subject: Powerball Lottery Jackpots Can Change Your Fortune Forever [print this page] Powerball Lottery Jackpots Can Change Your Fortune Forever
Powerball lottery is popular for a number of reasons. It can be conveniently played online, and each ticket is sold at a price as low as $1. However, the biggest advantage of Powerball is the jackpot amount it offers. Powerball lottery is counted among the top American lotteries with the biggest jackpot amounts.
In fact, it holds the record of giving away $365 million, the largest prize ever given by a lottery as the jackpot amount in February 2006. If you are going to play Powerball lottery for the first time, here are a few things you must learn about this game:
Annuity or Cash
A Powerball lottery jackpot winner can obtain the amount won in one of two different ways. The first way is through 30 annuity payments paid over 29 years. The second way is through cash payments, in which the winner obtains the jackpot amount in a single payment. You must know that the advertised jackpot amount is the one that the winner gets if he chooses the annuity payment option. If the cash option is chosen, the accumulated prize pool amount is paid to the winner.
If the winner chooses the 30-payment annuity option, each consecutive payment is raised by 4% than the previous payment. This is done to compensate any inflation that may occur over the length of one year. The estimated jackpot amount is based on things like funds collected in the jackpot pool, and the present day interest rate of the plans that would be used to pay the annuity amount each year.
In case of the 30-payment annuity option, the investment vehicle is used by the Powerball operators to pay the installments. The current rate of interest is used to calculate the initial amount which is paid to the winner. The remaining jackpot amount is invested to arrange for the remaining annuity payments.
Powerball lottery promises security in case the invested money goes into any loss. The Multi-State Lottery Association, which coordinates Powerball lottery, takes on the responsibility of paying the promised jackpot amount to the winner through annuity payments in case the investment fails to generate any desired income.
Powerball Equity
If there are multiple players with the winning combination, the jackpot amount is divided equally among them. For instance, the jackpot amount in February 2006 was distributed among eight winners who shared the winning ticket. The Powerball jackpot is guaranteed to be $20 million for each draw. However, it may roll into a bigger amount depending on the number of drawings. If the jackpot remains unclaimed, the jackpot amount for the next draw is guaranteed to be $5 million more than what was won in the previous draw.
Powerball is capable of changing one's fortune through its huge jackpot amounts on offer. To purchase Powerball lottery tickets, you can rely on one of the online agents. If you are lucky enough to win the jackpot, you must carefully decide between annuity payments and cash options.
