All You Need To Know To Play The Powerball
Lotteries have always held a certain appeal due to their unique character. They provide the main idea of investments – spend little in order to win big. That’s more or less true about every game of chance, so why not give it a try?
You can’t play the lottery without knowing what the Powerball is. Namely, it is one of the biggest international lottery games with record-breaking jackpot amounts which have transformed many people into affluent millionaires. If you want to be a part of the magic, all you need to do is learn how to play Powerball online and offline. After that, just keep your fingers crossed.
The Game Play
The Powerball is a two-drum lottery where the first drum contains white balls with numbers ranging from 1 to 69. You need to select five of these numbers when buying your ticket, as that is how many white balls are drawn every time. The red Powerball number is drawn from a pool from 1 to 26. By guessing all five regular numbers and the red ball, you are automatically a jackpot winner.
If you don’t like having the power to choose such life-changing numbers, you also have the option to go with the quick pick – a number generator which chooses the numbers at random.
The Age Question
Since the lottery is classified as one of the types of games of chance, there are certain legal restrictions regarding who can play them. These vary in different states and countries, although it mostly correlates with the age of legal adulthood.
In the US, that age is 18, but since the Powerball is played all over the world, you should definitely check the regulations in your specific country to avoid any misunderstanding.
Cash or Annuity?
Let us imagine that you have actually won the Powerball jackpot. What should you do next? Some people go to their closest friends and family for help and support, others hire financial and legal consultants. No matter who you choose to trust, you still need to decide.
The Powerball jackpot can be paid out as a cash lump sum or as an annuity program. The former option may suit you better if you are in need of fast cash, but be prepared to give a huge piece of it to the IRS. Annual installments are your second choice. This payment plan allows you to get regular payments over the course of 30 years.
A Matter of Taxes
Even after winning a massive amount of money, people in the US are concerned about paying their taxes. You would need to check if your state of residence has imposed a tax on games of chance or if you’ve purchased the ticket in a different state with their own taxation policy.
In any case, hiring a few consultants is as better an investment as the $2 ticket that brought you the jackpot.