What You Should Know About the Lottery

The roots of the lottery go back to ancient times. We need not get into it because there are so many other interesting facts that you should know about thelottery. It’s more than just a tempting game of luck. 

 If you've ever played the lottery, you know how much fun it is

Surprising facts about the lottery

In the year 2014, Americans bought $70 billion worth of lottery tickets, which is much more than the money spent on books, sports tickets and movies. The winners of lottery never manage to stay anonymous. Also, there are about 44 states that take part in the lottery and 6 states that don’t have them. 

What are your chances of winning?

You guessed it, your chances are pretty slim. For instance, the odds of actually winning the Powerball jackpot are one in 292 million according to the 2016 statistics. Although your chances are slim, it’s not a hidden fact that some manage to win.

Biggest jackpot and money claims

The biggest recorded jackpot in US history was $1.5 billion but it was split 3 ways. With such a large sum of money, how is it allocated? You can either claim the full amount in cash or opt for what’s also known as the ‘annuity prize’. The latter offers a larger face value because the money is invested in safebonds and you get paid over some period of time. 

Taxes on winnings

Believe it or not, the IRS can claim almost 40% of your winning prize (given you do win the lottery someday). Winners do get taxed according to their state.

As you can see, winning the lottery isn’t all that simple. These facts shouldn’t discourage you from participating. The anticipation and excitement involved in playing the lottery are all worth it in the end. Your chances might be slim, but someone always wins, why not you?