I won a $50,000 Powerball prize – but I only got $1,470 when I picked up my money
A LUCKY Powerball player claimed a big win for his family-owned business in Delaware.
But things quickly took a turn when the lottery winnings were split several ways.
After the Mega Millions jackpot climbed to over $1 billion in March, a family-owned business in Delaware began testing its luck.
When no such luck was had, the group, based in Lewes, began playing the Powerball after its jackpot also rose to more than $1 billion, per a release from Delaware Lottery.
All of the playing eventually paid off when they struck gold on a $50,000 Powerball prize on the April 6 lottery drawing.
The winning numbers from the drawing were 22, 27, 44, 52, 69 and the Powerball was 9.
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The Power Play was 3X.
But $50,000 quickly turned to $1,470 when the prize was split between 34 coworkers.
TOTAL WITH TAXES
The $1,470 wins are also not the final total players will receive.
For any prize of more than $5,000, the Deleware lottery withholds 24% of winnings for federal taxes, according to its website.
All winning tickets in the state are also subject to Delaware income tax.
But Delaware players do not have to pay state taxes on their winnings.
Those who win a sports lottery prize over $600 and more than 300 times the wager will face a 24% withholding in federal taxes.
The winning may also be subject to state or local taxes.
Lottery taxation varies from state to state, with 26 states currently imposing taxes, per Wisevoter.
SAD SPLITS
The U.S. Sun continues to cover instances of lottery players losing their full winnings.
A lottery player recently brought home a prize pot totaling $300,000.
WAYS TO WIN POWERBALL
Powerball drawings happen three times a week. There are several combinations to win money.
- Match five white balls and the Powerball for the jackpot (one in 292,201,338 odds)
- Match five white balls for $1 million (one in 11,688,053.52 odds)
- Match four white balls and the Powerball for $50,000 (one in 913,129.18 odds)
- Match four white balls for $100 (one in 36,525.17 odds)
- Match three white balls and the Powerball for $100 (one in 14,494.11 odds)
- Match three white balls for $7 (one in 579.76 odds)
- Match two white balls and the Powerball for $7 (one in 701.33 odds)
- Match one white ball and the Powerball for $4 (one in 91.98 odds)
- Match only the Powerball for $4 (one in 38.32 odds)
But when he went to a Georgia lottery office to pick up his winnings, he quickly lost a chunk of his money when he opted for the lump sum distribution.
In Georgia, the tax rate for the lottery is 5.49%, according to the lottery website.
That put the winner's pot at $88,470 less than the initial prize, leaving him with $211,530 instead of $300,000.
Meanwhile, one winner opted to take a small chunk of his $1 million win after he split the lottery with 39 other people.
He walked away with $25,000 after splitting the pot with a large group of coworkers.
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling online.
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Seven lotto players were crowned California’s new millionaires after winning over $27 million combined.
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