Lotto is unfair.

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#2428728 28-Feb-2020 11:14

I really hope no single person wins it, and it is shared, then i hope that each winner in some way contributes something to the community as @sbiddle has pointed out

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Fred99

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#2428730 28-Feb-2020 11:15

MikeB4:

Many things in life are unfair and many things seem like poop. However winning Lotto would fix this part Life is like a crap sandwich, the more dough you have the less crap you have to deal with.

I only know one lotto winner - about $1m quite a few years ago. I think it caused them more crap (serious breakdown of extended family relationships) than they had before. They still have a nice car and a nice house, so didn't succumb to the easy-come easy-go trap. Money is a very funny thing, regardless of how it was acquired, many people with money actually do believe they're "better people" than poorer people, and some like to continually remind poorer people of this thing they believe to be fact.

MikeB4

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#2428733 28-Feb-2020 11:20

Fred99:

I only know one lotto winner - about $1m quite a few years ago. I think it caused them more crap (serious breakdown of extended family relationships) than they had before. They still have a nice car and a nice house, so didn't succumb to the easy-come easy-go trap. Money is a very funny thing, regardless of how it was acquired, many people with money actually do believe they're "better people" than poorer people, and some like to continually remind poorer people of this thing they believe to be fact.

Many of my clients were from "wealthy" relationships.

Here is a crazy notion, lets give peace a chance.

Goosey

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#2428762 28-Feb-2020 11:55

Im angry.

Theres a lot of people who are complaining about "Lotto".

Can you all just go speak to your MP and write letters to the minister of internal affairs if you are that intent it needs to change.....

rant over.

Journeyman

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#2428772 28-Feb-2020 12:08

$50m on 3% interest, taxed at 33% would get you just over a million a year. There's no rule that says you have to spend the entire 50 on anything in one go, so you could just pay yourself a handsome yearly salary and live comfortably. You could help out your family with that income and anything you don't spend at the end of the year you could spend on buying cat food for the SPCA or sanitary products for Women's Refuge. Set up your will so that when you die, that $50m gets distributed to 50 charities that you've selected. Any charity will be happy with that.

There's so many positive things you can do with that money. I think it's unfair to assume that whoever wins that money will most certainly spend it all on themselves, buying a fleet of Ferrari's and then driving through the puddles next to homeless people.

I think it's also worth pointing out what Lotto does with the profits.

"The Lottery Grants Board (the Board) has allocated $289 million of Lottery funding in 2018/19 for the benefit of communities across Aotearoa/New Zealand."

Maybe that's unfair?

sidefx

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#2428777 28-Feb-2020 12:19

I forget where I heard it, but someone once said something along the lines of "Lotto is just like tax for people bad at math" 😆

Having said that I have a ticket of course...

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SJB

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#2428799 28-Feb-2020 12:49

alasta:

I would feel ridiculous driving around in a Ferrari.

OK give it to me. I'm quite happy to feel ridiculous for you.

muppet

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#2428807 28-Feb-2020 13:06

Totally disagree. "Divisions" are stupid, there should just be a single pot of money and that's it. Winner takes all.

If two or more winners are drawn, they must fight it out in a deathmatch*, the final person standing takes it all and the others get the amount they've earned, which is $0.

(The deathmatch is broadcast on pay TV and all earnings from the broadcast go into the next pot of money.)

* = They don't die, they just tap out when they can't take anymore. I'm not Satan.

Audiophiles are such twits! They buy such pointless stuff: Gold plated cables, $2000 power cords. Idiots.

OOOHHHH HYPERFIBRE!

MikeB4

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#2428808 28-Feb-2020 13:07

SJB:

alasta:

I would feel ridiculous driving around in a Ferrari.

OK give it to me. I'm quite happy to feel ridiculous for you.

I have a friend with an Aston Martin it seems to spend a lot of time in the workshop and the invoices are eye watering.

Here is a crazy notion, lets give peace a chance.

frankv

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#2428813 28-Feb-2020 13:26

Journeyman:

$50m on 3% interest, taxed at 33% would get you just over a million a year.

You don't have to keep all that $50M... spend a million of capital each year as well.

BTW, my understanding is that 1/3 of Lotto income (the "profit") goes to prizes. One third goes to the retailer and one third to the Lotto organization for infrastructure costs, salaries, advertising, etc.

So the Lotto sellers are making as much as the prizewinners. So maybe invest some of your $50M in buying a Lotto outlet or two, and have an ongoing stream of wealth.

SJB

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#2428823 28-Feb-2020 13:55

MikeB4:

I have a friend with an Aston Martin it seems to spend a lot of time in the workshop and the invoices are eye watering.

Off topic I know but when I lived in the UK a close friend of mine ran a small garage that restored and serviced Ferraris. Restoration bills of $100,000 weren't unusual as were rebuilds taking 2 or 3 years.

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duckDecoy

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#2428824 28-Feb-2020 13:56

minigopher17:

It's down to maths and money.

Maths: Each Lotto + Powerball line costs $1.50. So if you bought every single possibility of numbers (~38 million combinations) to guarantee you'd win, that would cost around $57m and you'd still lose out with the $50m jackpot. Therefore Lotto will never have a jackpot higher than $57m unless they increase the cost of playing per line again.

its a little better and a little worse than that. The better side is that not only will you win 1st division, but you will also win a bunch in the other divisions as well. But the worse side is that you assume you hit the $50m alone, it could well be shared. But I get your main point.

Handsomedan

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#2428826 28-Feb-2020 14:01

Journeyman:

whoever wins that money will most certainly spend it all on themselves, buying a fleet of Ferrari's and then driving through the puddles next to homeless people.

I was wondering how I could emulate Monty Burns in NZ...now I know.

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mattwnz

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#2428829 28-Feb-2020 14:04

MileHighKiwi:

The bigger the jackpot the more sales they get, and remember, all Lotto NZ profits are returned to the NZ Lottery Grants Board for distribution to the community and are a major source of funding for Sport New Zealand, Creative New Zealand, the New Zealand Film Commission and thousands of essential community services and projects.

So capping the jackpot at say $10M will mean less sales and less money for the community.

When I have purchased tickets, I have always thought of it as a donation. Basically it covers things that may otherwise be funded by taxes, which we would have to pay for out of increased taxes..

Zepanda66

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#2428840 28-Feb-2020 14:24

All the people saying the amount should be split up. Bitch plz. Dont act as if you wouldn't take the whole lot for yourself. If I won the 50M id run for the hills, maybe even leave the country and change my identity with that amount. I pity whoever wins. The pressure and anxiety they'll have coming in from society, friends and family. I hope they find that old reddit post on what you should do if you ever win lotto there was some great advice in that thread.

http://www.speedtest.net/result/7315955530.png

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