TABLE OF CONTENTS
What is a jackpot?
Online lottery industry has been on boom since the past few years as everyone desires to give a try to their luck as well as use their gaming skills to win huge jackpots or prizes at online lottery platforms. The most valuable prize in any game including a lottery game is termed as a jackpot. The jackpot prize’s value keeps on increasing until a player wins it. The excitement of waiting for the outcome of your lottery game and then the bundle of joy that you get if you win the jackpot is incomparable. But before commencing the online lottery gameplay , you must be well aware about the lottery jackpots and their details.
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How to play Mega Millions?
Mega Millions is one of the biggest jackpot games that can be played in 45 states of the US and the US Virgin Islands and Washington D.C. As many $2 tickets required by players, they can buy it and drawings are done on Fridays and Tuesdays i.e. twice a week. Every ticket needs players to pick any 5 numbers ranging from 1 to 70 and a 6th number from 1 to 25 or players can also let the folks of the lottery generate the numbers for them. The person picking all the 6 numbers correctly gets the jackpot.
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How to play Powerball?
In 1992, Powerball was started which is 4 years ahead of different other popular national lotteries including Mega Millions. Powerball can be played in 45 states and the US Virgin Islands, Puerto Rico and Washington D.C. The live broadcast of the drawings are done every Saturday, Wednesday and Monday at 10:59 EST. Cost of tickets are $2 and for playing the game, 5 numbers need to be picked from 1 to 69 along with a Powerball number between 1 to 26.
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Lottery annuity vs lump sum
Each player who is a jackpot winner of Powerball or Mega Millions gets the option to opt for thirty annual payments or to take cash immediately as a one-time lump sum payment.
Cash Option
This option of lottery depends on what is there in the prize pool on the draw day so while taking cash, the player will not walk away after winning with the grand total that has been advertised by lottery. Still this is the most common option as per the past Powerball winners list.
Annuity option
For getting jackpot’s full dollar value that has been advertised by the Powerball, the annuity option needs to be chosen by you because calculations of lottery jackpots are done depending on the money that you would get if the current prize pool’s sum were invested for 3 decades in an annuity. Through this option, a first payment is received by you after winning and then the annual payments which keep on increasing by a certain percentage every year.
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Which are the biggest lottery jackpots?
Here are some of the biggest lottery jackpots ever :-
How to claim lottery winnings?
Every state which is participating has its own rules for claiming Mega Millions or Powerball reward. The time length which you have for filing the claim is around 90 days to 1 year starting from the date when numbers were drawn. You need to ensure that you have reviewed the state rules where you have bought the ticket.
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What to do when you win the lottery jackpot?
Winning a lottery jackpot has been dreamt by almost everyone and no one is actually prepared for the scenario when they will win the jackpot. But if you win it, then initially you need to keep your ticket protected and the person possessing the winning lottery ticket can claim the award. Next, you should consider anonymity as every state possesses its own laws that determine whether winners of the lottery need to be publicly identified or not. You should tell only a few close ones and also keep your name away from news which can keep you protected from scammers as well as fake friends who may get back in touch with you after hearing that you have won the lottery jackpot.
Reasons of lottery jackpots
You might be wondering why these lottery jackpots are drawn. There are several reasons behind it:-
Increasing interest rates
Are you surprised with the fact that rates of interest affect the lottery jackpots? Interest rates have an important role to play in the jackpot’s amount which has been advertised by the lottery. The advertised lottery jackpot amounts are affected by the interest rates due to the fact that these amounts are based on how much money could be made over a given period of time from the jackpot or annuities. In case of winning the lottery, the winners either get winnings in an annuity which consists of 30 payments for 29 years or as lump sum payment. That annuity includes the interest which you would like to earn over 29 years on your winnings. When the rate of interest increases, the jackpot also increases but the actual cash amount hasn’t changed in the jackpot.
Formula change
Some of the biggest lotteries including Mega Millions and Powerball have recently tweaked their formulas for creating larger jackpots which have eventually made it harder for players to win big prizes.
More the jackpot, more are the tickets sold
Due to higher interest rates and formula changes, bigger is the jackpot and thus more people are attracted towards buying the ticket. Thus more is the jackpot amount, there will be chances of more tickets getting sold on the lottery platform.
Types of lottery jackpots and prizes
Guaranteed lottery prizes
There is some kind of prize guarantee in some of the most popular lotteries. For instance, in Euro Millions, the jackpot amount starts at around €17 million which means €17 million is the guaranteed jackpot amount, similarly in EuroJackpot, there is a minimum guaranteed jackpot of €10 million. While playing Powerball or Mega Millions, a guaranteed 2nd prize of $1 million is there and the other categories of prizes are also guaranteed. In Mega Millions as well as Powerball, a multiplier option can also be added which changes as per the ticket sales and draw.
Progressive jackpots
It is a jackpot in which if there is no winning of the jackpot, it will grow and carry over for the next drawing. A progressive jackpot is featured by the most lotteries along with secondary prizes, sometimes. The perfect example of a progressive jackpot is the Powerball jackpot of $1.586 billion which grew through rollovers until there were 3 lucky winners who had claimed the prize.
Pari-mutuel jackpots
Pari-mutuel basically means mutually betting and in a Pari-mutuel lottery, the revenue generated from the sales of the lottery ticket gets divided between the prize categories as there are no fixed amounts for prizes. One of the examples of Pari-mutuel lottery is EuroMillions where every prize category gets a overall ticket sales percentage as except guaranteed starting jackpot, there are no fixed prize amounts.
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GammaStack : Providing comprehensive online lottery software solutions
If you are seeking a trusted online lottery software provider, then you must consider GammaStack and get comprehensive online lottery software development solutions and services. Our online lottery software covers all the necessary and engaging highlights such as popular global lottery formats, custom or private lotteries with games as per choice, popular lottery jackpot games, bonus systems, back office admin system, secure payment gateways and much more, You can get complete customisations as per your requirements in our online lottery software.
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Sources
- https://www.nerdwallet.com/article/finance/lottery-jackpot
- https://www.nerdwallet.com/article/finance/why-are-there-so-many-big-lottery-jackpots
- https://www.masslive.com/entertainment/2023/01/why-do-lottery-jackpots-keep-getting-so-big-its-on-purpose-mass-lottery-says.html
Frequently asked questions
We offer global lottery software, custom/private lottery software, lottery mobile app, lottery ticket management software, white label lottery software and much more.
Yes, our online lottery software supports different types of jackpots.
Guaranteed prizes, progressive jackpots, pari-mutuel jackpots, etc are different types of lottery prizes or jackpots.
Mega Millions, Powerball, etc are some of the popular lottery jackpot games.
Yes, our lottery software is completely customisable as per the client’s requirements.
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