If you haven’t played the jackpot lottery, you’re missing out on a potentially life-changing amount of money. You can win the jackpot by matching at least five numbers and one jackpot number. Although there are numerous winners of the jackpot lottery, the prize pool is typically divided between multiple winners. According to Keith Brandt, professor of mathematics at Rockhurst University, if you play the jackpot lottery, you stand a chance of winning over $350 million!
If you win the jackpot, you’ll have two options for receiving the prize: either in a lump sum or in 30 installments over 29 years. Most winners opt for the latter option, which will result in a reduced cash prize. For example, if you win the $454 million jackpot, you’ll get $271.9 million in cash, and the lottery will withhold 24% of that amount. Taking cash means you’ll lose about $65.3 million in federal tax withholding. Plus, you’ll owe state and federal taxes as well.
While lottery winners often go on spending sprees after winning, it’s important to note that they’ve largely avoided letting their prize float away in a drawer. In many cases, winning lottery winners have gotten out of their jobs and chosen to help their friends, families and colleagues instead. In a recent study, a winning ticket in Italy was worth over EUR209 million. And in other countries, like the United States, the jackpot lottery has seen record jackpots – PS66.1 million.