Winning the lottery — any lottery — is the dream for most people. However, the odds are not in your favor. So, how do you win an extremely popular lottery like Powerball?
To win the Powerball jackpot, you must first understand the rules of the game. A few solid recommendations include playing as often as you can and buying a ticket for each Powerball if you can afford the expense.
But, there are even more tricks that could help you win Powerball, as well as things you need to learn before you venture out on the path of victory. If you want to find out all of this and more, read on.
The Rules of Powerball
Powerball is a lottery that runs in most states in the U.S., Columbia, Puerto Rico, and even Australia and South Africa. It first started in 1992, and since then, it has only grown in popularity. It has a jackpot and numerous smaller prizes. The jackpot increases as the weeks go by without a winning ticket, which makes more people try their luck.
The numbers are announced on Wednesday and Saturday, which means that you have two chances each week. If you don’t catch the TV announcements, you can find the numbers on their official website and newspapers.
The jackpot isn’t easy to win. There are five white balls with numbers which are drawn and the red “Power” ball. All of these numbers must match perfectly to your ticket. Since winning is hard — you have to guess six numbers correctly — the jackpot will roll over week after week, and the end prize will be huge, but the chances of winning are also bigger as weeks go by and the prize rises.
The basic jackpot is $40 million, and it will increase by a certain amount every week. Just to get a picture of how high the jackpot can go, the largest one was $1.5 billion. So, the longer the game goes without a winner, the bigger the potential prize is.
The prizes aside from the jackpot are also quite substantial. For example, you could win $2 million and not get a jackpot. There are some even smaller prizes like winning $4 or something similar. The amount of money you get will depend on the number of balls that you got right.
Powerball tickets cost $2, and you can get an extra Powerball ticket for the red balls, in which case you only have to guess one. Guessing the “Power” ball is the best way to increase the amount of money you can get from Powerball. However, the extra ticket will cost you an extra dollar as well. So, they are not as expensive as long as you don’t get too many of them.
The PowerPlay option means that the value you receive by guessing a certain number of white balls correctly will be increased by the number chosen randomly. If the jackpot is smaller, then there’s a ten times multiplier.
If you match five white balls, you will get $2 million if you correctly match the red ball. If you win the jackpot, the red ball won’t increase the jackpot.
There are two drums where one of them has 69 balls, and the other one has 26 balls. The one with 69 balls will be filled with white ones, and that’s for the basic Powerball. The other one will be filled with “Power” balls which are red and increase your prize. As mentioned, you have to buy a separate ticket for this one.
Once you purchase a ticket with your favorite provider, you can choose five numbers on the board. These numbers are drawn from the drum of white balls. And you will also select one Powerball number from the other ticket.
The numbers you choose are up to you, so you can choose whatever you want. You can also use quick pick, which picks the numbers for you, even though this may not be ideal because it’s out of your control.
The good thing is that no matter what order they are in, as long as you guess the numbers drawn, you get your jackpot. So, you can’t lose on technicality. But you do have to guess numbers accurately for this to work. The jackpot winner is the person who guesses all the five white-ball numbers and the one Powerball.
At the same time, if you want to win the PowerPlay, you just have to guess one number. Just doing this will bring you $4, and if you pick a few correct white ones, you could win a decent amount of money.
What Are Your Odds at Winning Powerball?
You are probably well aware that the odds of anyone winning are tiny. But exactly how tiny are they?Your odds at winning the Powerball lottery are 1 in 195,249,054.
In theory, you are in this fight against almost the entire country. And even if you’re hoping for a smaller yet substantial amount of money, your odds are not that great — one in more than 700,000.
However, many people still play as the tickets aren’t that expensive and there’s always a chance that you’ll win. It’s not the smartest investment plan, but it might work if you’re committed.
How Much Can You Win on Powerball?
So, how much can you really win in this addictive game? Let’s take a look at the numbers.
The jackpot starts at $40 million and rises, so you just have to look it up to see how high it is currently. There’s no upper limit on this.
If you guess five regular balls, but you don’t guess the Powerball right, you will be awarded $1 million. Guessing four regular balls accurately with Powerball will get you $10,000. However, if you miss the Powerball, you’ll get $100.
The same prize is awarded to people who guess three white balls accurately and the Powerball. But if they don’t guess the red ball, they get $7. The same amount of money goes to whoever guesses two accurate white balls and a red Powerball. If you guess just one white ball and a Powerball, you get $4. You also get $4 if you only guess the Powerball.
Tips for Shifting the Odds of Powerball in Your Favor
Winning this lottery and actually earning life-changing money is not the easiest. But, your chances can be increased if you apply some of these tips.
People always complain about not winning the lottery. But how often do they play?
Powerball is a game of luck, but also a game of numbers. The more often you play, the more chances you get to win. Naturally, you shouldn’t spend the money that you don’t have on tickets. But, if you can afford it, playing every time will certainly improve your odds.
Of course, nothing will happen if you skip a week or two, so just focus on your possibilities.
Buy Tickets for Every “Power” Ball
One surefire way to win at least something on Powerball or increase your white ball prize is to purchase 26 tickets, one for each red ball. This way, you’re guaranteed to win at least $4.
Naturally, that $4 might cost you more than you want to pay, but if you add a few accurate white ball guesses, you should win more than that.
No other strategy is surefire, although you may spend some time trying to find a pattern. The numbers are completely random, so you shouldn’t put much faith in various strategies.
Use All Numbers
People tend to choose birthdays, either their own or those of their loved ones when choosing the numbers for the Powerball. However, this method has a major flaw — the birthdays of your loved ones can match those of other people. So, if you end up winning, you’ll probably have to split the prize with many others, decreasing the amount of money you get.
Plus, you are not using all of the numbers on the ticket. Half of the board will remain untouched, and you are missing many opportunities with that method.
When picking numbers, it’s best to use your instincts and pick the numbers in sets. Make sure that there’s some variety in the numbers that you choose. If you are doing multiple tickets, you should make sure that you pick different numbers for each ticket. Again, focus on sets, not on the specific numbers.
Vary which numbers you choose on all of your tickets.
To get a better idea of what the numbers are like — although they are random — you can take a look at some of the past numbers and follow the drawings for a while before getting a gist of what it takes to actually win the lottery. The better you understand the game, the more likely you are to win.
Remember not to spend too much money on the lottery tickets. You need to set a specific budget and then buy only the amount of tickets that you can afford. This means that you shouldn’t fall into the trap of getting too many of them and ending up with no money for the most important things: rent, food, bills, etc.
Buy Tickets in a Group
While this means that you will end up with less money if you do win a jackpot, it also means that you are more likely to win it. A group should be able to afford to purchase more tickets than just one person, which automatically boosts your chances of winning.
It’s better to win something than nothing at all, so consider this idea. It could be your family members, your coworkers, friends, etc. Statistically, your chances should be higher, and you can still win substantial money for yourself and your family, thus ensuring financial security.
If you do win, remember to split the money fairly. Some people choose to form a trust of beneficiaries as the assets can be divided evenly and everyone gets a fair share of the money. You should discuss potential solutions as soon as you form a lottery syndicate and make sure that no one ends up with a lower amount of money than they should.
Have a Strategy
There are plenty of different strategies when it comes to choosing the numbers on the lottery ticket. Some people prefer to use the numbers drawn recently, and some prefer the numbers that were not drawn recently. Some like to use birthdays on the ticket, while some prefer to put numbers that can’t be birthdays. Some will use the “quick pick” option every time.
People even choose consecutive numbers or unlucky ones. It’s not important what you pick, as long as you have a certain strategy that will set you apart. The more unique your choices are, the better your chances are at not having to split the prize with more people.
Using the Quick Pick option is another way to go. Some believe that your chances are bigger this way because the computer will choose just as randomly as the drum. Make sure that you find something that works for you, even if it’s the “quick pick.”
Another strategy may be to stick with the same numbers, draw after draw. People who use this strategy believe that their numbers are bound to show up, so they pick them every time. If you have a few numbers that you love to play, you should stick with them.
Even if you have several different sets of numbers that you like, you should still go for it. At the very least, you might win one of the smaller prizes.
What to Do if You Win Powerball
Winning Powerball is probably one of your biggest dreams. And applying these strategies might just get you there sooner. However, what should you do once you win? What are the rules of winning the Powerball game?
Claiming the Prize
Well, for starters, you need to know how to take the money. In your imagination, lottery people probably show up at your door with a giant check with your name on it, and that’s it — you’re a millionaire. However, real life is far from that.
No one will come looking for you. You will have to be the one to go to them. Now, if you win a smaller prize, you can go back to the store where you bought the ticket, or a licensed lottery ticket provider and get your money there. If you win a medium prize, you should head to a store and get your bearer form there. You can also go straight to lottery authority.
If you win the jackpot, you should go straight to the lottery officials and get your money there.
If you get a small prize, you’ll get the money immediately, and if you get a medium prize, you will probably get it the next business day. However, if you get the jackpot, you will need to wait at least five to ten days for the money to be deposited into your account.
You have some time before claiming the ticket, though. Most states will give you up to 180 days to claim the ticket, and several allow 90 days. Check with your local lottery authorities how much time you have, or check on the official website of the lottery authority. This should give you all the information that you need.
Annuity or Lump Sum Payment
With the jackpot come all sorts of issues that you have to solve. For one, you have to decide how you want to get the money. You have two options. You can take it as a lump sum, in which case you will receive about 61% of the jackpot amount, or you can take the money as an annuity, meaning that you’ll get a certain amount of money every year, for the next 30 years. In the latter case, you will get 100% of the money noted as the jackpot. You can use our free annuity payout calculator to get a better idea about the actual numbers.
Both options have their good sides and their bad sides. Obviously, if you take the lump sum, you will get less money than expected, and taxes can further decrease that. By receiving that amount of money, you put yourself in a higher tax bracket as well.
However, you have all of the money, and you can use it as you please, although you should be careful with spending. Many lottery winners have made poor choices and ended up back on the street or in bad jobs. The money won’t last forever, and you will have to be old at some point.
Annual payment could be a good idea, but you don’t get all the money right away. So, if you have debt that you want to pay off immediately, the annuity may not be enough to pay for all of that and give you a comfortable lifestyle after. You may have to continue working for a while longer, but that may be a good thing.
An annuity is beneficial, depending on your age. If you are younger and in thirty years, you will still be alive, then an annuity may be a wise choice, but only if you save up for retirement. If you don’t, you may end up jobless and penniless when you need the money the most. Getting a job in your golden years is difficult, and you may have more medical bills, so keep that in mind.If you die before all of the annuity is paid, your beneficiaries will inherit it following the guidelines you set up.
The choice of the type of payment will depend on what you want and your circumstances. Both can be good, and both can be bad for you — it just depends on what you do with it.
But lottery winning can also be damaging for your entire life. The media will zero in on you and your family, there will be unknown friends and relatives knocking on your door every day, and desperate entrepreneurs with no investors will try to sell you their ideas. All of this can take a toll on your sanity, and you will likely give some money to all of those people.
It’s hard to resist sad stories and knowing that you are in a position to help when they don’t have anywhere else to turn to. However, you shouldn’t give out any money until you’ve hired a personal financial advisor, and you have discussed with them all of your lending plans. They will be able to give you advice and prevent you from spending more money than you can afford.
Your first and foremost focus now should be on giving yourself financial freedom and financial security for many years to come. Again, you don’t want to go back to work in your 60’s or even later, so be careful what you spend your money on.
One way to prevent all of these people from finding you and asking you for the money is to stay anonymous — as much as you can be. Don’t go to your workplace and start making a scene, telling everyone what happened. You will probably want to quit or burn some bridges, now that you are rich, but this puts you in danger.
For one, you have not claimed your money yet. Whoever has your ticket when they get to the lottery officials will be able to claim it, and if you don’t have any proof that it’s yours, you are doomed. And if it’s a huge amount of money, people will be tempted to steal it. After all, it’s just a tiny ticket that can get lost with ease.
At the same time, you will soon be surrounded by the press and people asking for money if you do this, so it’s best to keep your win to yourself. Only share this with your closest family and don’t share this information any further.Some states will announce the name of the winner and their home address or something similar, and the press should be able to find out things about you quickly. However, some states will allow you to be more anonymous.
Starting a Trust
In most cases, it’s best to start a trust and claim your money through a trust. Your lawyer or financial advisor should be able to help you. There are many different forms of trust, and some may work better for you than others. The trust will claim the money, manage your estate, and allocate funds.
Of course, you can be the only person in that trust, but you will most likely have some beneficiaries or people you want to share money with — kids, grandchildren, partner, friends, etc. You can also dedicate a part of your funds to a charity or something similar through a trust. A trust will also allow you to make investments.
Make sure that you name the trust something that no one will be able to link to you — don’t use birthdays, names, family nicknames, streets, etc. The name isn’t that important, but it’s generally there to protect you.
More Tips for When You Win the Lottery
Be careful when investing money. Get an advisor if you want to make investments. Ensure it’s a legit, top-rated advisor that can truly help you and that you are not just taking advice from friends and family. Investments can go bad quickly, so try to invest only if you are completely certain that it will go well.
Some experts even recommend that you don’t invest money at all if you have enough money for the rest of your life. The investments can just cause you a lot of headaches, and you don’t need it.
If you do win the lottery, you should be extra careful with your ticket. Don’t just keep it anywhere while you decide on your options. Sign it, take pictures with it, and then lock it up somewhere safe.
Take a short vacation with your family and turn off your phone for a while. This will help you clear your head and figure out what you want to do with your life in general. Hire expert consultants and ask for their advice on most things about financial matters. This will help you avoid a lot of issues and allow you to enjoy your victory more.
Powerball is one of the best lotteries out there, and it’s also the most popular one. While there is no surefire way to boost your odds, you will probably enjoy trying some of these tips. They could help you slightly improve your chances or get enough correct guesses for smaller prizes.
But also remember to be prepared for winning. Don’t spend too much money on the tickets and pick a strategy that you think will work. If you feel like Powerball has odds that are too small, you could also try one of the smaller lotteries as an additional game.
- 5 Lottery Strategies That Work
- Can You Predict The Lottery?
- Lottery Number Generator
- Lottery Odds Calculator
- Are Lotteries Rigged?
- How to Win the Mega Millions Jackpot: The Ultimate Guide
- How to Win the Cash 5 Lottery: The Ultimate Guide
- Lottery Annuity vs. Lump Sum: Which Is Better?
- What to Do if You Win the Lottery: The Ultimate Guide
- Here’s What Happens When You Win the Lottery