In China, the game of chance has been around for centuries. In the Han Dynasty (205-187 BC), the Chinese government used the lottery to fund important projects. It is even mentioned in the Chinese Book of Songs as “drawing lots or wood.” It’s a game of chance that has a rich history and is one of the oldest games on the planet.
Lotto is an Illinois-only $2 jackpot game
The Illinois Lotto is a state-exclusive lottery game that offers players three chances to win the $2 million jackpot every week. Players can choose from six numbers from one to 52, and can also add the “Extra Shot” feature for an extra six chances to win. Each draw has a starting jackpot of $2 million, and the jackpot grows each drawing until someone wins it. To enter the drawing, players must buy a ticket by 9:15 pm CT on the day of the drawing.
When you purchase tickets, you need to fill out a playslip and make your payment. The retailer will then issue you a lottery ticket. This ticket will be your only receipt, so make sure you check the numbers carefully and sign it to authenticate your purchase.
Powerball is a multi-state game
Powerball is a multi-state lottery game that offers players nine chances to win cash prizes. Players choose five main numbers from one to 69 and one Powerball from one to 26. A jackpot can start at $20 million and has topped $1 billion in some rollovers. The game is operated by the Multi-State Lottery Association in Des Moines, Iowa. In April 1992, the Multi-State Lottery Association introduced the game. Oregon lottery employee Steve Caputo suggested Powerball to the group and the game was born.
Since Powerball is a multi-state lottery, it provides revenue to state governments and is sold across the country. However, some states, such as California and Florida, do not participate in the game. As of 2012, Powerball generated $4 billion in ticket sales, accounting for approximately 6% of the overall lottery ticket sales, a percentage that has risen steadily over the last few years.
If you win the lottery, you have two options: a lump-sum payout or an annuity. The lump-sum payout is the preferred option for most Powerball winners, as it provides a guaranteed income for up to three decades. This option eliminates the risk of going broke or requesting money from long-lost relatives.
When you purchase an annuity, you get a fixed income for up to 30 years. This makes it easier to manage your lottery winnings. In addition, annuities can be passed on to your heirs when you pass away.
Taxes on winnings
There are many taxes associated with winning the lottery. The IRS will tax the winnings as ordinary income, which means you will have to pay taxes on them. Even though you might be a lucky lottery winner, taxes on prize winnings are a major burden. You should consult with a tax professional to find out how to handle these taxes.
Generally, winnings over $5,000 are subject to federal income tax. In New York City and Yonkers, these taxes are as high as 3.876%, while the state tax rate is 8.82%.