7 Surprising Facts About The US Lottery
Lotteries in the United States have existed for quite a while, starting all the way before the American Revolution. These predecessors to today’s Powerball and MegaMillions lottery games were too corrupted to persist, but their state-regulated counterparts still managed to reappear in the second half of the previous century.
There are many interesting aspects about these games, but when it comes to the fact which would truly leave you in awe, nothing beats the time and money spent in an attempt to win it. Read on to learn about the side of the lottery that usually remains hidden from the public.
Say Goodbye to Privacy
The state lottery authorities usually call to the winners to disclose themselves for transparency. These people usually reveal their name and city of residence, even though some of them had hoped to remain anonymous.
The state of Nevada has refused the opportunity to have a lottery in order to preserve their legal gambling industry, while Utah, Alabama and Mississippi had more religious reasons. As for Alaska and Hawaii, their state governments felt no need to implement such games just for tax purposes.
Lottery Winnings & Extra-High Taxes
Even if you manage to win the much-desired jackpot, you need to give the state its rightful share. Normally, the IRS takes up about 40% of the total amount, although your specific state and the state where the ticket had been purchased (if you bought it while on a trip, per say) could tax you according to their regular income tax policy.
Dying in Bizarre Ways
Some state-specific lotteries might have better odds, but when it comes to the most popular US games, you might want to reconsider your ticket purchases. Statistics show that you are less likely to win the Powerball than being killed by flesh-eating bacteria which has the same odds as being struck by lightning.
Billions For Tickets
Calculations have shown that American citizens tend to spend tens of billions of dollars annually just on lottery tickets. Specifically for the year 2004, it has been determined that this amount is $70 billion – more than the sum made from movie and sports tickets, music, video games and books sales altogether.
Funding a Worthy Cause
Every now and then, governments decide to use their profits from taxing the major winners to a good cause. Namely, US states have been known to improve their education, health care, senior care institutions, as well as cultural and infrastructure projects with the help of lottery profits and taxes.
Lottery Ticket Claims
The lottery ticket might be worth the Powerball jackpot, but it’s just a piece of paper until you claim your prize. Therefore, make sure you check your state’s claiming policy right after you have discovered your win. On average, the time span is between 90 days to a year.
Furthermore, you should be aware of the actual appeal of the winning ticket. After carefully checking the numbers, the best thing to do with the ticket is to sign it in the back and put it away for safekeeping.