The first recorded instance of the lottery was in China during the Han Dynasty, around 205 and 187 BC. The game was believed to have financed major government projects. The Chinese Book of Songs also mentions the lottery as a game of chance and refers to it as “drawing of woods and lots.”
A player’s chances of winning the lottery depend on the number of tickets he or she purchases. A single winning ticket can result in a jackpot prize of at least $5 million. Purchasing more tickets increases one’s chances of winning, but it’s important to remember that any lottery ticket can potentially win a prize. Those who win the lottery need to be extremely lucky to strike gold! For this reason, purchasing more lottery tickets is recommended.
Some lotteries do not require personal income taxes for the winners. In France, Canada, Australia, Germany, Ireland, New Zealand, Finland, and Liechtenstein, lottery winners aren’t required to pay personal income tax. Other countries, like the United Kingdom, pay prize winners in a lump sum or in an annuity. While the tax implications of lottery prizes vary, federal courts have ruled that a person can collect a lump sum of winnings tax-free.
Powerball, America’s oldest interstate lottery, has been in existence since 1992. While it was offered in just 15 states at its launch, it now extends its reach to 45 states, the District of Columbia, and the US Virgin Islands. Powerball’s jackpot has the highest ever, reaching $1.586 billion. To play, players choose five numbers from 1 to 69 and one of the Powerball’s multi-state games. Players can purchase lottery tickets online. The money from the lottery is then distributed to state education programs.