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What to do when you win the lottery jackpot?

Winning a lottery jackpot has been dreamt by almost everyone and no one is actually prepared for the scenario when they will win the jackpot. But if you win it, then initially you need to keep your ticket protected and the person possessing the winning lottery ticket can claim the award. Next, you should consider anonymity as every state possesses its own laws that determine whether winners of the lottery need to be publicly identified or not. You should tell only a few close ones and also keep your name away from news which can keep you protected from scammers as well as fake friends who may get back in touch with you after hearing that you have won the lottery jackpot.

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Reasons of lottery jackpots

You might be wondering why these lottery jackpots are drawn There are several reasons behind it:-

● Increasing interest rates

Are you surprised with the fact that rates of interest affect the lottery jackpots?

Interest rates have an important role to play in the jackpot’s amount which has been advertised by the lottery. The advertised lottery jackpot amounts are affected by the interest rates due to the fact that these amounts are based on how much money could be made over a given period of time from the jackpot or annuities. In case of winning the lottery, the winners either get winnings in an annuity which consists of 30 payments for 29 years or as lump sum payment. That annuity includes the interest which you would like to earn over 29 years on your winnings. When the rate of interest increases, the jackpot also increases but the actual cash amount hasn’t changed in the jackpot

● Formula change

Some of the biggest lotteries including Mega Millions and Powerball have recently tweaked their formulas for creating larger jackpots which have eventually made it harder for players to win big prizes

● More the jackpot, more are the tickets sold

Due to higher interest rates and formula changes, bigger is the jackpot and thus more people are attracted towards buying the ticket Thus more is the jackpot amount, there will be chances of more tickets getting sold on the lottery platform

Types of lottery jackpots and prizes

● Guaranteed lottery prizes

There is some kind of prize guarantee in some of the most popular lotteries. For instance, in Euro Millions, the jackpot amount starts at around €17 million which means €17 million is the guaranteed jackpot amount, similarly in EuroJackpot, there is a minimum guaranteed jackpot of €10 million While playing Powerball or Mega Millions, a guaranteed 2nd prize of $1 million is there and the other categories of prizes are also guaranteed In Mega Millions as well as Powerball, a multiplier option can also be added which changes as per the ticket sales and draw

● Progressive jackpots

It is a jackpot in which if there is no winning of the jackpot, it will grow and carry over for the next drawing A progressive jackpot is featured by the most lotteries along with secondary prizes, sometimes. The perfect example of a progressive jackpot is the Powerball jackpot of $1 586 billion which grew through rollovers until there were 3 lucky winners who had claimed the prize

● Pari-mutuel jackpots

Pari-mutuel basically means mutually betting and in a Pari-mutuel lottery, the revenue generated from the sales of the lottery ticket gets divided between the prize categories as there are no fixed amounts for prizes. One of the examples of Pari-mutuel lottery is EuroMillions where every prize category gets a overall ticket sales percentage as except guaranteed starting jackpot, there are no fixed prize amounts

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GammaStack : Providing comprehensive online lottery software solutions

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