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Someone gamed the lottery for a guaranteed win

2,815 Views | 11 Replies | Last: 4 mo ago by Sea Speed
RebelE91
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12:46p, 8/23/24
AG
I'm assuming this happened in Houston since it was reported by the Comical. But who knows. Brilliant operation.

https://www.msn.com/en-us/news/other/stacked-odds-95m-lotto-texas-win-exposed-by-chronicle-investigation-prompts-new-rules/ar-AA1pchYs
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OnlyForNow
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3:05p, 8/23/24
AG
I mean, I don't understand why folks who have a few hundred million laying around don't do this all the time across all states.

It's a 100% money back, and like 90% double your money after the lottery winning total gets to be above 75 million and you buy all the combinations.
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P.H. Dexippus
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In reply to OnlyForNow • 3:08p, 8/23/24
AG
What happens when you have to split the pot with another winner?
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OnlyForNow
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In reply to P.H. Dexippus • 7:05a, 8/24/24
AG
Watch the clip, the odds of that happening are almost negligible, apparently.

And thats why you'd wait till the pot is that high, then you'd make your money back.
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BCG Disciple
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In reply to OnlyForNow • 8:56p, 8/24/24
AG
OnlyForNow said:
I mean, I don't understand why folks who have a few hundred million laying around don't do this all the time across all states.

It's a 100% money back, and like 90% double your money after the lottery winning total gets to be above 75 million and you buy all the combinations.
There is a practical constraint, which is processing the necessary tens of millions of tickets. A convenient store isn't going to be enough. These guys owned their own processing equipment, which allowed the plan to be executed.
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94chem
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In reply to BCG Disciple • 10:09p, 8/24/24
Yes, I remember years ago that some group was trying this, and they were panicking when they realized they could only get 70% of the combinations entered in time. I think they won, but I don't remember.
94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough
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Bondag
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In reply to BCG Disciple • 10:09a, 8/26/24
AG
BCG Disciple said:
OnlyForNow said:
I mean, I don't understand why folks who have a few hundred million laying around don't do this all the time across all states.

It's a 100% money back, and like 90% double your money after the lottery winning total gets to be above 75 million and you buy all the combinations.
There is a practical constraint, which is processing the necessary tens of millions of tickets. A convenient store isn't going to be enough. These guys owned their own processing equipment, which allowed the plan to be executed.


What do they end up with after taxes though
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OnlyForNow
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In reply to Bondag • 10:15a, 8/26/24
AG
So if you're the only winner, and you take the 1 time pay out, you win like 70% of the total jackpot - after 'state' taxes and fees are taken out - I don't know how the feds treat this and what percentage is swiped from them.
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Dr. Doctor
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In reply to OnlyForNow • 10:25a, 8/26/24
AG
This would be considered income, so you're at the typical Fed taxes (w-2). So essentially 25-33%.

~egon
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htxag09
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In reply to OnlyForNow • 10:45a, 8/26/24
AG
OnlyForNow said:
I mean, I don't understand why folks who have a few hundred million laying around don't do this all the time across all states.

It's a 100% money back, and like 90% double your money after the lottery winning total gets to be above 75 million and you buy all the combinations.
Because people with that much money don't generally get it by being dumb.....
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The D
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8:28p, 8/29/24
AG
Wasn't there a Netflix documentary on something like this ?
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Sea Speed
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In reply to The D • 9:49p, 8/29/24
AG
The D said:
Wasn't there a Netflix documentary on something like this ?


Yes they had a whole system going for a long time IIRC.
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