LOTTERY players have been urged to hold onto their tickets just a little while longer after Saturday’s Powerball drawing.
After 42 consecutive weeks with no jackpot winner, the record-setting $1.7 billion pot was won by two lucky Americans.
The Powerball jackpot worth $1.7 billion was won on September 6 by two players[/caption]
Other ticket holders could still have won thousands in the drawing (stock image)[/caption]
The Missouri and Texas residents each beat odds of one 292.2 million to get the prize, which will be split evenly among them.
May 31 marked the last time the jackpot was obtained by a fortunate player in California, with the total at the time being $204.5 million.
White balls of 11, 23, 44, 61, 62, and a red Powerball of 17 were selected on Saturday evening, matching the tickets they drew.
After federal taxes and other deductions, each player will walk away with about $258.5 million if they elect the lump sum payout.
While many are likely disappointed they didn’t win the grand prize, Powerball officials reminded players in a press release that 9.9 million tickets still won cash prizes for the September 6 drawing.
The next possible biggest prize when playing the Powerball is matching all five white balls, and at least 18 players did this that evening.
At least two selected the Power Play option, which made their total winnings $2 million each.
Additionally, 232 other players across the country matched four of the five white balls and the red Powerball.
Landing that combination means a serious payday as well at $50,000 or $100,000 with Power Play.
In total, 90 players hit the $100,000.
That means players should look closely again at their tickets, even if they’re disappointed about missing the jackpot, as they could find that the smaller prizes worth $50,000 or more still hit.
It may not be as life-altering of a sum, but it’s still considerable.
EXPERT’S ADVICE
A lottery expert has also advised that any winners of considerable amounts, especially those who got the $1.7 billion jackpot, should take some crucial steps before claiming the cash.
One of the most important involved privacy, according to what Michael Ashley Schulman, partner and chief investment officer at Running Point Capital Advisors, told The US Sun recently.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
“Keep personal information private and be cautious about sharing the news of your good fortune with the public,” Schulman said.
He explained that this could lead to “nefarious people” and even threats appearing in winners’ lives.
Winners can easily forget about this while getting caught up in the excitement of the payday, and suggested that they even go as far as to change their phone number, email, and delete old social media accounts to avoid unwanted contact.
TAKE A MINUTE
Schulman also urged the jackpot winners to exercise patience as much as possible.
“Don’t rush to claim the prize, but do check how much time you have to claim it; keep a level head and avoid making impulse decisions,” he warned.
“Sudden wealth can be a significant life change, so take the time to adjust and adapt.”
Other suggestions involved taking pictures and making copies of the ticket, locking it in a water and fire-proof safe, getting in contact with a financial advisor and lawyer, and more all before officially claiming the win.
Lottery officials also urged a $2 million Powerball winner to come forward recently before time runs out.
Additionally, the biggest lottery winner in a state’s history left fellow players stunned recently with their bizarre first purchase.
Responsible gambling
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
- National Council on Problem Gambling – https://www.ncpgambling.org/
- Gamble Aware – www.begambleaware.org
For help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat
