Lotto is unfair.

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#2429284 29-Feb-2020 14:36

Folks, this is a PSA. Save yourself the hassle of going to the shops to grab your tickets.

I have just bought the winning ticket.

End of PSA.

loceff13

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#2429374 29-Feb-2020 19:04

frankv:

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.

2017/18 breakdown was ~5% goes to Lotto for operating expenses, 6% to Retailers, 12% in Taxes(GST, gaming duty, problem gambling levy), 22% to NZ Lottery Grants, 55% to Prizepool.

quickymart

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#2429377 29-Feb-2020 19:35

Sale of tickets is now closed for tonight's draw.

And a nation waits...

msukiwi

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#2429378 29-Feb-2020 19:37

loceff13:2017/18 breakdown was ~5% goes to Lotto for operating expenses, 6% to Retailers, 12% in Taxes(GST, gaming duty, problem gambling levy), 22% to NZ Lottery Grants, 55% to Prizepool.

Hmm, according to the IRD (And common knowledge ) GST is 15% by itself....so how does 12% equate?

(Especially if others are added to get the 12%)

Intravix

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#2429381 29-Feb-2020 19:55

msukiwi:

loceff13:2017/18 breakdown was ~5% goes to Lotto for operating expenses, 6% to Retailers, 12% in Taxes(GST, gaming duty, problem gambling levy), 22% to NZ Lottery Grants, 55% to Prizepool.

Hmm, according to the IRD (And common knowledge ) GST is 15% by itself....so how does 12% equate?

(Especially if others are added to get the 12%)

According to common knowledge, a company doesn't pay GST on all of its revenue :) Heard of claiming back GST on expenses.

msukiwi

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#2429383 29-Feb-2020 20:04

So expenses are not the ~5% as stated. They are actually higher?

Right hand gives, left hand takes.....someone ends up paying the 15% somewhere?

Samsung

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msukiwi

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#2429388 29-Feb-2020 20:09

Did anyone here win?

(Probably not going to say if you won big anyway)

quickymart

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#2429431 29-Feb-2020 20:14

I know I didn't, I only had the Powerball number on one line and the rest of the numbers didn't align. Oh well.

loceff13

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#2429432 29-Feb-2020 20:18

msukiwi:

So expenses are not the ~5% as stated. They are actually higher?

Right hand gives, left hand takes.....someone ends up paying the 15% somewhere?

It's all available online where the money goes..

boosacnoodle

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#2429433 29-Feb-2020 20:31

Pretty pathetic that the website has been on & offline for the past 3 or 4 hours. Have they not heard of something like AWS that lets you spin-up capacity as required? It's not like the jackpot is an unexpected event either.

quickymart

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#2429451 29-Feb-2020 21:56

All done and dusted. Two people are $25M richer tonight.

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lNomNoml

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#2429468 29-Feb-2020 22:33

boosacnoodle:

Pretty pathetic that the website has been on & offline for the past 3 or 4 hours. Have they not heard of something like AWS that lets you spin-up capacity as required? It's not like the jackpot is an unexpected event either.

Yeah but that would incur extra costs, and they don't want that.

bigalow

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#2429470 29-Feb-2020 22:50

I just like to say lotto in nz is better than some other countries

eg if you win lotto in the usa it is taxed and paid over 20 years etc

frankv

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#2429486 1-Mar-2020 08:12

msukiwi:

Did anyone here win?

Got a free ticket. Will probably win on Wednesday.

SATTV

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#2429494 1-Mar-2020 08:51

biggal:

I just like to say lotto in nz is better than some other countries

eg if you win lotto in the usa it is taxed and paid over 20 years etc

Also in the USA if you take it as a lump sum you lose half of it, the other think in the USA you are mentioned and shown publicly and you have to have a good reason to get out of that, It is something to do with anti corruption I believe.

John

I know enough to be dangerous

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