Anonymous
Anonymous asked in Games & RecreationGambling · 1 month ago

I know that it's always a different amount of money but how much cash do people generally win from the Lotto (Lottery)?

7 Answers

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  • 4 weeks ago

    Usually -$10 really(so the win is always negative)

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  • 1 month ago

    Two pounds three shillings sixpence ha’penny

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  • 1 month ago

    Generally, they win nothing.

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  • 1 month ago

    For jackpot wins, I figure you get about 1/4th of the published prize money - and that's if you're the only winner.

    For example lets pretend you win and the advertised prize is $100 million

    But that prize is an annuity where they pay you a portion of the money each year for 20-30 years, so it might be something like $5 million/ year for 20 years - (The exact payout schedule is based on the game).

    If you want the lump sum - meaning you want all your money right now, they will run a fancy calculation to determine the "present value" of that series of payments. It usually works out to about half of the total prize.

    So you'd have the choice between (roughly) $50 million right now, or $5 million per year for the next 20 years.

    Now you have to consider taxes. If you take the $50 million you'll owe 35% for federal taxes, somewhere between 0-10% in state taxes, and maybe a bit for local taxes - depending where you live.

    If we assume the total tax works out around 40-50% that would reduce your $50 million to somewhere around $25-$30 million.

    So as a rough guess you'll get about 25-30% of the advertised cash prize.

    And that's if you are the only winner. When the prizes get big its common to have more than one winner. If there was another person with a winning ticket you'd split that $100 million prize, so your prize would be $50m, which becomes $25m if you take the lump sum and about $13m after you pay your taxes.

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  • Jay P
    Lv 7
    1 month ago

    Generally?  The lowest cash prizes are the most common so, depending on the lottery, you may win something like $5, $10, etc.

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  • Edwena
    Lv 7
    1 month ago

    Generally, after you take the immediate cash payout and pay the taxes, you will have about half of the stated prize.  It could be more or less, depending upon the size of the prize and state and local taxes.  Before you accept the prize you should consult a tax attorney for options to protect both you and your money.

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  • User
    Lv 7
    1 month ago

    "The Lotto" differs from state to state

    but there are also national lotteries such as Powerball and Megamillions.

    For example

    here is a list of Powerball winnings for 2020

    https://www.usamega.com/powerball-history.asp

    If you want you can use the numbers to calculate an exact average

    but rough guess based on the numbers I see on that first page, Powerball winners on average win about 100 million.

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