Yes, we know, everyone is talking about the Powerball Jackpot that has reached its largest jackpot total in history. There are a lot of different takes on this enormous jackpot figure. You can find public opinion pieces from those who see life changing potential and possibility – to the doom and gloomers who are calculating the tax bill (legitimate gloomy endeavor we have to admit) and figuring out how much Uncle Sam is going to take from you. Some New York Times personalities even throw a bucket of cold water on the whole thing and flat out tell you that you can’t win – period. So what’s our take on it? We’re a little bit more balanced and come at this form a common sense perspective.
Nobody can be honest if they don’t tell you that for at least a brief moment, they daydreamed about what a jackpot like that could mean to their lives, myself included. And yes, I’m buying my powerball tickets online from one of the lottery retailers reviewed and recommended from BuyOnlineLottery.com. I have big plans for the winnings, and I’m enjoying the daydream immensely. You can’t win if you don’t play, and I’m going to give it a shot. Someone’s going to win it eventually, and I’m going to at least have my name in the hat.
But I’m not a fool – I know that with odds of winning set at one in 292.2 million, I’m not going to really hold my breath. The odds are actually considerably higher that I will be struck by lightening (1 in 1.19 million). While that isn’t stopping me from playing by any means, it does remind me to be realistic about this. I know not to wholeheartedly count on it, throw my life savings at the chance or become so emotionally engaged in the possibility that I end up on a drinking binge on Thursday if I don’t win. I’m not going to spend all day on Tuesday making promises to God about doing good with the winnings should he arrange my numbers to come up. I understand the odds and what luck means, and I’m willing to gamble a little on both.
Theories for Guaranteeing You Win the Powerball
There are some theories floating around out there that could supposedly guarantee that you are at least one of the winners of the massive Powerball Jackpot. The most technically feasible approach would be to purchase every single powerball combination for approximately $584 million. Should you win, and you should if you buy every single possible combination – you would make a substantial profit. Your ticket purchases alone would dramatically increase the jackpot payout, and you would also be the winner of the lower tier prizes as well. The winnings would increase by $200 million – taking your grand total profit up to $576 million.
Supporters of this theory also point out that you can deduct the value of the losing tickets from your tax bill, which would cancel out the federal taxes due for the first $584 million of your winnings. Sound perfect? Remember, if it sounds too good to be true – it might just be! Let’s go over the reasons this is not the solid plan it sounds like.
One of the biggest obstacles to this plan is the sheer logistics. You simply couldn’t make the purchases in time. It was calculated that it would take close to 9 years to make buy a ticket with every single combination possible. Though it is a monumental task – it has been tried. In 1992 a group tried this very strategy for a large state lottery jackpot, but they were only able to purchase less than half of the winning combinations before the drawing deadline. So remember, just because it is technically possible, doesn’t mean its actually a realistic guarantee.
The second obstacle to this plan is the chance that you will have to share the winnings. Despite the fact that you are purchasing every single combination does not eliminate the possibility that others will have those same winning numbers. In fact, according to a professor of economics in Massachusetts, you only have a 22% chance of keeping the entire jackpot for yourself. That could throw a monkey wrench into your guaranteed winning strategy and profits!
Instead, we recommend being reasonable about it – and if you want to consider syndicate and group purchase options, you can read more about that here: Lottery Syndicates (https://www.buyonlinelottery.com/syndicates/). Don’t go throwing your kids’ college fund away on your chance at this win, but don’t miss your chance either! Invest what you can afford to lose – and have some fun dreaming about your chance at a multi-million dollar jackpot win and how it could change your life!
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