The advertised Jackpot Prize is paid as an annuity of 30 payments over 29 years or, at the election of the winner, in a single lump sum payment of the cash value of the annuity prize (prize subject to State and Federal taxes). If the winner chooses the annuity, the annual payments will be increased each year by a percentage set out in the Lotto America Group Rules. Annuity payments are paid pursuant to Lotto America Group Rules and New Mexico State Law.
Lottery jackpots are overwhelming played by low-income Americans, studies show. In fact, the lottery jackpot only becomes “progressive” — meaning that high earners spend more on tickets than more than low earners — when the jackpot is at least $806 million or more, according to this study by Emily Oster, currently a professor of economics at Brown University.
On Oct 4, 2015, the Powerball format changed again; the white-ball pool increased from 59 to 69 while the Powerball pool decreased from 35 to 26. While this improved the chance of winning any prize to 1 in 24, it also lengthened the jackpot odds to 1 in 292,201,338. The 4+1 prize became $50,000; the 10x PowerPlay became available in drawings with a jackpot of under $150 million. Three months later, the format produced a $1.5 billion jackpot, double the previous record, after 20 consecutive rollovers.
Generally, Powerball players do not have to choose cash or annuity unless they win a jackpot (then they usually have 60 days to choose.) Exceptions include Florida and Missouri; the 60-day "clock" starts with the drawing, so a jackpot winner who wishes to take the cash option needs to make immediate plans to claim their prize. New Jersey and Texas require the cash/annuity choice to be made when playing; in New Jersey, an annuity ticket can be changed to cash after winning, while in Texas, the choice is binding (when the cash option was introduced in 1997, all Powerball players had to make the choice when playing. This regulation was phased out by 1999.) All Powerball prizes must be claimed within a period ranging from 90 days to a year, depending on where the ticket was bought.
The US Powerball lottery features nine prize divisions; players need five winning numbers from a drum of 1-69 and the Powerball to win the jackpot prize. The Powerball is an additional number, chosen from a separate drum of 1-26. Matching the Powerball will also give you access to the 3rd, 5th, 7th, 8th, and 9th prize categories, which means that even if you match only the Powerball number, you still get a prize. Even without a Powerball match, correctly guessing five main numbers would net you a $1 million prize, or $2 million if you use the Power Play! The Power Play is offered by the US Powerball for an additional cost and multiplies the seven bottom prize divisions by 2 to 10 times! Check more lottery results online with theLotter!
Powerball pays out the largest lottery jackpots in the world. Simple as. The biggest of the bunch arrived in Jan 2016, when three ticket-holders shared a prize fund worth $ 1.58 Billion. For your chance to win a world-beating lotto prize, pick 5 from 69 plus the Powerball and bet on one of our Thursday or Sunday night draws. Highest ever jackpot: $ 1.586 Billion
Winning the jackpot requires matching all five numbers, plus the Powerball. Players who match five numbers win $1 million; players who match four numbers plus the Powerball win $50,000; players who match four numbers win $100; players who match three numbers plus the Powerball win $100; players who match three numbers win $7; players who match two numbers plus the Powerball win $7; players who match one number plus the Powerball win $4; and players who match only the Powerball win $4.
Other winners in excess of $250 million: On December 25, 2002, Jack Whittaker, president of a construction firm in Putnam County, West Virginia, won $314.9 million ($428 million today), then a new record for a single ticket in an American lottery. Whittaker chose the cash option of $170 million, receiving approximately $83 million after West Virginia and Federal withholdings.
The advantages to group game tickets is that is a good way to maximize your exposure (you have a little bit of a lot of tickets) without spending fortunes of multiple tickets. Due to the US Powerball having a minimum jackpot of $40m, group game tickets are always an attractive option as even with only a 2.5% share of the syndicate, you will still win $1m! As the jackpots grow, the Syndicate option becomes more and more appealing. The mantra of the group game player is “it’s better to have a little bit of something than a big bit of nothing.”