We all know the lottery is a ripoff, but what kind of scam are

[Quote: Originally Posted by cd329] they really running?
People across the country have spent 1.5 billion on this jackpot, yet the prize is only 640 million and if you take the cash value, its down to around say 400 million.
so where the fuck is the 1.1 billion that is left. Really where is all that money, since am pretty sure no states are lowering anybodys school taxes or any other taxes.  Every lottery in the country needs to be audited top to bottom, to find out where this loot really is, because 1.1 billion in profit has got to be somewhere.
On top of that, if the lottery took in 1.5 billion, why the hell do they got to lower the prize value if you take a lump sum payment?

I always knew the lottery was a ripoff, but still played it a few times a week, but after seeing that kind of money being kept by the lottery, i really dont think am gonna play that much anymore.

I think Cuomo wanted to sell new yorks state lottery to a private company for some figure, which after seeing these numbers was incredibly low. If ny state does turn the lottery over to a private company, just to get some up front cash now, it will have to go down as one of the biggest scams our country has ever seen.

https://news.yahoo.com/americans-bet-nearly-1-5b-win-record-jackpot-203515291.html

The advetised jackpot doesn't exist. i.e., there is not that much money set aside to pay off any winner or winners. The advertised jackpot, as it's called, is based on an annuity, that;'s why the cash value is always less.

Quite often, the "bucks for education" is nothing but hype and an exercise in voodoo accounting. Lottery money goes into an education fund, but an equal amount or more is taken out of the same fund somewhere else.

Cd329, brings up some excellent points, yet many people in this thread seem to overlook his essential question.  The fact that it is gambling and the house always wins has ZERO to do with the question he is asking. 

The lottery is a joke for a few reasons:  First, you should not have to pay taxes if you are lucky enough to win the stupid game, as a huge chunk of profit is already pocketed before the final payoff is shown.  Secondly, almost all lottery profits should first go into improving infrastructure (bridges, roads, public services).  But a lot of the money is unaccounted for and ends up in the hands of people running the game and their cronies.

So as CD has inquisitively inquired, EVERY penny that is collected by the lottery needs to be accounted for, but the people in charge would never allow that.  The politicians and higher-ups are not giving up that gold mine any time soon, while the poor and uneducated continue to chase the pyrite known as the the lottery.