a single ticket, it would take YEARS to fill out 176 million tickets

vote-for2vote-against

I recall reading in a book on randomness where a similar stunt was tried. It was a special one-time state lottery because of a surplus IIRC, and the top prize was worth more than the cost of 1 of every ticket.

A company gathered money and and tried to hire enough people to buy all the necessary tickets (IIRC, it was ~1 million or so tickets). Even with the assistance of some helpful store owners in printing out tickets by the ream they ended up getting well less than half the tickets. With a bit of luck they still got a winning ticket, but you can imagine how much harder it would be to buy 100M tickets and how much you would lose when the prize ended up being split.

vote-for0vote-against

Post Was More Detailed, But Hit Max Char Limit. Using Rough Numbers Instead Of Actual Numbers.

I Figured This Out For The Regular Missouri Lotto (Pick 6 With Balls 1-44).

You Would Need To Spend Just Over $3.5M To Cover All Of The 7M+ Numbers.

Get 50 Folks To Buy 10K/Day For A Week And That’s A Lot Of Tickets To Fill Out. Lotto Starts At $1M. Average Payout Is $2.3M.

If You Take The Lump Sum, You Get About Half Of The Winnings. You’d Need A Prize Of Double What You Put In ($7M) Just To Break Even. If You Wanted To Make $1M, You’d Need To Have An Additional Amount Of $2M Added To The Pot. The Jackpot Would Have To Be At Least $9M For You To Make $1M!

It Would Cost You A Great Deal Of Time, Effort, And Money To Be Able To Cover All Of The Number Combinations. It Looks Like It COULD Be Done If You Are Really Dedicated And Are Able To Find People To Help You Out. It Seems Like WAY Too Much Effort And Risk (Multiple Winners And Risk Of Getting Caught In Your Ploy) To Succeed In It.