LOTTERY officials have urged players to double-check their tickets as a million-dollar prize may go unclaimed.
The lucky Powerball ticket was purchased at a supermarket in Iowa and is expected to expire in the next few months.
2
2
The winning ticket was purchased at Fareway Meat and Grocery in Webster City, Iowa – about 70 miles north of Des Moines.
Whoever claims the ticket will be Iowa’s next millionaire, but players need to act fast.
The ticket goes expire on February 3, 2025.
The winning numbers are 29, 42, 44, 51, 54 and a Powerball of 12.
CASH PRIZE
When a player wins the Powerball jackpot, they can choose to receive the prize in annuity payments over time or receive a one-time payment.
A player has 60 days from the date they claim their prize in Iowa to choose between the two options, according to the Iowa Lottery. website.
If the player selects the cash option, they will receive a one-time payment equal to the amount available in the jackpot prize pool from the sale of game tickets.
Federal and state taxes still apply.
If the player chooses the annuity option, the prize will be paid in 30 installments over 29 years.
The annual payment will increase by 5% to accommodate external factors such as inflation.
If the cost to purchase the annual membership is less than $250,000, the lottery may choose to pay the prize in “cash,” the website states.
WAYS TO EARN
There are nine ways a lottery player can win the Powerball.
Each combination comes with its own cash prize value.
If the player’s Powerball number matches the one drawn, they will receive a total of $4. The probability of a ticket matching just the Powerball is one in 38.
Lottery winnings: lump sum or annual fee?
Players who win big on lottery tickets typically have a choice to make: lump sum or annual fee?
Both payment methods can affect how much money you receive from your prize.
Annuities are paid slowly in increments, usually over 30 years.
Lump sums are paid all at once, but in smaller amounts since taxes are withheld all at once. This means 24% of your prize goes to Uncle Sam immediately. Many states also tax earnings.
Annuities can give winners time to establish the financial infrastructure necessary to receive a life-changing amount of money, but lump sums have the advantage of being taxed only once.
It’s also worth considering inflation when making a choice, as payments don’t adjust to the value of a dollar. This means you will likely receive less valuable money at the end of an annuity.
Each state and game pays prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have differing opinions on the possibility of take the fixed amount or take the annual fee.
If they pick a correct number plus the Powerball, they will take home $4 again. The odds more than double, to a one in 91 chance.
If the ticket matches two numbers and the Powerball, they will receive $7, but the chances of getting there skyrocket to one in 701.
The odds of getting three numbers correct are 579 to one, but players only take home another $7.
If a player buys a ticket that matches three numbers and the Powerball, they will win a prize of $100.
The odds of buying a ticket containing four numbers without the Powerball nearly double again to 36,525 for one chance, but the prize remains at $100.
When a player correctly guesses four numbers and the Powerball, the prize skyrockets to $50,000.
To claim the $1 million prize, they will need to match the numbers on the five white balls drawn without the Powerball and beat the odds of 11,688,053 with one odds.
The vast majority of people who play to win the jackpot have the odds against them, with just 292,201,338 for a chance to buy a ticket that matches all five numbers and the Powerball.
Meanwhile, the $214 million Powerball jackpot has been claimed after more than a month of rollovers.
And authorities are asking Missouri Lottery players to check their tickets for an unclaimed $278,000 prize.
Responsible gaming
Remember to gamble responsibly
A responsible player is someone who:
- Set time and monetary limits before playing
- Only games with money they can lose
- Never chase your losses
- Don’t play if you are upset, irritated or depressed
- National Problem Gaming Council – https://www.ncpgambling.org/
- Game Aware – www.begambleaware.org
For help with a gambling problem, call the National Gambling Helpline at 1-800-522-4700 or go to ncpgambling.org/chat
This story originally appeared on The-sun.com read the full story
