October 14, 2004

Bad Math Tax

That's what I've always called the lottery. When you consider your odds of winning it's basically a tax on people bad at math. But even knowing that, I will still play when the prize money starts to get ridicules. It's worth it just to imagine if what you would do with untold millions. I was in for a whole dollar (with four other co-workers) on our 5 dollar ticket for last Saturday 214 million dollar drawing.

Sunday I heard that there had been 1 winning ticket and it had been sold in Delaware. As is typical of real news in this small state, I heard this from someone else. The rumor mill works overtime here. Monday we heard speculation that the prize was won by an office pool of 33 people.

Then yesterday's News Journal had this:

An attorney representing employees of the family-owned advertising publication confirmed Tuesday what just about everybody in the Seaford area thought they knew for the last few days: 33 people at the parent business, Sussex Printing Corp., were part of an office lottery pool that won the $214 million Powerball prize Saturday night.

Wayne Lemons, director of the Delaware Lottery, said the group elected to take the one-time lump payout of about $117 million. Divided 33 ways, with 28 percent in federal income taxes removed, each of the winners will get about $2.6 million.

Hmm, not bad. 2.6 million is nothing to sneeze at - it would definitely support a nice comfortable retirement, but by the time you're finished helping out your family you're gonna have to start pinching pennies. As for the printing company, I hope the owner was in on the pool because I suspect a mass turnover and some hard times in the very near future...

Anyway, the rumor mill is still grinding away, and this one is a doozey. It seems that the office pool usually consists of 36 players. 3 people opted not to ante up the $5 to get in the pool.

So next time you think your life sucks, imagine for a minute that all of your co-workers won 2.6 million dollars, retired, and left you and two other equally miserable people to suddenly do all their work. All for the lack of $5...

Posted by Clancy at October 14, 2004 8:14 AM