Playing Powerball is much easier if it is explained a little easier. The first step is to understand what exactly Powerball is and exactly how to play and how to win.
Powerball is a lottery drawing that takes place every single Wednesday and every single Saturday evening at 10:59 p.m. eastern standard time. Five white balls are drawn out of a drum that contains in it a total of 55 white balls, and five red balls are drawn out of a drum that contains in it a total of 42 red balls.
There are nine ways to win in all, and a player must match at least one of these ways. In order to match the balls drawn players must have chosen the right color and number associated with that number. They would do this for either the white or the red balls.
The grand prize of the Powerball lottery is the jackpot, which is always a different amount, and is won at random. The other prizes are also won at random as well, and are always the same amount. For instance, there is a first and second prize of 200,000 dollars and 100,000 dollars respectively.
There are smaller Powerball prizes as well, including two 100 dollar prizes, two seven dollar prizes, and one three dollar prizes. The overall odds of winning a Powerball prize are 1:36.61, based on a one-dollar play. The odds increase the more a person plays.
Players can check the Internet or watch on television to find out if the numbers they have picked were drawn. If a player believes they had the winning numbers they will then be able to take that lottery ticket into the nearest lottery headquarters and have that ticket validated.
All lottery ticket winnings are taxable, especially if it is the grand prize or one the first three prizes. Furthermore, if a person has won the grand prize or other large cash amount they may be required to have their name released. This is to reassure that real people are winning prizes.
There has been a fair amount of lottery ticket fraud as well. Therefore, lottery ticket purchasers should be careful. These tickets are only to be sold by an authorized Powerball ticket dealer. Many convenient stores and grocery stores sell lottery tickets, and some other small outlets may sell them as well.
Lottery tickets are available in many states. However, there are some states where they are not currently made available. If you want to check the availability of lottery tickets in your area you may want to check the Powerball website to see if these tickets are offered in your state.
Lottery tickets can be purchased online as well, within state lines. If someone wants to play the lottery and they do not live in a state where lottery play is legal the tickets can be purchased in a state where lottery play is done. If a non-resident wins a lottery prize, however, that person will be required to return to the state where the ticket was purchased to claim the prize.
Lottery winnings of certain amount or higher are taxable. You will want to consult your tax advisor to find out how much of your winnings are taxable. A financial expert who is responsible for preparing your taxes can also help you with your financial decisions in the event that you do win a Powerball prize.
For example, if you win the Powerball jackpot prize (the grand prize) a professional who deals with finances can help you decide how to accept the payment. There is the cash option where winning recipients accept one lump sum. However, there is another way that people can accept lottery payouts. This is by way of graduated annuity.
A graduated annuity is when a payment is sent to a person yearly over a specific amount of time. This payment is adjusted every year according to inflation. This assures that people receive the correct value of their prize, which they were originally entitled to when they won.
For more information regarding the Powerball games you can consult various resources such as the Powerball website. You can also read other articles such as this one, and perhaps find the right people to talk to regarding any aspect of lottery play.
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