Whether you play the lottery for the chance of a big win or for fun, there are several different types of lotteries that you can choose from. Some are state-run, and some are multistate lotteries. Regardless of which type you choose, there are a few things you should keep in mind when choosing the lottery.
Powerball
Whether you play for fun or for the prize, Powerball is one of the most popular lottery games in the United States. If you play the game correctly, you can win millions of dollars. But how do you do it?
The answer is simple: You can play Powerball in most states in the United States. You can even buy tickets online and at participating retail outlets.
The odds of winning the Powerball jackpot are quite low, though. Getting the jackpot is quite an achievement in itself.
Mega Millions
Known as one of the most popular lotteries in the United States, the Mega Millions lottery has a jackpot that can easily reach hundreds of millions of dollars. Its jackpot has reached billions of dollars three times in its history.
This national lottery game is played in 45 states, the U.S. Virgin Islands, and the District of Columbia. Players buy their ticket online, or by mail. The Mega Millions drawing is held twice each week at 11 p.m. EST, on Tuesday and Friday. The Mega Millions drawing machine is located in Edgewater Park, New Jersey. The drawings are broadcast on WNEP Channel 16 and WSB-TV Channel 2.
Mega Millions is available in 45 states and the US Virgin Islands as of January 30, 2020. Tickets cost $2 for each game, and the odds of winning are one in about 302,575,350.
English State Lottery
Among the many financial innovations of the eighteenth century, the English State Lottery deserves its fair share of credit. It was also the first state-controlled lottery, and its most notable achievement was the issuance of a lottery ticket.
The lottery lingo, or at least the more esoteric parts, was a financial product, not a social one. The ostensible main motive of the English state lottery was to raise funds for the British army, which were needed to withstand a brewing war. It also provided some moral and fiscal benefits. Ticket prices were expensive in the early days, and only the rich could afford to purchase them.
Multistate lotteries
Often touted as a simple way to raise funds without increasing taxes, lotteries can offer huge jackpots. Players pick six numbers from a field and hope to win big. Those who do win a prize have to make a decision about how much to spend and when to receive it.
Many states devote their lottery profits to education. A portion of the new money is also used to address health and safety hazards in public schools.
Taxes on winnings
Getting a big lottery prize can be a big thrill for many. However, if you win, you could find yourself owing a lot of money in taxes. The good news is that you can use your newfound wealth to your advantage. Investing, spending a little bit often, and saving for emergencies are all good ways to make use of your newfound money.
In addition to the federal tax system, you may also have to pay state and local income taxes on your lottery winnings. Taxes vary from state to state, and the exact rate you will pay will depend on where you live.