The Powerball is quite the example of ‘The American Dream’ of getting rich, living in luxury and spending your days in leisure. But I don’t have to tell you how hard it is to actually win the USA Powerball.
Knowing your chances of winning and the ultimate outcome in case of this scenario could be exactly what you need to prepare yourself for the draw of your life. So read on and get the gist of the math behind each Powerball draw which could well determine the course of your dream.
• What Are The Odds?
Very unlikely, or more specifically, around 1 in 292.2 million. After all, remember that you have to guess the five numbers from the white balls pool ranging from 1 to 69 as well as the correct Powerball number from 1 to 26. And even if you do get it right, consider the fact that you might not be the only one. So, even though someone has to win sometimes, the chances are pretty thin if you’re considering of getting your hopes up.
• Cash or Annuity?
Even if you do win the Powerball jackpot, there are still a lot of nuances before you get to spend your wealth. For one, you need to decide whether you’d like your winnings in one bulk payment or as an annuity over the course of 30 years. Most people are too eager and choose the first option even though the second one guarantees a constant rise in the payment over the years.
In order to make this decision, the best advice you could get would be from a financial advisor. After all, you have heard stories about past Powerball winners and their ‘turn of luck’.
• Taxes Matter?
U.S. citizens are largely aware of the presence of government taxes in their everyday lives. Winners of this lottery and other games of chance are even more so, since their winnings are regularly subject to deductions. Make sure that you have calculated the taxes for both payment options and don’t forget to check for any local government taxes in your state of residence.
For those jackpot winners which come from parts outside the USA, the best advice would be to get adjusted to their tax system because you won’t be able to evade it even if you tried.
• The Luck of the Draw
Once you’ve taken into consideration all these calculations, you can rest assured that you’re prepared for your win. Now all you have to do is wait until it happens.
Since patience is quite a rare virtue, we recommend some basic hacks which might improve your chances. Realists often find comfort in statistics which have shown that up to 75% of all jackpot tickets in the lottery’s history came from quick picks. All you have to do is leave your luck in the ‘computer’s hands’. As for more superstitious players, there’s always the option of visiting Illinois or Pennsylvania where most lucky tickets had been sold. Ultimately, throwing these calculations at the wind might be the best chance of winning for all we know.