Choosing a Lottery Game and How to Play It
Whether you are new to the world of lottery or are a seasoned pro, there are plenty of things to know about lottery games and how to win. This article will highlight some of the most important things to keep in mind when choosing a lottery game and how to play it.
Chances of winning
Unless you are one of the lucky few to win a jackpot, chances of winning the lottery are slim to none. Unless you win the Mega Millions, the odds of winning the jackpot are one in 302.5 million. And the odds of winning the Powerball are one in 292.2 million.
While there are many factors that determine the odds of winning the lottery, there are some things you can do to raise your odds.
Taxes on winnings
Buying lottery tickets can be a good way to improve your financial future. However, you must be aware that winning the lottery can put you in a higher tax bracket. If you’re not sure whether you’ll have to pay taxes on your winnings, it’s a good idea to talk to a financial professional. They can help you find ways to lower your tax bill and keep you in the lower brackets.
Game of decision-making
Seeing how lucky you were to win a mega million dollar prize in a lottery, you probably have no need for a full time assistant to do your heavy lifting. Luckily, if you want to be a part of the human race, you can choose your own lottery ticket. Besides, there are already some hefty state backed lottery operators out there. So, the question is, which is the best bet for you?
Multi-state lotteries
Several states across the nation are participating in multi-state lotteries, which sell lottery tickets in multiple states. These lotteries have large jackpots and provide bigger prizes than state lotteries. They are operated by a non-profit organization, the Multi-State Lottery Association. The association was formed to help facilitate the operation of multi-jurisdictional lottery games.
The Ohio Lottery Commission has the power to withdraw from participating in a multi-state lottery agreement if the Commission determines that the conduct of the lottery is unacceptable. The Commission can also withdraw from the multi-state lottery if it deems that the money will not benefit the citizens of Ohio.
POWERBALL
Currently, Powerball is played in 45 states, Puerto Rico and the US Virgin Islands. The odds of winning the jackpot are one in 292.2 million. The Powerball jackpot has jumped to $1.6 billion. If you win, you can choose to receive your prize as an annuity payment over 29 years or as a lump sum.
The jackpot has increased five times in the last six months. In January 2016, the jackpot was advertised at $1.586 billion.