Another insane win!! $ 1B mega million jackpot

[bryant.coleman]

I thought at least gambling lottery was legal in some indian states. If it is true gamblers don't need to go too far to try their luck somehow legally. Anyway, the idea of receiving the prize in bitcoin sounds a lot better than being rewarded in fiat. I think the few lucky ones deserve the jackpot prize without having it cut by the government due to bureaucracy and abusive taxes. It's already hard enough to win such prizes, so let the winners enjoy it!

I think I can comment on this issue, although I am not an Indian citizen. From what I have heard, lotteries have been granted an exception, since they are one of the largest sources of revenue for the government. But the structure is so lopsided. Only around 5% to 10% of the proceedings from the lottery sale is given back as prizes and the remainder goes to the government. And even on the winnings, tax (up to 50%) will be deducted. Therefore it is not surprising that a lot of Indians opt to gamble outside India.

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[michellee]

Yes, that is once in a lifetime opportunity that will change our lives forever. That needs big attention on how we can manage the big money. Otherwise, we will lose it in a short time and we will never get the same experience in the future. If you can diversify into the right investment or buying something that will worth it in the future and give benefits to you and your family, you will have a chance to increase your wealth from time to time. Only a few people can use that moment and have a plan to constantly use their money to make money from the business. They really understand the slogan "let money works for you."

Jack Whittaker is the perfect example of what can happen if you are not careful with your lottery winnings. He won the Powerball jackpot in 2002, which was worth $314.9 million (a new record at that time). He was quite rich even before the win, as he owned a construction company. But the jackpot changed his life, unfortunately in a negative way. He immediately donated 10% of his win to Church of God, which was used to buy expensive cars for the pastors. His granddaughter died of drug overdose in 2004. Whittaker himself was charged with DUI in 2003. His home was destroyed in a fire, and finally in 2020 Whittaker died from old age. He was financially broke at the time of his death.

That is a sad story from the winners of gambling because, with that money, I am sure he can do many things, including donating 10% of his win to any charities. From that story, he does not have a good family because his granddaughter has a problem and died. That is another example of how the family needs to take care of their children before something worst comes to them. His winning is useless because he can not enjoy the money with his family and broke at the end of his life.

[uneng]

I thought at least gambling lottery was legal in some indian states. If it is true gamblers don't need to go too far to try their luck somehow legally. Anyway, the idea of receiving the prize in bitcoin sounds a lot better than being rewarded in fiat. I think the few lucky ones deserve the jackpot prize without having it cut by the government due to bureaucracy and abusive taxes. It's already hard enough to win such prizes, so let the winners enjoy it!

I think I can comment on this issue, although I am not an Indian citizen. From what I have heard, lotteries have been granted an exception, since they are one of the largest sources of revenue for the government. But the structure is so lopsided. Only around 5% to 10% of the proceedings from the lottery sale is given back as prizes and the remainder goes to the government. And even on the winnings, tax (up to 50%) will be deducted. Therefore it is not surprising that a lot of Indians opt to gamble outside India.

Wow, what a big house edge! Just imagine how many more gamblers could be rewarded if their bets money were used as rewards instead of going to government's pockets. If what you say is really what happens there it definitelly doesn't worth to bet at the national lottery, better to play at crypto sites or in a foreign country without doubts.
In my country there is only national lottery too, but 46% of the proceedings go back as prizes and the taxes cuts I'm not sure, but I also believe it may reach up to 50% of the prize.

[Mauser]

I thought at least gambling lottery was legal in some indian states. If it is true gamblers don't need to go too far to try their luck somehow legally. Anyway, the idea of receiving the prize in bitcoin sounds a lot better than being rewarded in fiat. I think the few lucky ones deserve the jackpot prize without having it cut by the government due to bureaucracy and abusive taxes. It's already hard enough to win such prizes, so let the winners enjoy it!

I think I can comment on this issue, although I am not an Indian citizen. From what I have heard, lotteries have been granted an exception, since they are one of the largest sources of revenue for the government. But the structure is so lopsided. Only around 5% to 10% of the proceedings from the lottery sale is given back as prizes and the remainder goes to the government. And even on the winnings, tax (up to 50%) will be deducted. Therefore it is not surprising that a lot of Indians opt to gamble outside India.

This is quite insane to be honest, having only 5-10% of the money as prize pool is extremely low. This sounds almost like a rip off. In my opinion the minium payout from a lottery should be at least 40-50%. In my country lottery is fairly common but somehow the jackpot gets picked relatively often. On average there are only 5-10 million in the jackpot and never more than 80 million. Winning 1 billion sounds insane.

[Sithara007]

This is quite insane to be honest, having only 5-10% of the money as prize pool is extremely low. This sounds almost like a rip off. In my opinion the minium payout from a lottery should be at least 40-50%. In my country lottery is fairly common but somehow the jackpot gets picked relatively often. On average there are only 5-10 million in the jackpot and never more than 80 million. Winning 1 billion sounds insane.

Since there is a blanket ban on gambling, the private lotteries are not allowed. The only exception is being made for these government lotteries. The government justifies the revenue distribution, by saying that they are using most of the proceedings for infrastructure development and improvement of the healthcare facilities (but that is not true). It is very unfair, since only a very small part of the revenues are being used for the prizes. But gamblers (at least those who do it legally) don't have any other option available in India.

[alegotardo]

In the last few weeks Americans have been very lucky in the lottery, this time there is a man who won $ 1 billion dollars from the mega million lotteries.  btw, I have tried playing mega billions several times at (cut this part) but never had any luck.  for unclear reasons, the man's identity is still a secret.
the tax cut was huge but I sure it certainly wouldn't piss him off.  has anyone ever tried to play this and do you lucky??

When I bet on these lottery games, I always preferred the lowest and most constant bets, even if the return was lower, the chances of winning are higher.
Earning high jackpots is very difficult, and tell me... what would I do with 1 billion dollars? I would be very pleased if I won 500 thousand.

In any case, I currently don’t bet on these lotteries anymore… I’ve already thrown a lot of money. I currently prefer sports betting which is more fun and gives me more control over the bets.

[macson]

When I bet on these lottery games, I always preferred the lowest and most constant bets, even if the return was lower, the chances of winning are higher.
Earning high jackpots is very difficult, and tell me... what would I do with 1 billion dollars? I would be very pleased if I won 500 thousand.

In any case, I currently don’t bet on these lotteries anymore… I’ve already thrown a lot of money. I currently prefer sports betting which is more fun and gives me more control over the bets.

this is interesting and indeed not everyone can survive playing the lottery ^{(i personally haven't played the lottery for quite a while)}, i see people who win the lottery like getting shocked money from God ^{("lol" it's simply astonishing)}. 

like you, i feel playing the lottery is just a waste of time, imo it is more relaxing betting on sports and playing slots than having to play the lottery.  but we must be aware that the lottery is a game that will not be abandoned by people who are used to it and feel that they have not loss.

[Sithara007]

like you, i feel playing the lottery is just a waste of time, imo it is more relaxing betting on sports and playing slots than having to play the lottery.  but we must be aware that the lottery is a game that will not be abandoned by people who are used to it and feel that they have not loss.

Betting on sports events is not easy. First you need to do a proper study and find out whether the odds given by these gambling sites are fair. And then you need to get yourselves updated on the latest news, which can have an impact on the outcome of the sports event. However, if you go for a lottery then you don't need to worry about any of this. It purely depends on luck, and you don't need to do any research on outcome or listen to the news.

[nniicckk]

I am playing https://fairmillions.com/?ref=117797 for a long time and has a ssucces. I am monitoring statistic and playing when system is ready to give money.

[peter0425]

I am playing https://fairmillions.com/?ref=117797 for a long time and has a ssucces. I am monitoring statistic and playing when system is ready to give money.

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So you have just Online to post this Off topic here? are you connected from that Site so advertising secretly is what your motive?
What is the connection from the thread of this post?

There's a story that I've heard that there are some casinos that do this. Those gamblers who win a lot are wise to convert their money into bitcoin and later on sell it just to convert it back to cash without any tax. I just heard it somewhere and maybe that's really happening in real life.

In most cases, it is due to complexities with tax liability and overall legality of gambling. In countries such as India, all forms of gambling is banned. So a lot of people travel to countries such as Macau and Singapore to visit casinos. But if they win big amounts of money, they can't bring it back to India in the form of cash, since gambling itself is banned there. So in many cases, the gamblers convert their reward to BTC and then transfer it anonymously.

if they Win Big amount of money , then why need to return back to India? why not live in place that they won the gambling 

[Woodie]

One billion dollars that's a lot of money anywhere in the world!

Am sure if his a crypto user his going to buy himself a lambo from his winning to fulfill the crypto dream not American dream....

There's a story that I've heard that there are some casinos that do this. Those gamblers who win a lot are wise to convert their money into bitcoin and later on sell it just to convert it back to cash without any tax. I just heard it somewhere and maybe that's really happening in real life.

In most cases, it is due to complexities with tax liability and overall legality of gambling. In countries such as India, all forms of gambling is banned. So a lot of people travel to countries such as Macau and Singapore to visit casinos. But if they win big amounts of money, they can't bring it back to India in the form of cash, since gambling itself is banned there. So in many cases, the gamblers convert their reward to BTC and then transfer it anonymously.

With all the emotions that go into gambling, I would do the same to avoid sharing my hard earned money !

[boyptc]

One billion dollars that's a lot of money anywhere in the world!

Am sure if his a crypto user his going to buy himself a lambo from his winning to fulfill the crypto dream not American dream....

Everyone wishes for a car and probably a Lambo.

If the winner has been dreaming of owning his own car, he would probably buy his cars as it seems like a toy for him and a collection with that vast money.

[Sithara007]

if they Win Big amount of money , then why need to return back to India? why not live in place that they won the gambling 

Countries such as Macau only grant tourist visa for foreigners and it will expire in two weeks. You may win big amounts from the casinos, but that will not give you automatic residency permit. The individual need to look for some other country, with a more liberal residency permit system. One option could be middle eastern nations such as Bahrain, which permit as much as 90 days stay for tourists, without the need to renew the visa. Then there are options such as Maldives and Mauritius, which have the same 90 day rule.