Fridays lottery a record half a billion dollars

Mav,

Wow, you are getting very specific on this stuff. So I'll play along.

According to Merriam-Webster dictionary a raffle is "a lottery in which the prize is won by one of numerous persons buying chances."

So, technically, all raffles are lotteries but not all lotteries are raffles.

In practical terms, at least as far as state regulated gambling is concerned, in a raffle people buy raffle tickets and the prizes will be awarded to holders of tickets that were sold for that drawing. However in the lotteries, such as PowerBall and MegaMillions there may not be a winner in any particular drawing because the numbers drawn do not have to match the numbers any player has chosen.

Pretty much the same shit. In a mega million "lottery", most people don't think the same winner will win more than once.

Anyway, this stuff is giving me a headache. Back to trading.


Quote from Maverick74:

I'm not placing any importance on picking numbers. That is what the lottery is. LOL. So basically what you want is a raffle, not a lottery. Everyone buys a raffle ticket and at the end of the day, we pick 10 tickets from the bin. We already have raffles. But that is what you are asking for. The lottery though is not a raffle, it's a lottery where people pick numbers. That's what it is.

If you think that a raffle would be profitable to run, why don't you start one? Here's a hint, you probably won't make any money. LOL.
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Quote from lwlee:

Mav,

Wow, you are getting very specific on this stuff. So I'll play along.

According to Merriam-Webster dictionary a raffle is "a lottery in which the prize is won by one of numerous persons buying chances."

So, technically, all raffles are lotteries but not all lotteries are raffles.

In practical terms, at least as far as state regulated gambling is concerned, in a raffle people buy raffle tickets and the prizes will be awarded to holders of tickets that were sold for that drawing. However in the lotteries, such as PowerBall and MegaMillions there may not be a winner in any particular drawing because the numbers drawn do not have to match the numbers any player has chosen.

Pretty much the same shit. In a mega million "lottery", most people don't think the same winner will win more than once.

Anyway, this stuff is giving me a headache. Back to trading.
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Yes, all that is true. Except for one big difference. Lotteries are profitable and that is why states do them, to make money. Raffles usually are not because like you mentioned, they HAVE to pay out. What you want is a raffle. Which is fine. But states are not giving out money as an act of charity. States run lotteries because they are broke and need the money. And "lotteries" vs raffles, are very profitable for the state.
 
Lol, man you so technical and specific.

So I'm proposing they make up a new hybrid thingie, called it raf-lotto, just for u. Just like lotto only with a socialist touch. lol

Quote from Maverick74:

Yes, all that is true. Except for one big difference. Lotteries are profitable and that is why states do them, to make money. Raffles usually are not because like you mentioned, they HAVE to pay out. What you want is a raffle. Which is fine. But states are not giving out money as an act of charity. States run lotteries because they are broke and need the money. And "lotteries" vs raffles, are very profitable for the state.
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Quote from lwlee:

Lol, man you so technical and specific.

So I'm proposing they make up a new hybrid thingie, called it raf-lotto, just for u. Just like lotto only with a socialist touch. lol
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Look, I understand your angle. I just don't think you are grasping why states do these things. States are in desperate need of cash and lotteries are huge windfalls for them. The only way they make their dough is by not paying out. If you have guaranteed payouts, you run the chance of not only the state not making money, but they might lose money.

For example, you have a 100 million dollar lottery this week and they only get 7 million in sales. But you have to pay out 100 people 1 million each. So the state (taxpayer) loses 93 million in a single week! No thank you. Now if you change the rules and say, well, we won't really pay out 1 million each to 100 people since sales are too low, then you violated the contract with the ticket buyer. See how messy this can get?
 
Someone hit 5 of the numbers about 8 miles away from my house yesterday. They get $308,000. I wonder if they are happy or sad that they didnt get the 341 million on tuesday.

Its Amazing that the lottery went up 150 million in a single drawing. If we dont hit it this week we may be close to a billion dollar lottery next week.
 
Stopped by ticket sale earlier and took printout.
Yeah, nice cash payout for sure.

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Quote from pennystocker:

I'm in on this. If I win I will hire one of you geniuses to manage the loot while I live it up.
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:p :p :p what a bright idea! according to some 95+% can't even manage their own money.
 
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