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Single Jackpot-Winning Powerball Ticket Scores $560 Million Grand Prize

Internet is flooded with tips for how to win the lottery, but these do not work. Unlike many other games, there is no particular strategy or secret to winning the lottery. The only sure way to get the winning ticket is to be born under a lucky star. For many people playing the lottery might be one of the best investments in their lives. Even the least money-minded people have been certainly tempted at least once in their lives to buy a lottery ticket. Needless to say, the chances to win the lottery are pretty small, but that does not mean that these do not exist.

A few lucky people managed to grow their wealth thanks to the lottery. On Saturday, a resident of New Hampshire has become the latest jackpot winner. The identity of the lucky person remained undisclosed, but it was reported that the winner is the single holder of the lucky ticket. The winning Powerball ticket was sold at a store in Merrimack snagged the $560 million jackpot from Saturdayโ€™s draw.

What Happens after Winning the Lottery

The winning numbers for Saturdayโ€™s drawing were 12, 29, 30, 33, 61, 26. The jackpot is the second largest grand prize won by a single lottery ticket in U.S. history thus far. The winner will certainly rake a staggering prize, but should not expect a $560 million check due to the taxes.

Supposing that the winner prefers the cash option, the final amount would be $358.5 million. The winner can also go for the so-called annuity option, which means that the amount will be paid in 30 payments over 29 years. Quite unsurprisingly, most of the people prefer the cash option, even though the taxes might be a bit higher.

It is important to note that New Hampshire has no state income tax. What is more is that the state approved new tax rules that came into effect on 1st January this year. Under the new rules, the top tax rate is reduced to 37%. New Hampshire Lottery announced that in less than 2 years, two residents of New Hampshire managed to match all the six lucky numbers and win the grand prize. Last year, a woman from Chicopee won $758 million in prize money. She chose the cash option and she received a giant $480 million check after all taxes were withheld.

Powerball is one of the most-popular lottery games in America. The game has been firstly in America in the 1990s under the name Lotto America. With time passing, the lottery game has changed its name to Powerball. The odds of winning the jackpot are 1 in 292 million, but many people still believe in their lucky star. Currently, the jackpot is back down to $40 million.