Getting into the lottery is not an easy thing to do. There are a number of things you should be aware of before you get started. Here is a quick look at some of them.
Early state-sponsored lotteries in Europe
During the colonial era, state-sponsored lotteries were a common sight. The earliest record of such a contest was held in Flanders in the fifteenth century. Eventually, the practice migrated westward to riverboats and card rooms.
It should come as no surprise that lotteries were a big moneymaker for many cities in the mid-nineteenth century. In fact, the revenue from lotteries amounted to almost twice as much corporate taxes collected by eleven states. As the 18th century ended, lotteries were banned in most states.
However, in the era before the Great Depression, gambling was still commonplace. One of the early settlers to America was a gentleman by the name of Thomas Sharplisse who won a large fortune in the early 1600s.
Multi-state lotteries need a game with large odds against winning
Several states have banded together to offer a slew of lottery games. The one that stands out is the lotto. The odds of winning the big one are no more than two in a million. Some states have opted to cut back on the balls in their prize wheel, opting for a few lucky numbers a day. Fortunately for players in Massachusetts, they were able to get in on the act in 1996 when the multistate drawing spooled the state.
The multi-state lotto has been around for more than a decade, and while the odds of winning the big one aren’t as high as they once were, the prize wheel remains an entertaining and lucrative way to pass the time on a rainy night.
Latest big winners of the lottery
Currently, the highest payout to a single lottery winner in the United States is $878 million. That’s not the largest jackpot ever, but it’s the third-largest payout in history. Here are some of the other biggest lottery jackpot winners in the past, organized by the largest lump sum they won.
A group of 23 co-workers from Long Island, N.Y. won $437 million in cash. They called themselves New Life 2019, LLC. It’s unclear whether they will use the money to buy a home or give it to charity. They plan to use it to help close family members.
Whether you win a million dollars or a thousand dollars, you’ll want to know whether you’ll have to pay taxes on your lottery winnings. The good news is that most lottery winnings are tax-free. But if you do win, you may want to consult with a financial planner to make sure you’re not putting yourself in a higher tax bracket.
Some governments outlaw lotteries, while others allow them. In some cases, winnings are taxed at the state and county level. However, the federal government does not tax lottery winnings. If you win a jackpot worth more than a million dollars, you are subject to a withholding tax of 30%.