Categories
BLOG

powerball facts

4 Powerball Facts That Will Blow Your Mind! We Mean It.

Powerball Facts You Have Never Heard Before

Powerball is the most popular lottery in the known world, at least so far. A few months ago, Powerball paid out a record breaking $1.5b to three lucky lottery players. However, this is not the only distinctive fact about the Powerball. There are several facts that will for sure blow your mind. It’s not all about the jackpot, or is it?

Without further a due, let’s take a look at a few of the most interesting facts about Powerball.

You Have to Win the Lottery Twice to Win the Jackpot, in a Way

In order to win the Powerball, lottery players are required to select 5 of the 69 white balls that are in the drum. Ok, so you have all 5 numbers on your lottery ticket. However, you’re still not the winner of the jackpot. There’s another separate drum which has 26 red numbers. Only one number is drawn from this separate drum.

So, you have to pick 5 numbers out of a 69 number range and another number out of 26 possible outcomes. I can’t even guess a number between 1 to 10, yet to pick a number between 1 and 26 after I got 5 numbers correctly. It seems impossible. Yes, it only seems impossible, it’s very plausible, but highly unlikely. I confused you there, did I? All you need to know is that if somebody asks you what do you have to do to win the jackpot, tell them you have to win it twice! It will blow their mind. This is probably one of my favorite Powerball facts.

The Bigger the Jackpot – The Bigger the Tax Bill Will Be

If you’re thinking “I’m not paying any taxes” you’re a fool. You just became a star, you’re famous, people envy you. Most likely, you’ll be followed by paparazzi everywhere you go, for the following month or so. Do you doubt the capabilities of the tax guy? You better not. So how much do you actually have to pay in taxes. First and foremost, the winner pays two tax bills, one being a state tax and the other local tax. For example, let’s say you live in New York and you’ve won the biggest ever jackpot of $1.5b. You’re going to pay roughly $370m in federal taxes, $120m in local taxes. Oh, did I forget that the lottery operator retains 20% of the total jackpot? If we do the math you’ll end up with little over $440m.

Bear in mind, this calculation applies only if you decide to take away the jackpot in one big lump sum, which the majority of Powerball winners do. And you thought you were going to become a billionaire. I’m not saying you’re not, instead I want to say that this is not the right time for that. Maybe when the jackpot reaches a new record jackpot amount of say $3b, which to be honest seems very probable.

The Odds Are in Your Favor – To Win the Presidential Elections, Not the Powerball

That’s right! The new lottery system where the balls are drawn from two separate drums make the Powerball one of the most challenging lotteries in the world. Winning the Powerball jackpot certainly requires a lot of luck. We tend to disagree with this whole luck thing. It does require some portion of luck, but it also takes skill, dedication and experience.

That said, you’re more likely to become the next US president, get struck by a random lightning, become a famous movie star, or all of these combined, than win the Powerball. It’s that unlikely!

Even if you were to join forces with let’s say 100 other lottery players who are really passionate about the Powerball, you’re still nowhere near the grand prize. You might as well quit from your dream of winning the most desired lotteries in the world. Damn, this Powerball facts get on my nerves.

The Average Number of Powerball Tickets Will Blow Your Mind

There’s a good correlation between the amount of the jackpot ad how many tickets get sold each draw. Very smart and educated people came up with a formula that shows us that the bigger the jackpot becomes, the more players decide to take part in the lottery.

For instance, if the jackpot is let’s say $200m, there will be roughly 50 million lottery tickets sold. This is an acceptable number, right? The competition is not that fierce and you have a decent chance of winning a big jackpot. If not this week, maybe the next one.

And nobody wins the jackpot for a couple of weeks and it reaches a jackpot amount of $800m. Well, the prize pool has increased, but so did the competition, by staggering 550m lottery tickets. That’s 600m Powerball lottery tickets that are in the race for a $800m jackpot.

This leads me to think in a different way. Due to the increase in the number of players, new approaches are competing for the jackpot. That said, there’s always that one lucky fellow player who spat out random numbers and somehow, out of the blue, he/she is the winner of the jackpot. Personally, I’m annoyed by this occurrence, but such is the lottery, such is the life of a passionate lottery player.

So, are you going to wait for the jackpot to reach a new record high to buy few extra tickets? Or are you going to keep playing at a steady pace and let time do its job. Don’t let the lottery fever get you. Lottery fever happens when people start spending loads of cash on lottery that they previously didn’t. I guess I had this fever all the long.

Powerball is the most popular lottery in the whole world. Here are 4 Powerball facts that will literally blow your mind. You will be stunned by them!

13 Powerball Facts You Should Know Before Tonight’s Drawing

There are some surprising regulations in certain states.

Fast Facts About the Powerball

— — The hype surrounding tonight’s record-breaking Powerball drawing is very much real.

Here are some of the biggest questions that players have, answered by top lottery officials.

1. How much of the jackpot goes to the winner and where does the rest of it go?

Winners should expect to keep only about a third of the advertised jackpot or cash payout, says Tracey Cohen, the interim executive director of the D.C. Lottery.

The jackpot is currently $1.5 billion and the cash option is $930 million.

The rest of the money is generally taken by federal, state and city taxes based on where the ticket was purchased and where the winner lives.

2. Does the store that sold the winning ticket get anything?

Cohen said that the seller of the winning jackpot ticket will receive a $25,000 bonus from the lottery. That money isn’t taken from the winner’s jackpot but from regular ticket sales and cashing commissions that the lottery collects from every ticket sold.

In D.C., sellers do not receive a bonus for selling a winning Match-5 ticket.

3. Why do some states have more jackpot winners than others?

“It’s pure randomness,” Cohen said.

Even if it is random, there may be something in the water in Pennsylvania because 16 previous jackpot winners from the past 13 years all bought their tickets in the Keystone state.

“Some states have been participating in Powerball longer than others, and states with higher sales are more likely to have a winner,” said Shelly Gerteisen, a spokeswoman for the Florida Lottery.

4. Have there been cases when people have called in thinking that they’re the winner only to be told that they are wrong?

“Those calls are no fun,” Gerteisen said. “It’s more fun when they think they only won a little prize and it turns out they are a big winner!”

Cohen said that similar instances have happened in D.C.

“So I say this: it’s not a winner until you come in and we tell you it’s a winner,” Cohen noted.

5. What happens if someone tries to cash in a fake or falsified ticket?

The penalties differ by state and offenders can face criminal charges if caught, Cohen said.

“We take this very, very seriously,” she said.

6. Why is this Powerball jackpot so large?

This Powerball jackpot started out as $40 million on Nov. 7, 2015, but there was no jackpot winner in that drawing or the 19 others that followed.

7. How many tickets have been sold?

Since this jackpot started on Nov. 7, 1.325 billion tickets have been sold, according to the Texas Lottery. Officials at the lotto expect that number to go up to 1.55 billion by the time the drawing happens at 10:59 p.m. E.T. tonight.

Not all of those tickets are eligible for tonight’s drawing, however. There have been 371 million tickets sold for this upcoming drawing, according to Gary Grief, the executive director of the Texas lottery and chair of the Powerball game for the Multi-State Lottery Association.

8. What are the chances that a wining ticket has already been sold?

Grief said 85.8 percent of all Powerball ticket combinations have been sold thus far.

9. How do officials know if a winning jackpot ticket has been issued?

Ticket numbers are run through a central computer at the Multi-State Lottery Association. The computer can match the winning ticket with the numbers drawn from the machines in Florida.

“It’s a little bit like election night,” Cohen said of how the results need to come in from the various districts, which in this case would be the 44 participating states as well as District of Colombia, Puerto Rico and the U.S. Virgin Islands.

10. Do people need to say whether or not they want the cash option or the annuity option when they buy their tickets?

It depends on the state, Gerteisen said, but some states require buyers to decide right then and there.

11. How does the annuity option work?

If a winner chooses to get the full jackpot through the annuity option, the winner will receive that amount in a series of 30 payments over 29 years, according to the Powerball website. The annual payment may differ slightly year-to-year based on the payouts from the securities investments that the lottery (in this case Powerball) chooses to invest in. The winner will get at least the annual prize payment “no matter what happens to the securities,” the site explains.

12. How long do winners have to claim their tickets? And how can a ticket be claimed?

The exact claiming period varies slightly per state, but are all generally around 180 days. Players need to sign the back of their ticket to claim the rights to the winnings, and they have to claim their ticket in the same state where they bought their ticket even if they live in a different state.

13. What is the lottery’s connection to state education programs?

Each state’s lottery organization has chosen what causes to support with the funds that are allocated from a jackpot win, and many – but not all — have selected educational programs as the recipients.

Some states have established general funds that distribute the money among causes including wildlife programs, local emergency services and parks.

Others designate one set cause. In Pennsylvania, lotto funds are used for senior programs while in Georgia all of the funds are spent on education.

14. What are the chances of getting the jackpot ticket?

Each ticket has a 1 in 292 million chance of being the winner. Good luck!

13 Powerball Facts You Should Know Before Tonight’s Drawing There are some surprising regulations in certain states. Fast Facts About the Powerball — — The hype surrounding tonight’s ]]>