When you purchase a lottery ticket, there are typically two barcodes printed on it – the main barcode and the validation barcode. The main barcode is what you would scan or have the retail clerk scan in order to check if your ticket is a winner. The validation barcode is only used by the lottery administration to validate the ticket. The Main Barcode The main barcode on a lottery ticket contains information about the game, draw date, ticket serial number, and the numbers you played. This is the barcode that needs to be scanned either at a lottery retailer or…
Author: Alison Nichols
If you’re looking to buy a lottery ticket, the first question to ask yourself is what type of lottery game you want to play. The two main categories are draw games, where numbers are randomly selected, and scratch cards. Some popular draw games include Powerball, Mega Millions, and state-specific games. Scratch cards come in a variety of price points and offer instant prizes. You’ll need to decide if you want to go for a huge jackpot prize or try your luck at winning smaller amounts more frequently. Choosing a Draw Game For draw games, the big multi-state lotteries like Powerball…
If you are a regular lottery player, you likely have a collection of old lottery tickets piling up somewhere. Those losing tickets may seem worthless, but they actually still hold some value and usefulness if you know what to do with them. The first thing to do is carefully check your old tickets to make absolutely sure they are not winners. The last thing you want is to accidentally throw away a ticket worth millions! Thoroughly scan every ticket to verify all the numbers. Some lotteries also have second chance drawings you can enter your losing tickets into for another…
The deadline to buy a lottery ticket depends on the specific lottery game and where it is played. Generally, lottery ticket sales cut off 1-2 hours before the drawing for that particular game. For multi-state games like Powerball and Mega Millions, all participating states have the same deadline. For state-run lotteries, the cutoff times can vary. Here is a breakdown of the major lottery games and their sales deadlines: Powerball Powerball drawings are held on Monday, Wednesday and Saturday nights at 10:59 p.m. ET. Ticket sales close at 10:00 p.m. ET on the night of the drawing. Some states may…
The short answer is: it depends. Buying a lottery ticket can be thrilling and fun, but it’s important to manage your expectations. The chances of winning a major lottery jackpot are extremely slim. That said, playing the lottery responsibly can add some harmless excitement to your day. Just be sure to only spend what you can afford to lose, and view any potential winnings as a bonus, not something you can count on. Weighing the Odds of Winning Let’s start by looking at the odds. Powerball, for example, has odds of 1 in 292 million to hit the jackpot. Mega…
If you purchase 1,000 lottery tickets for a typical 6-number lottery game like Powerball or Mega Millions, your odds of winning the jackpot prize would still be extremely low, only around 1 in 292 million. This is because even with 1,000 tickets, you would still need to match all 6 numbers correctly to win the jackpot. However, your odds of winning smaller secondary prizes would be higher with more tickets. Breaking Down the Odds Let’s look at the math behind lottery odds to understand why buying more tickets helps in some ways but not in others. In a typical 6/49…
The short answer is yes, lottery tickets can be cashed in any U.S. state regardless of where you originally purchased them. However, there are some important caveats and details to be aware of when it comes to cashing out-of-state lottery tickets. Cashing lottery tickets in the state of purchase If you purchase a lottery ticket in a particular state, the easiest and most convenient way to cash it is to go back to that same state. Every U.S. lottery has numerous authorized retail locations where you can cash tickets valued up to $600 or $500 depending on the state. These…
With jackpots frequently climbing into the hundreds of millions or even billions of dollars, it’s no wonder the question “Should I buy a Mega Millions ticket?” crosses the minds of many lottery players. While hitting the enormous Mega Millions jackpot may seem tempting, there are several factors to consider before rushing out to purchase a ticket. The Incredibly Long Odds The most important thing to understand about Mega Millions is the astronomical odds stacked against winning the jackpot. The odds of matching all 5 white balls plus the Mega Ball and taking home the top prize is a staggering 1…
Winning the lottery is an exhilarating experience. After the initial shock and excitement wear off, lottery winners have to start thinking about the tax implications of their windfall. While lottery winnings are considered taxable income by the IRS, certain groups and individuals may qualify for exemptions or lower tax rates on their prize money. Organizations and groups exempt from lottery taxes The following organizations and groups do not have to pay federal taxes on lottery winnings: State and local governments – Government entities, including state, county, city and municipal agencies, are exempt from paying federal taxes on lottery prizes. Tax-exempt…
The short answer is there is no age limit on paying taxes for lottery winnings. Regardless of your age, federal and state taxes will need to be paid on any lottery prizes over a certain threshold. However, there are some special considerations for senior citizens when it comes to reducing the tax burden on lottery prizes. Federal Taxes on Lottery Winnings At the federal level, lottery winnings are taxed like regular income. This means that any prize over $600 will be reported to the IRS and you will need to pay federal income tax on it. The rate you pay…
