radioouman
Diamond Member
- Nov 4, 2002
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HardcoreRobot
Lifer
- Nov 7, 2000
- 16,403
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I think it's same to assume that everyone who answered "yes if it's for charity" would say no if it weren't for charity?
also: how does the tax stuff work on raffle prizes?
also: how does the tax stuff work on raffle prizes?
Capt Caveman
Lifer
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Bill Brasky
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OrganizedChaos
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IAteYourMother
Lifer
- Nov 3, 2004
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Originally posted by: PrinceofWands
Originally posted by: Fenixgoon
Originally posted by: Aflac
No 31, $100 can buy a lot of things, especially for a poor student
you're 31?
it's weird, i always assume people in college are in their 20's, but there are at least 2 people in my class that are 30ish (they definitely don't look it, though)
Just a lil info for you:
This carries over into universities as well, with around 40% of students being over 25. It also breaks down to show that a large percentage of those students are significantly older, into their 40's and even older.
I am 35 for instance.
I don't think UPenn accepts 31 year old undergrads
In that case, no. If the cost of the bet ($100) multiplied by the odds (1000:1) is less than the payout, then it is a bad bet.
R
Squisher
Lifer
- Aug 17, 2000
- 21,204
- 66
- 91
No, 50 not a gambler unless I think I've got an edge.
But, you guys that said no because only around 50% of money bet is being returned on winnings have to realize that people are lining up all day to get get to Vegas where this is the rule. Also, people buy tons of lottery tickets where only 10% is returned.
But, you guys that said no because only around 50% of money bet is being returned on winnings have to realize that people are lining up all day to get get to Vegas where this is the rule. Also, people buy tons of lottery tickets where only 10% is returned.
ed21x
Diamond Member
- Oct 12, 2001
- 5,411
- 8
- 81
If you win, the value of the raffle prize is taxed like additional income, except higher in some states.
And yeah, I would only if it's for charity because I don't mind donating $100 for a good cause, and the chances of winning is just a side benefit.
Expectation. Come on. I'm studying for my stats final (probability course), and the first thing I thought of was E(X) when reading this.
no.
Chances are that I wont be winning it, so it would be throwing away 100$
If I happen to win, it would be throwing away 10k$ in taxes probably, with more towards a higher insurance rate and perhaps more gasoline. - A great inconvenience.
Chances are that I wont be winning it, so it would be throwing away 100$
If I happen to win, it would be throwing away 10k$ in taxes probably, with more towards a higher insurance rate and perhaps more gasoline. - A great inconvenience.
BoomerD
No Lifer
- Feb 26, 2006
- 66,443
- 14,843
- 146
Nope, your OP is pretty clear. Spend $100 to buy a 1:1000 chance to win a $45,000 car...who gets the rest of the $$$? Raffles like this are really only a good deal when the bulk of the $$ goes to the prize...
yes, some worthwhile organizations make $$$ like this, but often, it's just some scam-artist trying to get rich quick.
Obviously the winner thinks he got a great deal, but in the end, whoever is putting on the raffle gets the better deal, AND, the winner has to pay taxes on the car...usually at the selling price or MSRP...that can add up to thousands of $$$
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