Another insane win!! $ 1B mega million jackpot

[qwertyup23]

This is the 2nd big win i saw recently which is quite amazing. Recently Toronto women win jackpot lottery. Its seems many people are winning lottery and jackpots as 2021 looks lucky for the gamblers and risk takers.

More people are engaged into this kind of stuff due to the number of people winning. In addition, with this ongoing pandemic, people are more inclined to testing their luck where it purchasing a ticket is convenient for them.

In addition, I also think that the number of people who try their luck has significantly increase due to the pandemic. But try to imagine winning that amount of money, dude, you are settled for life.

[AicecreaME]

That's the issue in lottery, a lot of taxes are going to be reduce in the amount of your winnings which is big if you're the kind of person who value every amount of money, but since it's require because of the law, and terms and conditions, I guess It's not avoidable and won't hurt your feelings indeed because if I'm not mistaken, it's a 60:40 ratio, 60% to the winner, and the 40% goes to the lottery.

Of course a lot of lottery players would still continue to hope to win the jackpot someday, and I'm sorry to say it to them that a very very few percentage of chances of winning the jackpot a single lottery player have. It's almost 1 out of million players.

[pinggoki]

of course they will hide the identity of the man who won the lottery because it is for his safety matters. Last month there is also an American who won in the lottery, if I am not mistaken it is almost hundred dollars also. How lucky they are hitting those jackpots, for the last 13 years I am trying my luck in lottery but until now there are no winnings that I am getting. Hoping very soon that I may hit some jackpot also like this man did.

[Jemzx00]

That's the issue in lottery, a lot of taxes are going to be reduce in the amount of your winnings which is big if you're the kind of person who value every amount of money, but since it's require because of the law, and terms and conditions, I guess It's not avoidable and won't hurt your feelings indeed because if I'm not mistaken, it's a 60:40 ratio, 60% to the winner, and the 40% goes to the lottery.

Of course a lot of lottery players would still continue to hope to win the jackpot someday, and I'm sorry to say it to them that a very very few percentage of chances of winning the jackpot a single lottery player have. It's almost 1 out of million players.

Tax for lottery winnings is the highest if you compare it to anything and it's mandatory and a common fact. This tax is also can be seen in most gameshows that requires winners to pay the tax for their winnings which is almost half or in some rare occasion is more than half of it. 60:40 ratio for the lottery isn't bad at all as the amount that the winner will get is too massive and even 60% of it will change one's life.

The chances of each participants is too slim to win the jackpot and just as you've said it's 1 in a million combination chances. Some says that you're likely to hit by a lightning than winning a jackpot in a lottery due to the very slim chance of hitting the jackpot. 

[South Park]

When greed comes in to anyone and they have your authorization, you don't know what they can do just for the sake of money.

I mean, why would they need authorization?

We are talking about a huge amount of money and the winner doesn't need to hide his/her identity because they are anonymous to start with. All they have is the winning ticket and unless he/she posted that on his social media account or shouted in their whole neighborhood that he/she won that huge amount, they will never know that he/she won.

It's for the public sake but it's not me that you should be asking but the other guy that tells about getting a representative to take your winnings.
Because I believe that you shouldn't allow any representative or decide like that to take your huge amount of winning.

I don't know about your country but our country is different.

You could get your winnings as long as you present the winning ticket. The winner is not actually announced but as far as I know they tell them the region or the town they belong to but not the actual address of the winner. I mean, they can still do that representative thing as long as they have the winning ticket, right?

I am the one that began to talk about a legal representative and as we know regulations change depending on the place where you live but I have seen many times lottery winners which had their identities revealed by receiving the prize money themselves, in which case it makes sense to have a legal representative to maintain your privacy and avoid being the target of criminals and scammers, now if the regulations where you live protect your privacy from the beginning then it does not make sense to hire a legal representative and you can receive your prize money with no issue at all.

[Mauser]

of course they will hide the identity of the man who won the lottery because it is for his safety matters. Last month there is also an American who won in the lottery, if I am not mistaken it is almost hundred dollars also. How lucky they are hitting those jackpots, for the last 13 years I am trying my luck in lottery but until now there are no winnings that I am getting. Hoping very soon that I may hit some jackpot also like this man did.

13 years is a long time to play the lottery regularly, did you at least win some decent money back or nothing at all? I tend to only play when there is a huge jackpot in place, but so far I haven't won anything yet except my buyin back. Unfortunately most of us are never going to make it and win a jackpot, the odds are just against us. My grand father played for more than 45 years lottery every week, and his biggest win was less than 500 USD  

[Janation]

I don't know about your country but our country is different.

You could get your winnings as long as you present the winning ticket. The winner is not actually announced but as far as I know they tell them the region or the town they belong to but not the actual address of the winner. I mean, they can still do that representative thing as long as they have the winning ticket, right?

I am the one that began to talk about a legal representative and as we know regulations change depending on the place where you live but I have seen many times lottery winners which had their identities revealed by receiving the prize money themselves, in which case it makes sense to have a legal representative to maintain your privacy and avoid being the target of criminals and scammers, now if the regulations where you live protect your privacy from the beginning then it does not make sense to hire a legal representative and you can receive your prize money with no issue at all.

That would be the same in our country but in a different lottery.

I mean, we are still talking about those huge pots of money being the prize, right? Because that is a huge risk for those winners to be announced on national TV or even online unless they themselves or their families told other people. I mean this money is about millions and millions in our currency and I think that would be really inviting to criminals.

[xSkylarx]

of course they will hide the identity of the man who won the lottery because it is for his safety matters. Last month there is also an American who won in the lottery, if I am not mistaken it is almost hundred dollars also. How lucky they are hitting those jackpots, for the last 13 years I am trying my luck in lottery but until now there are no winnings that I am getting. Hoping very soon that I may hit some jackpot also like this man did.

13 years is a long time to play the lottery regularly, did you at least win some decent money back or nothing at all? I tend to only play when there is a huge jackpot in place, but so far I haven't won anything yet except my buyin back. Unfortunately most of us are never going to make it and win a jackpot, the odds are just against us. My grand father played for more than 45 years lottery every week, and his biggest win was less than 500 USD  

Luck is really not for everyone, some lottery winners don't even bet that often unlike those who regular bettors do. Even though lottery jackpot prize can really change your life, some people still live a miserable life after they won. They spend all of their money on useless things not thinking about their future. They are consumed by their greediness that they think their money won't run out. They will just realize it when their money is all gone.I hope that mega million jackpot winner spends his money wisely.

[btc78]

This is the 2nd big win i saw recently which is quite amazing. Recently Toronto women win jackpot lottery. Its seems many people are winning lottery and jackpots as 2021 looks lucky for the gamblers and risk takers.

But not as Big as what OP posted , a Huge 1Billion Dollar? that can make you live whole life even without working, and that can feed your third generation with that plenty of money.
I don't know if how much is the maximum jackpot in lottery in that country but that is really tempting and luring, the only concern in my mind is , does this win really goes to a real people ? or the government  just give this name ?

[michellee]

of course they will hide the identity of the man who won the lottery because it is for his safety matters. Last month there is also an American who won in the lottery, if I am not mistaken it is almost hundred dollars also. How lucky they are hitting those jackpots, for the last 13 years I am trying my luck in lottery but until now there are no winnings that I am getting. Hoping very soon that I may hit some jackpot also like this man did.

Hit hundreds of dollars from the lottery will be "wow" news because the lottery is one of the gambling games that will be hard to win. Those people who hit the jackpot will have big luck in the gambling games to help them win. If you have luck, you can hit the jackpot, but I remind you that it is not easy as the casino will not give much chance to people. But it could happen if that person has luck.

[johhnyUA]

Now consider another case, where the winner claims that he took the ticket on behalf of a group of 10 individuals and the reward needs to be split. After the taxes, everyone will receive $451,909 in their accounts for a total of $4,519,090, which is around 7% higher compared to the first case. 

Please, tell me how do you count? As i know, in USA there is only income tax with the highest amount of 33 % (with more than 10 millions per year). And one important moment: this is not counted from main sum, but for every part of this sum (10 mil) the tax will be different. For example, for amount of 99 000 it will be 0. From 99 000 to some point this will be 2.5 % of something like that. And up to 33 %.

Am i wrong?

[Chrystora123]

Unsurprisingly, the winner of a Billion Dollars wants to remain anonymous. If the lottery were conducted in Australia there would be no haggling over taxes (as the Government takes their share pre draw) and the winner walks away with the bag in one lump sum (none of this scammy "we'll pay you later" nonsense).

I think security reasons are why the winner remains anonymous even though it has gone down in history..

If you decide to remain anonymous, one way to protect your identity is to accept your lottery prize through a legal structure such as a trust.

https://www.forbes.com/sites/zackfriedman/2021/01/25/lottery-winner-will-get-1-billion-heres-what-happens-next/?sh=2972f9c556c1

A better thread would be "What would you spend a lump sum Billion Dollar Lottery payout on?"

sorry but I like the title of the thread

[Sithara007]

Everyone is talking about taxation here.. and I have a doubt regarding this.

Suppose an individual has won the $10 million jackpot in the United States. After the taxes, he will receive $4,218,274 in his account (assumed that the winner is residing in a state where there are no state taxes on jackpot).

Now consider another case, where the winner claims that he took the ticket on behalf of a group of 10 individuals and the reward needs to be split. After the taxes, everyone will receive $451,909 in their accounts for a total of $4,519,090, which is around 7% higher compared to the first case.

My question is whether this strategy is legal or not? Can the winner reduce the tax burden by using this method?

I don't know exactly how the laws work in the United States. But in general it seems to me that this option would not work. One person buys the ticket, and he is the winner. And after paying all the taxes, he divides the money among the other participants.
Although it seems to me that if you have proof that you have negotiated in advance the purchase of this lottery, you can try through the court somehow reduce the tax.  But I wonder how much money your lawyers will ask for it

I have to agree with StartupAnalyst. This loophole should not be there, else the governments would lose a lot of the tax revenue. Here the example is given for jackpot being shared by 10 individuals, resulting in a reduction in tax burden of 7%. Why 10? Why not 1000? In that case there won't be any tax which is due. If it was possible to reduce taxes in this way, then jackpot winners would start misusing it. So I don't think that it is possible. And I don't even know whether you can claim multiple ownership of a single lottery ticket if the lottery T&C clearly prevents it. So going to the courts also won't work.

[tabas]

That's the issue in lottery, a lot of taxes are going to be reduce in the amount of your winnings which is big if you're the kind of person who value every amount of money, but since it's require because of the law, and terms and conditions, I guess It's not avoidable and won't hurt your feelings indeed because if I'm not mistaken, it's a 60:40 ratio, 60% to the winner, and the 40% goes to the lottery.

That's part of gambling in real life casinos, as long as "tax free" isn't mentioned for such winnings, you will expect deductions upon claims. You're  already a winner that you hit the jackpot and you'll just ignore the feeling of being deducted with taxes as long as you'll take the huge chunk of your win. You'll understand or probably will not care at all as long as the remaining amount is yours and still a huge prize money.

[fiulpro]

I don't know why everywhere I see people are winning now a days I saw an instagram post from duelbits.



I believe these users are extremely lucky at the same time I do think that the cryptocurrencies are way better to gamble since this time most of the users won't have to pay taxes at the same time I hoped that the man didn't get any complications in encashing out. This is where it all gets struck though. Plus we would have to think about all the forms they will have to fill before they can even move forward.

Plus I believe that this 60:40 ratio is really bad man. Honestly!! This is not only unfair but also it takes away so much money from the winner itself. I did not know about this before.

[Fredomago]

That's the issue in lottery, a lot of taxes are going to be reduce in the amount of your winnings which is big if you're the kind of person who value every amount of money, but since it's require because of the law, and terms and conditions, I guess It's not avoidable and won't hurt your feelings indeed because if I'm not mistaken, it's a 60:40 ratio, 60% to the winner, and the 40% goes to the lottery.

That's part of gambling in real life casinos, as long as "tax free" isn't mentioned for such winnings, you will expect deductions upon claims. You're  already a winner that you hit the jackpot and you'll just ignore the feeling of being deducted with taxes as long as you'll take the huge chunk of your win. You'll understand or probably will not care at all as long as the remaining amount is yours and still a huge prize money.

That should be expected.  You are right  tax  always there whenever  you'll taking huge amount  of money  in such  legal ways.  As government  agencies have  the right  of implementing  it as the law stated  it.

Winning  huge amount  of money  is really  a luck base opportunities,  once you  got this chance  everything changed in your life, even you'll  been ask for paying  taxes you won't  be bothered  as the first  thing in your mind  is the amount  of possible earnings that you'll  going to  take home, as long  as the amount  of your winning money  is far way  bigger than  the tax  that will be deducted  from your total balance.

[romero121]

What a big win, $160000 is more than enough for the entire life time of a family in a third world country. Quite often these kind of big wins have been taking place with any of the gambling site. Recently I saw such wins with Stake, Roobet, and now it is duelbits. One of the participant has won a Tesla Truck. The user is really a big bag holder, because a common gambler won't spend $240 in a single bet.

[bryant.coleman]

What a big win, $160000 is more than enough for the entire life time of a family in a third world country. Quite often these kind of big wins have been taking place with any of the gambling site. Recently I saw such wins with Stake, Roobet, and now it is duelbits. One of the participant has won a Tesla Truck. The user is really a big bag holder, because a common gambler won't spend $240 in a single bet.

How are you supposed to live with $160,000 for lifetime? I am living in an Asian country, and the amount that you have mentioned is enough for only 2-3 years, for a family of 4-5 members. If you want to live in a rural area with extremely limited spending, then it may be enough for 1-2 decades, but still that sort of amount will fall short while facing any emergency situation.

[Mauser]

What a big win, $160000 is more than enough for the entire life time of a family in a third world country. Quite often these kind of big wins have been taking place with any of the gambling site. Recently I saw such wins with Stake, Roobet, and now it is duelbits. One of the participant has won a Tesla Truck. The user is really a big bag holder, because a common gambler won't spend $240 in a single bet.

I am not sure if that money is actually going to be enough for a hole family. If I won so much money I wouldn't rely on it to last a hole lifetime. If you want to send your kids to an expensive college abroad you probably need more money. I would treat any big lottery win as a nice bonus but would still take care of myself without that money. Its good to help friends and family and invest the rest.

[tabas]

I don't know why everywhere I see people are winning now a days I saw an instagram post from duelbits.

Only one thing that I can think of. Then there are many gamblers that became lucky lately. There's no explanation for that but we're happy to see them keep on winning from jackpots to jackpots.

What a big win, $160000 is more than enough for the entire life time of a family in a third world country.

Even in a third world country, because of the economy doesn't stand good. You're likely to spend that within less than 5 years considering that you don't have any cash flow to come in and you're reliant on that amount solely.