Lucky Brit claims £33MILLION jackpot – but £15m prize is still up for grabs (2024)

FAQs

Has anyone won the jackpot twice? ›

Powerball jackpot: Winning ticket sold in California for $1.76 billion lottery prize. In an incredible stroke of luck, a resident of California has won the Powerball lottery jackpot for the second time in 2023, with the prize amount exceeding $1 billion.

According to the National Endowment for Financial Education, 70% of lottery winners go bankrupt within a few years. Obtaining more money often leads to careless spending and the desire to get more money, and the greed can be destructive to the lives of winners and their families.

Lottery winners can claim their winnings in one lump sum payment or annual payments over time. Lottery winnings are treated as regular income and subject to state and federal income taxes.

If no one claims the jackpot, the funds the states raises toward the cash value of the jackpot, which is about 13% of the winnings, goes directly to the state lottery's beneficiary.

Which type of retailer is luckier? Convenience stores typically connected to gas stations have sold the most winning Powerball and Mega Million tickets since 2021, according to NBC data analysts.

The CFP Board of Standards says nearly one-third of lottery winners eventually declare bankruptcy, and lottery winners are more likely to declare bankruptcy within three to five years than the average American. That's often because winners can become reckless with their newfound wealth.

Although winning too much is a rare reason for casinos to ban a customer, it could theoretically happen. Gambling operations are privately owned businesses and can refuse service to anyone without providing a reason.

In practice, there is a 24 percent federal withholding of the gross prize, plus the remaining tax, based on your filing status. For example, if your gross prize is $1,000,000, you need to pay $334,072 in total taxes ($240,000 federal withholding, plus the remaining $94,072 for single filing status in 2021).

Winners are generally provided with two primary options for large payouts: a lump sum or annuity payments. Learn more about your casino payout options and their tax considerations to make a well-informed payout decision. Need Help Accessing Your Money?

You don't literally cash them in, you get a check which you can deposit in a bank, or direct deposit. I suppose you could cash your check at the bank, if you really wanted to, but it would take them a while to arrange to have that much cash. Probably not the best idea, though.

Do most jackpot winners pick their own numbers? ›

So, is it better to play Quick Pick or to select your own numbers? Chances of winning the lotto between playing quick picks or selecting your own numbers are both equal. “Around 70 to 80 percent of Powerball players use Quick Pick tickets, and the same percentage of winning entries are Quick Picks,” one report said.

"When there's an unclaimed prize or a prize that never gets paid out, this would be considered unclaimed," says Becker. In the rare case that a jackpot prizes goes unclaimed within the state's required time limit, the money is kept by the lottery jurisdiction and the earnings are used for different purposes.

Jackpot winners must share their prize if there are multiple winning tickets. For both Mega Millions and Powerball jackpot winners, the prize must be split if there are multiple winning tickets.

The odds in any lottery are about one in 300 million. That's about 1 in 292.2 million for Powerball and 1 in 302.6 million for Mega Millions. What's more likely? Many, many things, including getting hit by lightning.