LuckyOT: Michigan man wins lottery three times in one day $325,184

LuckyOT: Michigan man wins lottery three times in one day $325,184

Submitted by UMProud on February 28th, 2018 at 7:47 AM


"LANSING - An Oakland County man thought he was having a heart attack after he won a $325,184 Fast Cash Jackpot Slots progressive jackpot from the Michigan Lottery.

Mark Maltz, of Waterford, bought his winning ticket at the BP gas station, located at 1516 Union Lake Road in Commerce Township.

“I work for a tow company and we stop at the BP to fill up our trucks,” said Maltz. “I was in the store on Friday after filling up my truck and I bought a scratch off and won $10. I decided I’d buy a Fast Cash ticket, and won $15. Then, I bought a $5 Fast Cash Black Jack ticket and the $10 Jackpot Slots Fast Cash ticket, and the rest is history.

“When I saw I was a winner, I started freaking out. I just kept thinking: ‘I can’t believe I just won!’”
Maltz visited Lottery headquarters Tuesday to claim his big prize. The 42-year-old winner plans to invest his big prize.

“I’m going to sit on this for a little while and decide how to best invest it and make it last me a long time,” said Maltz. 

“I’ve dreamed about winning and thought: ‘Just let me win big one time.’ It’s hard to believe it really happened.” "

Source:  WDIV Detroit, 2/28/2018

https://www.clickondetroit.com/lottery/michigan-lottery-man-hits-fast-cash-jackpot-wins-325k

Enter the NBA or stay in School? What's the data...

Enter the NBA or stay in School? What's the data...

Submitted by Drbogue on April 10th, 2013 at 11:11 AM

[ed-S: bumped to diary]

Every year we see the "talent-drain" occur in college basketball where the best players make themselves eligible for the NBA draft. With the <grimace> thought that there is the possibility of losing Burke, Hardaway, Robinson, and McGary I did a search (albeit a quick one) of the data regarding entering the NBA after 1 or 2 seasons. Is it worth the risk? Well here's what I've come up with.

* The majority of this information comes from "Weakside Awareness" and "Basketball-Reference.com"

http://weaksideawareness.wordpress.com/

http://www.basketball-reference.com/

How many players are in the NBA? ~360-450 (max).

30 teams in the NBA. Each roster can have a maximum of 15 players with a usual minimum of 12 (teams are allowed to have as few as 8 players). So, at any given time there are between 360-450 players in the NBA.

How many players retire/go unsigned/or otherwise leave the NBA yearly?

Very difficult to identify, but math tells us it should be roughly equal to the number of draftees that are signed.

How many players enter the draft?

Roughly 60 players. Of course, a draft only gives a team the OPTION of signing that particular player. However, they still tryout for the team and may go UNsigned prior to the season starting if they don't make the grade. I could not find data to show me the average number of draftees who were NOT signed by their drafting franchise.

What is the average length of career for an NBA player? (Weakside did a great eval on this at http://weaksideawareness.wordpress.com/2011/11/22/average-nba-career-length-for-players-details/)

If averaged from the start - 1947, it comes out to 4.86 seasons per player. However, in the last decade, this has increased (due in part to more positions due to expansion). Either way, it's not a long-term career.

Interestingly, Weakside broke this down by number of minutes played and height. Obviously, the more minutes you play, the longer you are kept around. The taller you are, the longer your career.

Minutes - < 12min a game: 2 seasons, > 30min a game: 10.88 seasons.

Height - > 7 feet: 5.78 season, < 6'2": 4.12 seasons.

What financial impact do we see?

(Good article from Forbes: http://www.forbes.com/sites/aliciajessop/2012/06/28/the-structure-of-nba-rookie-contracts/)

The initial term of an NBA rookie contract is 2 years with a 3rd year option. Agents don't have much leverage in negotiating a rookie's contract as the NBA has a "rookie salary scale." For players from the 2012 Draft, this scales from the #1 pick to the #30 pick as follows (Col 1:Draft pick, Col 2: 2012-13 Season, Col 3: 2013-14, Col 4: 2014-15):

1 $4,286,900.00 $4,479,800.00 $4,672,700.00

 

30 $850,800.00 $889,100.00 $927,400.00

The collective bargaining agreement states that a player may make between 80%-120% of this scaled salary amount based on their lottery pick. This variable is where the agent is important, particularly for the mid-range draft picks to get closer to the 120% rather than the 80%.

Despite this large up front amount, the data post-career is alarming. According to a report in 2008 from the NBA Player's Association, 60% of players are broke by 5 years post-retirement. This usually stems from having to pay for things you bought/made while you were still making the dough (ie houses, kids, divorces).

BOTTOM LINE

So, is it worth it? Does a college degree prevent the financial collapse? Is the upfront signing guarantee worth it? Does the answer even exist? Tim Duncan stuck around for 4 years, but would he have had the same longevity if he left after year 2?

I think a diary by the Mathlete is in order. Let's discuss!

 

OT: NBA Draft Lottery Open Thread

OT: NBA Draft Lottery Open Thread

Submitted by Mr Mackey on May 17th, 2011 at 7:55 PM

The NBA Draft Lottery is tonight at 8:30 on ESPN.

The Timberwolves have the best odds, with a 25% chance to get the 1st pick.

The next best odds go to the following teams:

1. T-Wolves - 25%

2. Cavaliers - 19.9%

3. Toronto - 15.6%

4. Washington - 11.9%

5. Sacramento - 7.6%

6. Utah - 7.5%

7. Detroit - 4.3%

8. Cavaliers part 2 - 2.8%

9. Charlotte - 1.7%

10. Milwaukee - 1.1%

11. Golden State - 0.8%

12. Utah part 2 - 0.7% 

13. Phoenix - 0.6%

14. Houston - 0.5%

WAY OT: Question about lottery winnings and CS

WAY OT: Question about lottery winnings and CS

Submitted by fleetwoodzback on June 2nd, 2010 at 9:17 PM

I have checked around online for answers to this but have come up with not a lot of conclusive answers so I thought I would throw this out there to the masses and see if anyone has an answer or can maybe provide some kind of insight. First off, here are the basics, I am a single father of a 7 year old girl that I share equal custody of with her mother, one week here and then one week there. I have never had any hesitations or reserves about providing for my child, even if she is with her mother at the time. My question is that if I were to win the lottery, current NC lottery is at $260 million, would I be obligated to share in those winnings with her mother? I would obviously set up trust funds and do everything above and beyond taking care of my daughter but should her mother benefit from this? As far as child support is concerned, there is none as the judge ruled that since there is shared custody, and i cover her insurance wise, there is no CS to be paid. Morally I would do a little to take care of her mother, as of this writing I don't totally hate her, but should she share in my good fortune? Obviously if this were to ever REALLY happen I would consult with legal counsel but I thought I would throw this out there for discussion. The closest I have found, which was based on FL laws, is that she would be entitled to interest earnings as this would count as earned income.