PowerBall to be $1.3 BILLION

Guest2 said:
Probably been answered but there is no tax on lottery winnings.

At least on the UK lottery there isnt

Did anyone win last nights ~£65 million lotto draw? I played last night for the first time in about 5 years. Got twonumber on one line so entered into wednesday draw
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2 people won £33 million each. Unsure if they got 6 numbers or 5 plus bonus as have been unable to get on to check prize info.
 
dowie said:
it isn't actually 1.3 billion - they quote a larger amount because there is an option to take payments over 30 years... the actual jackpot prize is lower than that
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Aye it's not worth the effort really is it :p:p

Just signed up to lottoland and got a free ticket for the draw :)
 
Five.Stars said:
I had a free ticket for yesterdays via Lottoland and it was quoting £550 million and it rolled over, so it must be more than 300 odd million.

Edit: It is £895 million now!
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It says £895million, but my ticket says the jackpot is £355million, so that must be the limit for anyone outside of the US.

fsEcuhQ.jpg
 
dowie said:
it isn't really - 895 million is if you take the 30 annual payments
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yeah but it isn't much less if you take the full amount.

iirc you can take the full amount now or they keep it and pay you a 5% additional yield.

i'm sure if you had 500+ million you could easily make 5% a year by investing it yourself therefore yes the amount is different but it's because of the yield they give you over 30 years.
 
Clov!s said:
It says £895million, but my ticket says the jackpot is £355million, so that must be the limit for anyone outside of the US.

fsEcuhQ.jpg
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Can I ask where on the website that screenshot is from? When I go to my tickets in the my account section I cannot see anything about the jackpot.

Perhaps, this is after tax cash payout then? But then it says quite clearly you wouldn't pay tax. Hmmmm.
 
Five.Stars said:
You wont pay any tax if you happen to be a uk based player playing via Lottoland.

https://www.lottoland.co.uk/powerball/help

Are my winnings tax free?

You will not be taxed on any winnings for this lottery.

I don't think you are actually playing the lottery, but rather betting on the outcome (if that makes sense). It says that they are insured so that they are able to make the payout.
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Their FAQ is a bit misleading, one part says the winnings aren't taxed but another part says this :

We replicate the pay-out structure of the Official Lotteries in America and therefore a 35% reduction is made in the total US Jackpots to reflect the tax an Official Lottery winner would pay.
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dowie said:
they tax the ticket sales before the prize pool is accumulated - much simpler



nope - lotteries need to be licensed
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The US taxes the ticket sales, because you are buying something and to take part in the game you pay the tax. When you win you are getting a huge amount of capital which in every other context would be subject to tax.
 
fendi said:
so it has to roll over a couple more times before Bill Gates or Trump get excited :D
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No, because even ifs ou were to buy every single ticket) which is logistically impossible) you might end up unlucky and end upw with multiple winners. Occasionally such things have been attempted with mixed results. The reality of it is it involves having thousands of people across the country going into hundreds of different lot tot stores spending hours to day purchasing tickets, and a strategy to divide up the numbers between the buyers. Even then when this has been attempted before people only ended up with a fraction of all numbers, say 1/5th and related on the sub-prizes to keep the expectancy close to positive.

when you have that much money there are far better ways to invest.
 
Five.Stars said:
Can I ask where on the website that screenshot is from? When I go to my tickets in the my account section I cannot see anything about the jackpot.

Perhaps, this is after tax cash payout then? But then it says quite clearly you wouldn't pay tax. Hmmmm.
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Click your ticket inside your account and it should tell you the jackpot.
 
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