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Win For Life
Lottery games with "lifetime" prizes, known by names such as ''Cash4Life, Lucky for Life,'' and ''Win for Life,'' comprise two types of United States lottery games in which the top prize is advertised as a lifetime annuity; unlike annuities with a fixed period (such as 25 years), lifetime annuities often pay (sometimes for decades) until the winner's death. Scratch games Most U.S. lotteries offer at least one scratch game with lifetime prizes. These games vary; some lotteries offer multiple price points for "lifetime" games, with the top prize ranging from $50 daily to $1,000,000 yearly. Play for each game varies. Increasingly, American lotteries have introduced a cash option for winners of scratch games with such prizes (as they had begun in the 20th century with fixed annuities in almost all games, drawing or scratchcard.) Draw games The "Win for Life" game (which replaced "Lotto South") began in 2006 in Georgia, Kentucky, and Virginia. Kentucky dropped out in 2011, and Ge ...
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Cash4Life
Cash4Life is an American multi-jurisdictional lottery drawing game; as of April 2021, it is offered by ten state lotteries, and is drawn nightly. Ticket sales began on June 13, 2014, in New York and New Jersey; the first drawing took place three days later. Rules Each game costs $2 per drawing. Players pick five white ball numbers from 1 through 60 in the main field, plus one number from 1 through 4 from the second field, the green "Cash Ball". Players also have the option to have the terminal randomly select the numbers in both fields. Matching all five numbers in the main field plus the Cash Ball wins, or shares ("split-prize liability"), the equivalent of $1,000-per-day-for-life, or $7,000,000 cash, at the winner's option. Second prize, however, can have multiple winners of $1,000-per-week-for-life and/or $1,000,000 cash. New Jersey Lottery regulations require that players choose either the annuity or cash option when playing. First- and second-prize winners who chose the "a ...
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Lucky For Life
Lucky for Life (LFL) is a lottery drawing game, which, as of June 28, 2021, is available in 22 states and the District of Columbia. Lucky for Life, which began in 2009 in Connecticut as ''Lucky-4-Life'', became a New England–wide game three years later, and added eleven lotteries during 2015. LFL's slogan is "The Game of a Lifetime". Drawings are performed by the Multi-State Lottery Association (MUSL) using a digital drawing system to pick the numbers . Lucky for Life is drawn nightly (7 days a week) at approximately 10:30 p.m. Eastern Time. Lucky for Life was modified on September 17, 2013, adding a second "lifetime" prize tier, and a cash option for either annuity tier; LFL was modified again in January 2015 to its current format. Each Lucky for Life play costs $2. The District of Columbia joined Lucky for Life (the first member added without changing the game's double matrix) on February 15, 2015, Kentucky on March 22, 2015, Ohio on November 15, 2015, Iowa on January 2 ...
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Lottery
A lottery is a form of gambling that involves the drawing of numbers at random for a prize. Some governments outlaw lotteries, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree of regulation of lottery by governments. The most common regulation is prohibition of sale to minors, and vendors must be licensed to sell lottery tickets. Although lotteries were common in the United States and some other countries during the 19th century, by the beginning of the 20th century, most forms of gambling, including lotteries and sweepstakes, were illegal in the U.S. and most of Europe as well as many other countries. This remained so until well after World War II. In the 1960s, casinos and lotteries began to re-appear throughout the world as a means for governments to raise revenue without raising taxes. Lotteries come in many formats. For example, the prize can be a fixed amount of cash or goods. In this format, there is risk t ...
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Annuity (US Financial Products)
In the United States, an annuity is a financial product which offers tax-deferred growth and which usually offers benefits such as an income for life. Typically these are offered as structured (insurance) products that each state approves and regulates in which case they are designed using a mortality table and mainly guaranteed by a life insurer. There are many different varieties of annuities sold by carriers. In a typical scenario, an investor (usually the annuitant) will make a single cash premium to own an annuity. After the policy is issued the owner may elect to annuitize the contract (start receiving payments) for a chosen period of time (e.g., 5, 10, 20 years, a lifetime). This process is called annuitization and can also provide a predictable, guaranteed stream of future income during retirement until the death of the annuitant (or joint annuitants). Alternatively, an investor can defer annuitizing their contract to get larger payments later, hedge long-term care cost ...
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Decade
A decade () is a period of ten years. Decades may describe any ten-year period, such as those of a person's life, or refer to specific groupings of calendar years. Usage Any period of ten years is a "decade". For example, the statement that "during his last decade, Mozart explored chromatic harmony to a degree rare at the time" merely refers to the last ten years of Wolfgang Amadeus Mozart's life without regard to which calendar years are encompassed. Also, 'the first decade' of a person's life begins on the day of their birth and ends at the end of their 10th year of life when they have their 10th birthday; the second decade of life starts with their 11th year of life (during which one is typically still referred to as being "10") and ends at the end of their 20th year of life, on their 20th birthday; similarly, the third decade of life, when one is in one's twenties or 20s, starts with the 21st year of life, and so on, with subsequent decades of life similarly described by ref ...
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Scratchcard
A scratchcard (also called a scratch off, scratch ticket, scratcher, scratchum, scratch-it, scratch game, scratch-and-win, instant game, instant lottery, scratchie, lot scrots, or scritchies) is a card designed for competitions, often made of thin cardstock or plastic to conceal PINs, where one or more areas contain concealed information which can be revealed by scratching off an opaque covering. Applications include cards sold for gambling (especially lottery games and quizzes), free-of-charge cards for quizzes, fraudulent free cards encouraging calls to premium rate phone services, and to conceal confidential information such as PINs for telephone calling cards (otherwise known as recharge cards) and other prepaid services. In some cases, the entire scratchable area needs to be scratched to see whether a prize has been won—the card is printed either to be a winner or not—or to reveal the secret code; the result does not depend upon what portions are scratched off. In ot ...
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Present Value
In economics and finance, present value (PV), also known as present discounted value, is the value of an expected income stream determined as of the date of valuation. The present value is usually less than the future value because money has interest-earning potential, a characteristic referred to as the time value of money, except during times of zero- or negative interest rates, when the present value will be equal or more than the future value. Time value can be described with the simplified phrase, "A dollar today is worth more than a dollar tomorrow". Here, 'worth more' means that its value is greater than tomorrow. A dollar today is worth more than a dollar tomorrow because the dollar can be invested and earn a day's worth of interest, making the total accumulate to a value more than a dollar by tomorrow. Interest can be compared to rent. Just as rent is paid to a landlord by a tenant without the ownership of the asset being transferred, interest is paid to a lender by a borr ...
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Lotto South
Lotto South was a lottery game in Georgia, Kentucky, and Virginia. It resulted from the September 2001 merger of three smaller jackpot games, one from each of the three lotteries. This was done in an attempt to create larger jackpots. Drawings took place at the WTVR-TV studios in Richmond, Virginia, on Wednesdays and Saturdays at 11:00 p.m. ET. Jackpots began at $2 million (annuitized); top-prize winners could choose to be paid either in 30 annual payments, or the cash option. The game was jointly administered by the Georgia Lottery, Kentucky Lottery, and Virginia Lottery. Sales of the game began on September 9, 2001. Its record jackpot was $27 million, won on December 31, 2005. The game had four prize levels; players needed to match at least three numbers to win. All prizes were paid on a parimutuel basis. The jackpot was paid either in cash or 30 annual payments, according to the winners' wishes. In January 2006, it was announced that the game would be retired; its fina ...
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Georgia Lottery
The Georgia Lottery Corporation, known as the Georgia Lottery, is overseen by the government of Georgia, United States. Headquartered in Atlanta, the lottery takes in over US$1 billion yearly. By law, half of the money goes to prizes, one-third to education, and the remainder to operating and marketing the lottery. The education money funds the HOPE Scholarship, and has become a successful model for other lotteries, including the South Carolina Education Lottery. History A government-run lottery was explicitly allowed in a 1992 constitutional amendment to Article I, Section II, Paragraph VIII of the Georgia State Constitution, approved in a referendum. The GLC was created by a separate bill in 1992 by the Georgia General Assembly, and then-governor of Georgia, Zell Miller, in the Lottery for Education Act ( OCGA 50-27). Rebecca Paul, who began the Florida Lottery, then ran the Georgia Lottery for its first decade, before leaving to launch Tennessee Lottery in 2004. The o ...
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Kentucky Lottery
The Kentucky Lottery, began in April 1989 after a November 1988 vote in which over 60% of voters cast ballots in favor of it. On April 4, 1989, ticket sales began at over 5,000 licensed retailers with over $5 million in sales on the first day. Kentucky Lottery players had two Scratch-off games to choose from, including, ''Beginner's Luck'' ($1) and ''Kentucky Derby Dreamstakes'' ($2). Kentucky Lottery proceeds fund college scholarship and grant programs across the Commonwealth, including every dime of the popular KEES program. More than $4.0 Billion in scholarships and grants have been awarded to Kentucky students. History The first legally authorized "lottery" in Kentucky was held in 1792 in order to raise funds to build a church in Lexington. A modern lottery was a highly debated topic in the gubernatorial race of 1987. Wallace G. Wilkinson, who went on to become governor, touted the introduction of a state lottery in a heavily funded campaign that ended up being one of the big ...
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Virginia Lottery
The Virginia Lottery is an independent agency of the Commonwealth of Virginia. It was created in 1987 when Virginians voted in a statewide referendum in favor of a state lottery. The first ticket was sold on September 20, 1988. All profits from Virginia Lottery ticket sales go to K-12 public education, as required by Virginia's constitution. In Fiscal Year 2022, the Lottery's profits totaled more than $779.6 million, accounting for approximately 10 percent of school funding in Virginia. That brought total Lottery profits in Virginia (from 1989 through June 2022) to more than $14.5 billion. Daily draw games include Pick 3 and Pick 4, which are drawn twice daily, and Cash 5; with one drawing a day. The Virginia Lottery also offers numerous scratchers. It is one of 46 lotteries which sells Mega Millions tickets, and one of 47 offering Powerball. ''Cash4Life'' is nightly; Mega Millions is drawn Tuesdays and Fridays, while Powerball is drawn Mondays, Wednesdays and Saturdays. Bank A ...
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Decades Of Dollars
Decades of Dollars (DoD) was the name of a Virginia-only lottery game; it began as a multi-state game in January 2011. Georgia and Kentucky joined Virginia in launching DoD; Arkansas joined in May 2011. (DoD replaced '' Win for Life'' in Kentucky; WFL ended in 2014 as a Virginia-only game.) DoD became a Virginia-only game in October 2014 when the other three states joined the ill-fated Monopoly Millionaires' Club drawing game. DoD held its final drawing on April 30, 2015; Virginia replaced it with the multi-state Cash4Life, becoming its fourth member, but non-contiguous with its other three states. Decades of Dollars was drawn Monday and Thursday nights. DoD winners had a choice of 30 annual payments of $250,000 each (minus withholdings) or a lump sum of $4,000,000. Each Decades of Dollars game cost $2; players chose 6 numbers from 1 through 47. DoD prize structure: *Match 2 of 6: free DoD play or $2; see below° *Match 3 of 6: $10 cash *Match 4 of 6: $100 cash *Match 5 of 6: $1 ...
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