PDA

View Full Version : Powerball


Mjcpr
1/13/2006, 06:43 PM
How much do I stand to win tomorrow night? :) I did a $5 Easy Pick with no multiplier or anything. It could take a while to figure out how to play that thing so I took the easy way out. Anyone else playing?

Here's a question for the stat geeks. You can win a small dollar amount by just picking the powerball correctly; there are 42 choices, 1-42. The stated odds of winning this prize are 1:68.96 (or something like that). Why would the odds not be 1:42?

If I win, I might not be around for a couple days. Just sayin'.....

Idiot tax ;)
Okla-homey
1/13/2006, 07:52 PM
How much do I stand to win tomorrow night? :) I did a $5 Easy Pick with no multiplier or anything. It could take a while to figure out how to play that thing so I took the easy way out. Anyone else playing?

Here's a question for the stat geeks. You can win a small dollar amount by just picking the powerball correctly; there are 42 choices, 1-42. The stated odds of winning this prize are 1:68.96 (or something like that). Why would the odds not be 1:42?

If I win, I might not be around for a couple days. Just sayin'.....

Idiot tax ;)

You know, you could have lit that fiver on fire and impressed some five y/o kid. Instead, you bought a piece of cash-register paper with numbers on it. Please hillbillies, I'm trying to help, but you gotta work with me.;)
oumartin
1/13/2006, 08:04 PM
I had to again stand in line for 15 minutes while people spent their paychecks on those darn tickets today and the brainiac behind the counter couldn't figure out how to work the darn machine.

I do hope you win though Pat cuz you owe me some $$$ ;)
StoopTroup
1/13/2006, 08:06 PM
I hope Brad Henry wins.
Mjcpr
1/13/2006, 09:04 PM
You know, you could have lit that fiver on fire and impressed some five y/o kid. Instead, you bought a piece of cash-register paper with numbers on it. Please hillbillies, I'm trying to help, but you gotta work with me.;)
If I did that there would be no chance of winning. This way, I'm still in it to win it. :D


I had to again stand in line for 15 minutes while people spent their paychecks on those darn tickets today and the brainiac behind the counter couldn't figure out how to work the darn machine.

I do hope you win though Pat cuz you owe me some $$$ ;)
You know, I did get paid today. :D
afs
1/13/2006, 09:06 PM
i'm going to waste the money for a powerball ticket tomorrow. i figure if i live in NM, but don't pay state taxes, i should contribute somehow.
SoonerInKCMO
1/13/2006, 09:34 PM
Here's a question for the stat geeks. You can win a small dollar amount by just picking the powerball correctly; there are 42 choices, 1-42. The stated odds of winning this prize are 1:68.96 (or something like that). Why would the odds not be 1:42?


The 1:68.96 odds are for matching the powerball number and only the powerball number. Once you take the 1:42 odds for matching the powerball and factor in the odds for not matching any of the five other numbers, you get 1:68.96.
Mjcpr
1/13/2006, 09:37 PM
The 1:68.96 odds are for matching the powerball number and only the powerball number. Once you take the 1:42 odds for matching the powerball and factor in the odds for not matching any of the five other numbers, you get 1:68.96.

I see. I knew somebody here would know the answer to this.

:O
saucysoonergal
1/13/2006, 10:06 PM
We have a group of 11 people at work (I made it eleven) who are gladly throwing our money away in a group effort...
Mjcpr
1/13/2006, 10:07 PM
We have a group of 11 people at work (I made it eleven) who are gladly throwing our money away in a group effort...

It's an investment.

:D
saucysoonergal
1/13/2006, 10:13 PM
you should have seen the look on the poor girls face when we asked for a hundred and ten tickets...;)
afs
1/13/2006, 10:17 PM
We have a group of 11 people at work (I made it eleven) who are gladly throwing our money away in a group effort...

waste of time and money.

everyone knows that I'm going to win tomorrow's drawing.
KC//CRIMSON
1/13/2006, 10:21 PM
Welcome to the 21st Century, Oklahoma!;)
SoonerInKCMO
1/13/2006, 10:26 PM
Welcome to the 20th Century, Oklahoma!;)

Fixed it. :mack:
Okla-homey
1/14/2006, 07:48 AM
Welcome to the 21st Century, Oklahoma!;)

Hey, at least we got our idiot tax before Alabama. They still don't have a lottery. That is soooo 2004.

BTW, do we have any tax specialists here? I was wondering if you could write off the bucks spent on lottery tix and powerball numbers as sort of a hillbilly 401(K) equivalent.
Flagstaffsooner
1/14/2006, 08:04 AM
Hey, at least we got our idiot tax before Alabama. They still don't have a lottery. That is soooo 2004.

BTW, do we have any tax specialists here? I was wondering if you could write off the bucks spent on lottery tix and powerball numbers as sort of a hillbilly 401(K) equivalent.
Topic 419 - Gambling Income and Expenses
Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (http://www.irs.gov/pub/irs-pdf/f1040.pdf) (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525 (http://www.irs.gov/publications/p525/index.html), Taxable and Nontaxable Income.
A payer is required to issue you a Form W-2G (http://www.irs.gov/pub/irs-pdf/fw2g.pdf) (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported irrespective as to whether any portion thereof is subject to withholding. in addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505 (http://www.irs.gov/publications/p505/index.html), Tax Withholding and Estimated Tax.
You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A (http://www.irs.gov/pub/irs-pdf/f1040sab.pdf) (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529 (http://www.irs.gov/publications/p529/index.html), Miscellaneous Deductions, for more information.
StoopTroup
1/14/2006, 09:22 AM
On the outside chance I might win the big money...

I asked my boss if it's OK to call in rich on Monday.
49r
1/14/2006, 03:18 PM
man that thing is only at ~$110 million....not worth my time


n00bs :rolleyes:
Sooner Born Sooner Bred
1/14/2006, 05:51 PM
I'm playing the LOST numbers. ;)
Skysooner
1/14/2006, 06:11 PM
So are many, many others.
Skysooner
1/14/2006, 06:13 PM
http://www.powerball.com/powerball/winners/2005/081005NM.jpg
StoopTroup
1/15/2006, 12:24 AM
I bought two tickets.

I hit the powerball on one.

$3.00 gets me three picks next time.

Guess it's back to the old grindstone on monday.
Mjcpr
1/15/2006, 12:35 AM
Me too. I ended up not winning.
Skysooner
1/15/2006, 09:53 AM
Bought 2 $5 tickets and $5 in Powerball. Matched 3 numbers to win $7 and won $25 on one of the $5 tickets.
tulsaoilerfan
1/15/2006, 12:21 PM
Nothing here; wife hit 2 numbers, but that's not good enough, unfortunately.

john