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Implications of Winning $1B in PowerBall Lottery

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Tagged As: Lottery and Society

The jackpot for the PowerBall lottery has reached a record-breaking $1.5 billion payout for prospective winners. This more than doubles the previous high lottery of $656 million for MegaMillions. What happens if you win? The first decision comes with the choice between a monthly annuity and a lump sum payment. The next have very little to do with choice as government takes their 39.6% income tax cut followed by state and municipal taxes which combined may equal more than half the winnings. Following these come the actual behavior choices that often lead to ruin for many unfortunate lottery winners. The usual recommendations for big money lottery winners are to:

  • maintain security of the ticket
  • keep anonymous if your state allows you to
  • hire proven lawyers, accountants, and investment advisors
  • pay off debt but not go on a spree before receiving investment advice
  • establish a trust
  • limit lending to friends and family w/o a plan

Of course, you have to win the lottery first. Just as previously done for the MegaMillions lottery, a live-updating statistics website is available for PowerBall allowing people that play strategies to leverage historical data. Bear in mind, the new PowerBall lottery version was updated last October to increase the play space which forced all the statistics to reset to the current number pool.

More site content that might interest you:

Seems plausible?

Try your hand at fate and use the site's continuously updating statistical analysis of the MegaMillions and PowerBall lotteries to choose "smarter" number. Remember, you don't have to win the jackpot to win money from the lottery!

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