How Much Tax Taken Out Of Lottery In Georgia State
Powerball is a lottery-style game played in many states across the U.S., in which twice each week, six numbers are drawn from two different barrels. Players must match these numbers to their own pre-selected picks in order to win prizes ranging from $3 to a multi-million dollar grand prize. If no players have selected all six numbers, then the grand prize goes uncollected at that time. Currently starting at $15 million, the jackpot rises each time there are no grand prizewinners in a drawing, and the amount of the increase depends on how much money was taken in during the previous drawing. When the jackpot amount reaches a record level, however; there is a limit of $25 million to each increase. Any prize money collected the previous week that is in addition to the $25 million increase is added to a pool of money called the “Match 5 Bonus Pool”.
When there is finally a grand prizewinner, the money in this pool is divided between all of the Match 5 winners. In other words, all players who matched their five standard picks without matching the Powerball number end up splitting the contents of the Match 5 bonus pool.
The Power Play option in Powerball is a separate option that players can choose for an extra dollar. In each Powerball drawing, the Multi-State Lottery Association chooses from the numbers 2, 3, 4, and 5, and if a player wins a prize other than the grand prize jackpot and also matches his Power Play number with the one that is drawn, his prize is multiplied by that number, provided he opted for the Power Play when he bought his ticket. Any money that a player wins from the Match 5 bonus pool is independent of the Power Play, and is not multiplied by the Power Play number. So, in a drawing in which there was a grand prize winner, all of the Match 5 winners win the $200,000 second prize, any amount that is paid under the Power Play multiplier option, and a share of the Match 5 bonus pool.
For example, a player who chose the Power Play option matched all five white numbers, but not the red Powerball, and another player matched all five white numbers and the red Powerball. The Multi-State Lottery Association drew the multiplier number “2”. The first player would win the $200,000 second prize, plus an additional $200,000 due to the multiplier number that was chosen. He would also receive the contents of the Match 5 Bonus Pool, which happened to be $450,000 at the time, for total winnings of $850,000. There were no other second prizewinners, so he did not have to split the bonus money.
There exists a case in which there is a drawing where one or more players have won the grand prize jackpot, and there are no Match 5 winners. In this case, the contents of the Match 5 bonus pool are divided between the “Match 4+1” winners. These players matched four of their five regular numbers with the ones on the balls that were chosen in the drawing, and they also matched their Powerball number.
Thus, not only are there nine ways to win at Powerball, but also there is a chance to win even more money through the Match 5 bonus pool. By dividing up the excess cash from lottery increases that are more than 25 million dollars each week to all Match 5 winners, the Multi-State Lottery Association makes it possible for second prizewinners to rake in even more than their $200,000 award. This should make them feel better about having just missed the grand prize jackpot by only one number.