Winning a jackpot at a slot machine or in the lottery is the dream. Everyone who has enjoyed a
gambling game yearns to one day win the big money and live a new, grander life. The story is
well-known, but there are some things about jackpots that most people have no idea about. The
next time you spin the dial of a slot machine, take a look at this short list of little-known facts.
Who knows when it might come in handy.
1. Jackpots are paid over time.
The Mega Millions jackpot is not paid all at once, but in pieces over the years. 30 years to be
exact. This means that the money is not going anywhere, and even if you manage to spend the
whole thing, there will be another installment next year. There are upsides and downsides to
everything, but this essentially means that buying a mansion off the bat is out of the question,
and purchasing all the shares in a favorite company is also going to take a while.
2. The taxes are enormous.
The federal tax on a jackpot is 25%. This means that if a jackpot is a straight million dollars,
only $750,000 gets to the winner, and this is before state taxes kick in. The best states to win the
lottery in are California, Delaware, Florida, New Hampshire, Pennsylvania, South Dakota,
Tennessee, Texas, Washington, and Wyoming. In These 10 states, there is no tax on lottery
earnings. The worst state to win the lottery in is New York followed by Maryland and
Washington, D.C. In these states, more than a third of the total winnings go to taxes.
3. There is still time.
There is a reason that it is common practice for lotteries to offer the winners a full year to show
their winning tickets. Sometimes the winning numbers are called and no one comes forward.
Sometimes someone buys a lottery ticket and goes off to do other things without checking to see
if they won. Other winners know that they won right away but take the time to talk with a
financial advisor before claiming their prize. If a lottery goes by and no one claims the prize, it’s
time to go outside on a windy day and see if the winning ticket hits you in the face.
4. Everyone will know.
When someone wins the lottery, their name becomes public knowledge. The moment the winner
comes forward with the winning ticket, the lottery broadcasts that person’s name and possibly
their picture, backstory, and life dreams. Get ready to be famous, because everyone you know
will know you won.
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