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Lottery tickets to get out of bankruptcy?

B

bookem dano

Senior member
Lets say you have a decent sum of money and are being forced to file bankruptcy. What would happen if you bought tens of thousands of dollars worth of lottery tickets to try to get the jackpot that allows you to pay your debts?

Sounds great if it works, but what if it doesn't?
 
Are you in this position right now? Are you trying to win the mega millions jackpot of 148 million? Pic of the tens of thousands of dollars worth of lottery tickets?
 
If it doesn't work and assuming all your debts aren't voided, which I don't think they generally are, it'll mean it takes you even longer to pay back your debts.

I haven't done the numbers, but I assume it takes buying millions of tickets to get a significant % chance of winning.
 
I'm not in the situation.

But if you had a million in debt, would it make sense? Would it be 'smart' to play $10/20/30/40/50/60 thousand. If you lost it all, you're still hosed.
 
Originally posted by: bookem dano
Lets say you have a decent sum of money and are being forced to file bankruptcy. What would happen if you bought tens of thousands of dollars worth of lottery tickets to try to get the jackpot that allows you to pay your debts?

Sounds great if it works, but what if it doesn't?
Click to expand...

It doesn't sound like you understand the BK concept.
 
You do understand that state lotteries on average return 10% of monies collected as winnings. Vegas at least returns typically 40-49% on their games.

So, if you want to turn that $1 into $.10, I'd say go for it.




<----50 yrs. old and never bought a lottery ticket.
 
Originally posted by: Squisher
You do understand that state lotteries on average return 10% of monies collected as winnings. Vegas at least returns typically 40-49% on their games.

So, if you want to turn that $1 into $.10, I'd say go for it.




<----50 yrs. old and never bought a lottery ticket.
Click to expand...


its mostly the old people that win those lottery jackpots. You still got a few more years before your chances of winning improve 😉
 
Originally posted by: Squisher
You do understand that state lotteries on average return 10% of monies collected as winnings. Vegas at least returns typically 40-49% on their games.

So, if you want to turn that $1 into $.10, I'd say go for it.




<----50 yrs. old and never bought a lottery ticket.
Click to expand...


don't know where you got that figure, i heard an ad on the radio for a lottery scratcher game that returns something like 70-80%, if it was really 10% no one would play. people keep playing because they occasionally win.
 
The Megamillions "payout" ratio:
1.6% game costs
2.9% operating expenses
7% retailer commissions
34.6% contributions to schools
53.9% prize money

By comparison:
Playing a 3 spot Keno has a 62% payout (widely regarded as a schmuck's game)
Roulette has a 94.7% payout
Craps has an average of a 90% payout
Slot machines are typically 82-98%
 
Originally posted by: bookem dano
Lets say you have a decent sum of money and are being forced to file bankruptcy. What would happen if you bought tens of thousands of dollars worth of lottery tickets to try to get the jackpot that allows you to pay your debts?

Sounds great if it works, but what if it doesn't?
Click to expand...

lottery tickets are the worst kind of bet. The payout is less than you should expectfro the odds. You'd be better off on a roulette wheel
 
People here seem to have missed the point of the question. The answer is that nothing will happen. You are allowed to declare BK because of gambling losses. (You will surely not win the lottery) You aren't allowed to give $ to family/friends, but you can gamble it away. Keep receipts.

 
Originally posted by: bookem dano
I'm not in the situation.

But if you had a million in debt, would it make sense? Would it be 'smart' to play $10/20/30/40/50/60 thousand. If you lost it all, you're still hosed.
Click to expand...

Where is the person going to get the cash to play?

I think in all states, lotteries cannot accept credit cards for payment.

 
The odds of winning the mega millions jackpot is one in 175,711,536

so, even if you bought $100,000 worth of tickets and could somehow guarantee you don't have any duplicates, your odds would be 1 in 1,757. So you'd be risking an addition $100k in the hopes of winning $148 million, minus the ~50% cut they keep on the lump sum payoff, minus ~50% in taxes equals about 37 million ASSUMING you're the only person who won (divide by 2 or 3 if more people won).

In other words, not a very smart idea.


 
that would be one of the dumbest ideas ever. the odds are so agianst you it would be a waste of money. If you want to risk something like that go to vegas. at least the odds are better.

saying that i do enjoy playing the mega millions when it is $200+million. do i expect to win? hell no. but it is fun to think about "what if" and kinda exciting when the numbers drop.
 
Originally posted by: Slick5150
The odds of winning the mega millions jackpot is one in 175,711,536

so, even if you bought $100,000 worth of tickets and could somehow guarantee you don't have any duplicates, your odds would be 1 in 1,757. So you'd be risking an addition $100k in the hopes of winning $148 million, minus the ~50% cut they keep on the lump sum payoff, minus ~50% in taxes equals about 37 million ASSUMING you're the only person who won (divide by 2 or 3 if more people won).

In other words, not a very smart idea.
Click to expand...

If you have $100k and put it on lotto tickets you have a 1:1757 shot of winning $85,200,000
If you have $100k and put it on a single roulette number twice in a row you have a 1:1444 shot at winning $129,600,000

The latter seems like less risk, more reward, and less work.

Edit:
if you only had $1000, the lotto ticket method would be 1:175700 while putting down on a number three times followed by black would be 1:109744 to get $93,312,000
 
I'm trying to picture a scenario where you have lots of money but you are forced to file bankruptcy. It just doesn't seem like it would happen.

There are times when you have lots of non-cash assets and have to file bankruptcy. But I've never heard of anyone with lots of cash filing.
 
Originally posted by: Demon-Xanth
The Megamillions "payout" ratio:
1.6% game costs
2.9% operating expenses
7% retailer commissions
34.6% contributions to schools
53.9% prize money

By comparison:
Playing a 3 spot Keno has a 62% payout (widely regarded as a schmuck's game)
Roulette has a 94.7% payout
Craps has an average of a 90% payout
Slot machines are typically 82-98%
Click to expand...

And 50% of all statistics are made up right?
 
How many of those lottery tickets can you print at once? If you're on your own I don't even see how you could get that many tickets in the couple days between lottery drawings. You'd probably have to split your cash up between a bunch of people (who you would have to trust with it) and have them go to different places and each get a ton of tickets. It would probably take days so you'd have to pay these people something. They'd probably want a cut of the winnings...
 
Originally posted by: AMCRambler
Originally posted by: Demon-Xanth
The Megamillions "payout" ratio:
1.6% game costs
2.9% operating expenses
7% retailer commissions
34.6% contributions to schools
53.9% prize money

By comparison:
Playing a 3 spot Keno has a 62% payout (widely regarded as a schmuck's game)
Roulette has a 94.7% payout
Craps has an average of a 90% payout
Slot machines are typically 82-98%
Click to expand...

And 50% of all statistics are made up right?
Click to expand...

They aren't statsistics, they're math.
 
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