Taking a lotto to the next level is the Powerball, with the most recent jackpot topping 10 million dollars. The Mega Millions has had three jackpots of over a billion dollars. The Staatsloterij, the oldest running lotto in the world, is also still in operation.
Dutch state-owned Staatsloterij is the oldest running lotto
Having been in operation for more than three centuries, the Dutch State Lottery is the oldest lottery in the world. It is one of the largest sources of charity funds in the Netherlands. In fact, it is the most important source of charity funds in the entire country.
The origins of the lottery date back to the 15th century, when small towns held lotteries to help poor people. This practice spread across Europe. The Netherlands was the first country to use lotteries to raise funds for public purposes.
Powerball has a 10-figure jackpot
Among the most popular lottery games in the United States, Powerball has a 10-figure jackpot that has reached an estimated $1 billion. This is the second time that the jackpot has hit that mark in the last 30 years, and is the largest jackpot in Powerball history.
The game is played in 45 states and the US Virgin Islands. Tickets are $2 and can be purchased in the District of Columbia and Puerto Rico. The jackpot is divided into 30 annual payments over 29 years.
Mega Millions has had three billion-dollar jackpots
During the past 12 years, the Mega Millions lottery has had three billion-dollar jackpots. Among the lotteries in the United States, Powerball has had one 10-figure jackpot.
The Mega Millions game, which is played in 45 states, has seen a record jackpot in the past year. In July, the jackpot topped $1.3 billion. It also boasts the second-largest jackpot in game history.
The Mega Millions is drawn at 11pm Eastern Time on Fridays. Players choose five numbers from 70 white balls. The odds of winning are one in 302.5 million.
People with low incomes don’t play
Those who play the lottery are mainly lower income group people, though some millennials consider the lottery a part of their retirement plan. The lottery’s popularity can be attributed to the chance to win life changing amounts of money.
A new study by the Howard Center for Investigative Journalism shows lottery retailers are located in lower income communities in almost every state. The research analyzed cellphone location data and found that lottery stores are more concentrated in communities with higher poverty rates.
Taxes on winnings
Having a windfall is exciting, but you must be aware that taxes on lottery winnings are part of the deal. There are two ways to collect a prize, and the amount of tax depends on where you live.
The first way to collect a prize is to buy a ticket and then have it paid to you. Depending on the state, taxes may be withheld beforehand. If so, you’ll have to pay the taxes on your winnings when you file your taxes in April.