Jersey Jackpot Raffle

1/15/2009:

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For the past two years, the NJ Lottery has run a year-end game called the Jersey Jackpot Raffle, where you purchase a $20 raffle ticket – and have apparently the “Best odds ever” to win $2 million dollars.

Odds may be better this year

Each year, they sell a maximum of 500,000 tickets for this raffle. The two years prior to the current raffle – they always sold out a week prior to the drawing. However, this year (as of last night), there were over 210,000 UNSOLD tickets for this raffle. Boy, that must mean the economy is really suffering like they say.

Sales will undoubtedly “pick up” over the next few days – but I’m not too certain they’ll be able to sell out. They averaged about 8,000 tickets sold per day since the contest started, and would have to sell 35,000 tickets per day until the contest ends on January 21, 2009 in order to get to 500k tickets.

The total purse for the contest is $5 million dollars (based on annuity total) – and they’ve already covered the prizes. But if they cannot sell out, that just means less money for schools and education. Oh well!

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What if you won?

If you won one of the three $2 million dollar prizes, which payment method would you choose? You can either pick $100k per year for the next 20 years – or $1.3 million cash now (minus taxes of course).

Would you want the security of having that guaranteed annual income? Or take it all now before the dollar loses even more value?

{democracy:251}

Buy your tickets before they sell out! You can thank me afterward if you won!

Leave a Reply

22 Comments on "Jersey Jackpot Raffle"

mercy
Member

How do you find out how many tickets where sold?

mooshu
Member
mooshu

Fine, fine. Change of mind: I’d take the lump sum.

bradykp
Member
bradykp

[quote comment=”128419″][quote comment=”128412″][quote comment=”128388″]Time Value of Money – 1.4 mil now is worth more than 1.4 mil in 20 years. LUMP SUM[/quote]
where does 1.4 M in 20 years come from?[/quote]

Sorry, I mistyped. 2 mil. Since they can’t guarantee inflation rate (and I think it’s going to get out of control in the next few years), I believe 1.4 mil now will be worth more than 2mil in 20 yrs.[/quote]

most of us would probably be (relatively) smart with the money – so a lump sum makes sense. for a lot of people though, sometimes taking the annuity makes sense cause they may invest it poorly or just piss it away. it all comes down to if you’re smart with the money. most semi-intelligent, semi-financially savy people can make that money work properly for themselves with minimal risk exposure.

Katie_Scarlett
Member

[quote comment=”128412″][quote comment=”128388″]Time Value of Money – 1.4 mil now is worth more than 1.4 mil in 20 years. LUMP SUM[/quote]
where does 1.4 M in 20 years come from?[/quote]

Sorry, I mistyped. 2 mil. Since they can’t guarantee inflation rate (and I think it’s going to get out of control in the next few years), I believe 1.4 mil now will be worth more than 2mil in 20 yrs.

WorldBFree
Member
WorldBFree

[quote comment=”128388″]Time Value of Money – 1.4 mil now is worth more than 1.4 mil in 20 years. LUMP SUM[/quote]
where does 1.4 M in 20 years come from?

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