Hi All,
Many of you are probably familiar with how lotteries work. – Typically if you win a jackpot you either receive a lump sum payment or a series of checks at regular points in time – an annuity. In both cases, you’ll get less than the advertised amount of the winnings.
Well, now it looks like some casinos may be switching to the same payout system. The latest news story from MSNBC, here, suggests that a recent winner at a casino in the Dakotas received his payments in the form a lump sum payout.
This may or may not be a widespread trend. Provided it is, I’d watch to see if lump sum payout calculations lead to misleading advertising regarding jackpot sizes.
Best,
James
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