Word: ticketeer
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Dates: during 1970-1979
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...staffers who worked on this week's cover story, journalists are no luckier when they gamble than anyone else. For example, before New York Correspondent John Tompkins began interviewing lottery directors, betting officials and sources on organized crime, he invested $1 in a New York State lottery ticket -the first he had ever bought. He won $2, with which he promptly bought two more tickets. One of those won him another $2. Feeling lucky, Tompkins took a third plunge-and came up emptyhanded...
...host of the Thanksgiving Day get-together, billed as The Last Waltz, was Rock Impresario Bill Graham. He treated his $25-a-ticket patrons to a truckload of turkey and Alaskan salmon, a 38-piece waltz-playing orchestra, and decor featuring 25-ft. tall columns from the set of La Traviata carted over from the San Francisco Opera. Those folk who tend to sniff at such goings on could adjourn to the Cocteau Room, where the walls were covered with protruding noses...
...dole out their millions in installments of $50,000 a year over 20 years, all of it taxable. A winner with no other earnings to boost his tax rate further will end up with, at best, about $30,000 a year. In short, what you see emblazoned on the ticket is not what...
...better chance than you," blares the advertisement for New York State's lottery. The slogan is not quite true. The government has a better chance of collecting a payoff than all the players put together, and it does not even have to buy a ticket. It keeps 45% of all the money invested on tickets. Another 15% is withheld to help cover operating costs, including 6% to ticket vendors and 1% for bank fees and bonus prizes to vendors. That leaves only 40% of the total take to be distributed in prize money. In other words, if somebody spent...
...York's 60%. Counting both the state's cut and operating expenses, the takeout in Maine and Ohio is 55%; in New Hampshire, which started the legal lottery craze in 1964, it is 50%. To get a piece of what is left, a ticket buyer still has to compete with the number of other tickets against him. The odds for winning any prize are not good. In New York, for instance, the chances are 240,000 to 1 against collecting a $5,000 payoff...