Powerball Is 200m How Much You Spending on Tickets? [Updated]

Trying2SaveABuck on 21/01/2024 - 20:45
Last edited 25/01/2024 - 23:19

We all know the lottery is essentially a tax on people who are bad at math (myself included) but almost 2/3rds of adult Australians had a ticket to the 100m last week (including myself)

So be honest how much you dropping on Thursday nights 150m

i only tend to play when the jackpot is over 50-60m which probably happens maybe 5-10 times a year between Oz Lotto and Powerball when i play i tend to drop around and i know im getting ripped off every time usually most of the $ i spend 'are people saying 'do you want to join our syndicate?'

so with SO many of the adult population buying a or multiple entries be honest what you dropping for a 'very very small chance' at extreme riches?

ill share a few stories from clients over the years on crazy lotto bets

  • one guy dropped 6k on tickets won $42 his wife 'almost' left him when she found out
  • i knew a girl whos relative had won 1st division 3 times (yes he is take lucky)
  • new a person who played for the 1st time ever at age 21 and won millions (disappeared oversea after that an is living his best life)
  • i know a new a guy who worked in a factory where guys working in pick pack won 1st division in the syndicate, all of them resigned bar one bloke who it turned out was on holiday and didnt put his $10 for the week in and missed out on the millions (got fair depressed for a while after that poor bloke)
  • i also know a bloke (not lotto) who won the Melbourne Home lottery but he was already rich so it wasnt all that interesting

25/01/2024 - updated

SO somewhat unbelievably no one took out the 1st div it is now 200m next Thursday [01/02/2024]…… i added change in votes in case you change how much your spending next week.

I think this is the largest jackpot Australia has ever seen domestically, im going to honest i have no idea what i'd do with 200m but i'll be playing if I win ill probably set a special 'charity' poll to donate some of that cash too, however it is beyond my ability to comprehend what i'd or anyone else would do with an instant 200m. Maybe ill consider upgrading my 9 year old Honda Civic i probably wouldnt care about expensive servicing and insurance cost on a European car, perhaps an EV [as im told they are better for the planet] .

Good luck

Poll Options

  • 345
    Zero i dont gamble at all
  • 47
    Zero i gamble on other things
  • 350
    <$20 (doesnt hurt much if i lose)
  • 220
    $20-69 a regular punt got to be in it to win it
  • 47
    $70-150 a decent size bet
  • 26
    $150-499 i might have a gambling problem
  • 38
    $500-999 I dont have a gambling problem im going to win it all back you will see!!
  • 2
    >$1000 YOLO its the biggest jackpot ever
  • 3
    No idea but i dont want to work anymore so im playing
Financial Lottery

Comments

  • Muzeeb on 21/01/2024 - 20:49
    +26

    I want to spend $70. Which poll option do I choose?

    • Trying2SaveABuck on 21/01/2024 - 21:05
      +1

      subjectively upto you do you think that is a regular bet of a decent size punt

      • Muzeeb on 21/01/2024 - 21:06
        +18

        It's my regular, decent sized bet so I'm still confused.

    • JIMB0 on 21/01/2024 - 21:32
      +6

      I like to bet $150. Which poll option should I choose? I think it's a decent size bet, while some people say I might have a gambling problem.

      • Muzeeb on 21/01/2024 - 21:34

        I feel your pain.

      • splicer on 22/01/2024 - 10:17

        I bet you about 75% of people surveyed agree you have a gambling problem.

      • RTX9090Ti on 24/01/2024 - 08:04
        +1

        Where's the option: I only spent $80k on high yield investment car?

    • capslock on 21/01/2024 - 23:19

      It's impossible to spend $70. There is no ticket combination worth exactly $70.

      • Muzeeb on 22/01/2024 - 00:00
        -4

        But I have 10¢ credit with The Lott and want to purchase these tickets

        • MrFrugalSpend on 23/01/2024 - 20:06

          well you are clearly in $70-$150 - the credit counts as you can cash out of The Lott

      • Trying2SaveABuck on 22/01/2024 - 07:02

        i did that purposely…..so you fall on either side of the poll

        • larndis on 22/01/2024 - 08:26
          +17

          You designed your poll options badly on purpose?

      • 2esc on 22/01/2024 - 08:50

        Syndicate options out there.

      • Phreakuency on 24/01/2024 - 20:00

        Syndicates

      • sticky8anana on 25/01/2024 - 11:40

        try syndicate

    • SydneySchnorrer on 22/01/2024 - 08:40

      Take 3 powerhits…means you are guaranteed to have the powerball number.

      • Kozhutki on 30/01/2024 - 10:06

        doesn't it statistically make no difference?

    • MandMs13 on 22/01/2024 - 15:43

      Add the credit card surcharge and you have your answer

  • ihfree on 21/01/2024 - 20:50
    +4

    I buy the occasional Lotto ticket for big draws with some family members. Generally about a $10 spend. Last draw was a $15 win from a $30 ticket.

    All that said, I'd terms to agree with the line of Lotto being a tax on those who are bad at math.

    Your odds of winning division 1 are 1 in 134,490,400.

    • TEER3X on 21/01/2024 - 22:11
      +1

      Your odds of winning division 1 are 1 in 134,490,400

      Per line?

      • WhatWouldBiggieDo on 22/01/2024 - 12:36

        Yes

      • wizzlesticks on 22/01/2024 - 12:58
        +3

        For context, that's like betting and winning on Red on Roulette 27 times in a row, doubling up with your winnings on each spin, without losing once. On your very last spin, you would be wagering $67,000,000 in order to pull off the same odds.

        • TEER3X on 22/01/2024 - 21:24
          -2

          So just under 50% chance of doing that then right?

          Since every spin is independent of the last one, you're really a 50/50 shot to win $67m. Am I understanding that correctly?

          • wizzlesticks on 22/01/2024 - 23:15

            @TEER3X: You're right in that every spin is independent of the previous, but there is no way you are going to get 26 reds come up in a row. This is what it would take to accumulate $67,000,000 to wager on the very last spin.

          • acapsuc on 24/01/2024 - 17:17

            @TEER3X: Ahahaha that's right in the case when you already won the previous 26 spins. And you have just a 50% chance to win the 26th spin if you already won the previous 25 spins… Just need to be 50% lucky 27 times in a row - not that hard after all:)

      • MandMs13 on 25/01/2024 - 02:25

        Or you can look at it as: if 10,000,000 people take out a ticket and one is going to be a winner, I'm in with a 10,000,000:1 chance! 13 times better than your idds pal! 😉

    • Ryanek on 21/01/2024 - 22:22
      +15

      Your odds are zero if you don't play.

      • freefall101 on 21/01/2024 - 23:23
        +26

        I always buy the smallest ticket possible.

        Going from 0 to 1:134,490,400 chance of winning? Infinite times increase
        Going from 1:134,490,400 to 2:134,490,400? 2 times increase.

        We'll just ignore the mathematical issues with my logic there, those won't matter when I have a maserati made out of gold and cocaine.

      • bwillbwill on 23/01/2024 - 12:09
        +2

        Not really: the odds of buying a winning ticket are approximately equal to the odds of finding a winning ticket on the ground ;)

        • acapsuc on 24/01/2024 - 17:19

          Not unless you are 100% sure you find a ticket on the ground

      • ezzaf on 24/01/2024 - 08:35
        +1

        The only winning move is not to play.

    • Scope on 22/01/2024 - 02:58
      +24

      Your odds of winning division 1 are 1 in 134,490,400.

      So you're saying there's a chance?

      • wimphrel on 22/01/2024 - 13:15

        To the moon!

  • AndyC1 on 21/01/2024 - 20:52

    OP. So what's the tax rate on lotto as you mention in it in your description?

    • AustriaBargain on 21/01/2024 - 23:27
      +16

      If it puts you in a higher tax bracket this year then you should tear up the ticket, or else you'll be losing money. Better yet, give the ticket to someone you hate, like me.

    • WoodYouLikeSomeCash on 22/01/2024 - 00:31
      +3

      I think OP is eluding to the fact that your wasting money (a tax) as if you did the math you’d realise there is basically no chance you’re going to win.

      • HamBoi69 on 22/01/2024 - 09:20

        Username checks out.

      • kiitos on 22/01/2024 - 09:04
        +4

        I thought that would be a gift and not taxable

        • cashless on 22/01/2024 - 09:15

          Having read up on it a bit more, you're correct, gifting cash is not a taxable transaction.
          It becomes taxable if it is an asset (property/shares/ETF's etc).
          Looks like that applies to the extended family as well.
          Just need to be careful what format the "gift" is. Cash seems to be OK

          • xylarr on 23/01/2024 - 10:25
            +1

            @cashless: Even shares and property are not taxable as income to the recipient.
            Say we talk about shares. I have $1 million in shares to give to someone. This is a capital gains event. I will have to calculate the capital gain on those shares. To keep it simple, say I bought them for 500k. When I give them to someone, I will have 250k (50% discount) added to my taxable income.
            The recipient still gets $1million in shares.

          • Baghern on 23/01/2024 - 23:58
            +1

            @cashless: stop giving wrong advice

            this is terribly bad understanding of tax laws

            Its a tax event for the giver, ie captial gains…

            Its not taxable income on the receiver

            First line in your link

            In Australia, gifts and inheritances are generally not considered as income and don’t require you to pay any Australian taxes.

            Your prior post

            The following might be wrong

            Why the fk are you saying it then if you dont know its a fact.

            • cashless on 24/01/2024 - 11:50
              -3

              @Baghern: Any advice given on OzBargain is taken at the receiver's discretion.
              There is no rule that says everything has to be correct.
              Unless it's you of course, you're obviously always right

        • Munki on 22/01/2024 - 13:48
          +3

          That's a heavy ass red pocket.

          • Subere on 22/01/2024 - 16:26
            +1

            @Munki: Just in time for Chinese New Year

      • Clear on 22/01/2024 - 09:11

        There are super easy and legal ways to have a bank account in somewhere like Belize ;)

      • blorx on 22/01/2024 - 09:18
        -1

        We qusetioned this recently regarding work groups. Would suck if the ticket buyer was tax-free and the rest were not. I really couldn't find an answer but was leaning to towards all shared winnings are tax-free.

      • drfuzzy on 24/01/2024 - 00:54

        Now pretend you are a surgeon and explain the sequencing of a heart lung transplant

    • AndyC1 on 22/01/2024 - 17:56
      +3

      Looks like OP is does not know. For everyone for each $1 you play there is:
      1) a % that goes to the place you bought it from
      2) a % that goes to the stage government in which you or the site you used or where you live (depends on the conditions of the license of the place you bought the ticket from)
      3) a % to the TLC to run the lottery

      The rest goes into the pool that if the right numbers occur gets paid out or rolls over into the next lottery game.

      In the US, most states allow you to either pay the % tax in your bet or if you do not then they take a % out of the winnings and in most places they pay the $ amount over X years with 0% interest. the interest earned in the US on the amount tops up the amount in the accounts, so that the company that runs the lottery makes money from each huge win as they take the say $200M from the pool and puts say $180 into an insterest bearing account to be paid over 10 years in order to pay you the $200M, but they pocket $20M

  • CyberMurning on 21/01/2024 - 20:53
    +4

    149mil
    I'm happy with 1 mil winning

  • Bunnyburger on 21/01/2024 - 20:53

    150m is pretty tempting. Buy early to buy hope!

  • JIMB0 on 21/01/2024 - 21:34
    +2

    i only tend to play when the jackpot is over 50-60m

    Why not play when it's less? Would $30m not be enough for you.

      • JIMB0 on 22/01/2024 - 09:17
        +14

        The odds are the same. When the prize is higher more people play and there's a higher chance of 2 people winning it and having to split the winnings anyway.

        • basilv on 22/01/2024 - 13:24
          +2

          1st division prize still typically ends up being much larger in the big draws, even after it is split.

          source: i have none

    • Zondor on 23/01/2024 - 16:49

      Then I'm playing too often

  • cashless on 21/01/2024 - 21:34
    +14

    OP seems to “know” a suspiciously large number of people with strange lotto tales to tell.

    • TEER3X on 21/01/2024 - 22:11
      +6

      Yeah I don't even know one person

      I call bs.

      • Clear on 22/01/2024 - 05:03
        +2

        Over the last 20 years I can name 3 people I know who have won. One most recently won 250k from a scratchie.

        • ProlapsedHeinous on 22/01/2024 - 23:37

          I know one person, an old work colleagues parents.

      • nomoneynoproblems on 22/01/2024 - 05:32
        +5

        His uncle also works at Nintendo.

    • mapax on 21/01/2024 - 22:54
      +1

      A guy at my work also “knows” that factory worker that OP mentioned…

      • iforgotmysocks on 21/01/2024 - 23:33
        +1

        And you know that guy and I now know you let’s keep this going

        • mapax on 22/01/2024 - 08:37

          Am I your cousins, uncles, sons, friend that once lived next door to you?

        • TiredKitty78 on 22/01/2024 - 13:59
          +1

          Six degrees of Kevin Bacon ….this guy

    • Trying2SaveABuck on 22/01/2024 - 06:52
      +7

      been working as a Allied health clinician for over 10 years i meet A LOT of people esp in the older demographics, i actually know a few more people then i posted that have 'won big' or are friends or relatives of someone who has won a 'major prize' ie not just lotto but other draws holidays etc

      one bloke from Cypress [i always thought he was Turkish] won a million in like 30 years ago brought his 4 kids a house and paid of his then went on a 12 mo holiday back to cypress and around Europe - this bloke always sticks out to me because i remember thinking 'f—k me 1m bearly gets you a decent house these days imagine buying 4 and going on a holiday'

      believe it or not talking about Property and the Lotto are probably 2 of the easiest ways to connect with people without 'offending' anyone in modern time - so many people have a opinion on house and so many people play lotto and in regards to the later you'd be surprised how many have stories you get of big wins and losses.

      • mnicola on 22/01/2024 - 09:03
        +13

        Cyprus = Country
        Cypress = Tree

      • raj koothrappali on 22/01/2024 - 09:30
        +9

        Probably better odds winning the lotto than finding a 'full-stop' in your sentences.

        • Jaspa7 on 24/01/2024 - 22:55

          found one right at the end - I'd like my $150mill now please..

      • whyisave on 23/01/2024 - 01:45
        +1

        working as a Allied health clinician … i meet A LOT of people

        I'm curious to know how do you introduce the
        topic of Lotteries in your conversations as an 'allied health clinician' ?

        • Trying2SaveABuck on 23/01/2024 - 12:48
          +1

          Spend hours doing exercises and therapy and i honestly have never met a patient over 60 who didnt play and ive probably treated over 2000 people in my career

          Usually others patients bring it up indirectly

          Lately lines like oh fuel/food/insurance etc is so expensive and my reponses is

          'oh i know im going to need to win lotto to survive'

          Reponses oh are you playing on [inset date]

          One of my favourites is your generation dont understand we paid 21% on interest

          My reponse it always yea but you probably had a $50 home loan

          Reponse oh No! it was (insert a value from 20-150k)

          Oh wow at 21% hiw did you pay that did you win lotto

          Well no/yes/maybe - insert story of someone getting rich from lotto housing stocks etc

          Few others but it's an easy non offensive non personal thing to discuss you would be suprised the personal details ppl will ask you appropriate or inappropriate if you spend enough time with them

        • Minimum chips on 23/01/2024 - 12:48
          +1

          Let's say he's a Physio (EDIT: hah, nailed it):

          "Hey let's start with these stretches"

          Then, instead of staring silently at them while they do it:

          "Hey, did you see the lotto is X this week?"

          Not hard. Great open-ended starter. Putting people at ease is important in healthcare really.

          I chat with my physio. We talk about books and movies. I chat with my patients when I get the chance. Usually ask where they live and chat about what their area is like. Some don't want to chat, and it's obvious, and then we don't.

      • Drakesy on 23/01/2024 - 12:06

        I was 15 working as a kitchenhand in a family business back in the day and the chef won ~$1 million. Up until then i thought it was all a scam, when he rocked up the next day in a new AMG and went travelling for 2 years straight.

        Came back broke though and had to start again.

        • Trying2SaveABuck on 23/01/2024 - 12:51

          Still 2 years of travel is pretty mad!

        • AlienC on 24/01/2024 - 17:56

          I feel like this whole thread is a scam to make me believe again.

          I did win a pretty good multiplier recently under $100 but the losses to get up to that have definitely been many fold.

          Hmm.

          I don't even know what I would do with a few million dollars all I want right now is to live somewhere cold.

    • Baysew on 22/01/2024 - 11:06
      +3

      Wish he knew one that can make polls correctly.

      • cashews on 23/01/2024 - 07:37

        Seeing people screw up the choices and wording on polls makes me irrationally angry. Whoever does the polls at news.com.au just about breaks every rule in statistics in regards to accurate polling.

  • hasher22 on 21/01/2024 - 21:35

    around $20

    If I do play, prob be a syndicate powerhit

    A normal game to win is like 1:147 million. No one needs 150m, no one…… if I do win, im glad I am sharing it with other people in the same syndicate. In all seriousness, I just need at least 1m and I am set for a very very long time.

    • AlienC on 24/01/2024 - 17:58

      The thing about syndicates is yes the chances are better but i always hear the winner being some non syndicate guy like a father or mother or something.. Whenever I hear it's a syndicate it is usually a work group or something never some random syndicate

      • hasher22 on 24/01/2024 - 18:11

        From thelott articles

        15 December 2023 - Man won 15m on an online PowerHit QuickPick entry at thelott
        3 November 2023 - Man in 40s wins 20m, purchased ticket in Kirrawee
        5 October 2023 - Woman wins 60m on an 18-game entry purchased online at thelott

        I mean, will those 3 people's story stick to you? IMO, no cause they're just normal transactions, nothing newsworthy about those winnings.

        But a group of workers is more newsworthy than a bunch of randoms buying online.

        • AlienC on 24/01/2024 - 18:23

          I see. Fair play.

  • Xetrok on 21/01/2024 - 22:06
    +2

    For the 1-2 times a year this comes around, I'll buy maybe 2-3 tickets with different people.
    $50-150 once or twice the year isn't going to break the bank for me.
    The odds are low, but to be honest, it's about talking to the person you buy the ticket with and having a joke you won't be into work next week :P

    • spedohero on 22/01/2024 - 08:41

      Rinse and repeat.

  • iDroid on 21/01/2024 - 22:19

    Would $2m be too much?

  • brendanm on 21/01/2024 - 22:24
    +5

    Probably $50 or so. The odds are obviously incredibly low of winning, but what the hell. The thought of potentially never having to go in to work again is worth having a crack.

    • Trying2SaveABuck on 22/01/2024 - 06:43
      +1

      someone must really hate you because someone downvoted you - i gave you an upvote because this is pretty much my exact thinking

      • DontNeedThis on 24/01/2024 - 10:44
        +2

        It's obviously his manager who downvoted him.

    • whyisave on 23/01/2024 - 01:47

      The thought of potentially never having to go in to work again is worth having a crack.

      Yet the reality is actually having to go into work again
      to recoup the money spent and not winning.

      • brendanm on 23/01/2024 - 07:44
        +3

        Yes, that $50 will be stressful to get back twice a year.

  • Sye on 21/01/2024 - 22:41

    I spend the same amount that I spend on condoms.

    • iDroid on 21/01/2024 - 23:02
      +1

      So, $1.2 per year?

      • Sye on 21/01/2024 - 23:26
        +1

        That's a lifetime supply.

        • illusion99 on 23/01/2024 - 07:14
          -1

          Because you go in raw?

Login or Join to leave a comment
Login Join