On Wed, 28 Jun 2017 15:33:05 -0000 (UTC), Bill
wrote:

wrote:
On Wed, 28 Jun 2017 04:44:07 -0700 (PDT), Tim
wrote:

Due to Illinois not having a budget and billions of debt- No more powerball for Illinois.

http://www.kmov.com/story/35762466/n...ns-in-illinois

It is amazing that the government can't even be trusted to run a
numbers racket that pays out less than half of what a private
operation pays.
Your local street numbers guy pays $6000 on a 1000:1 bet of 10
dollars. The state ends up paying $5000 and about $2600 after taxes.
Lotteries are a bad enough bet as it is (50% payout) and ridiculous
after you pay taxes on that money. Your typical slot machine pays ~95%
of the action. If you are not playing "on the card", it is all tax
free.


In California the lottery winnings are state tax free.

That doesn't keep the feds from knicking 39.6% off the top.