When buying a lottery ticket, heading out to spend some time at the casino, or even logging in to your favourite online casino game, your highest hope is that the ticket, the next flip, or the next spin at the slots might just be the jackpot you have been looking for.
For more than most, this is not the way things work out. But, fortunately for these lucky few, it is exactly how things have worked out, and they are now the recipients of the greatest Jackpot Payouts, ever.
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Record-breaking $2.04 Billion Powerball Jackpot Won
The $2.04 billion Powerball jackpot was been won by players on inner on Tuesday morning (8th Nov 2022). As it was delayed due to technical difficulties and it was expected to take place on Monday.
The massive prize has been awarded for the fifth time in the past five years when a lottery jackpot has crossed the billion-dollar threshold — and this one was a world record.
The prize had been growing for more than three months. The odds of winning it were roughly one in 292.2 million, according to Powerball.
Lottery winners can opt between getting their winnings in an annuity — with payments over 30 years — or the more popular option, a single lump sum payment in a smaller amount. The pre-tax lump sum payment for Tuesday’s winner would be $997.6 million.
5 Biggest Jackpots of All Time
1. $2.04 billion (Powerball)
This single winning ticket from the Powerball drawing was sold at a gas station and convenience store called Joe’s Service Center in Altadena, California, a community located north of Los Angeles. While the business owner received a $1 million bonus from Powerball for selling the winning ticket, the winner chose to remain unknown.
California is not one of the U.S. states where lottery winners have the option of remaining anonymous, as the jackpot winner will have to come forward and claim their winnings publicly. They’ll have an entire year from the date of the winning draw to claim the prize, as per the rules of the California Lottery.
Once they come to claim, they have the option to choose between the annuity option or the nearly $1 billion lump sum payment. It would result in a total tax bill of $369.1 million, based on the top federal tax rate of 37%.
If the prize was taxed as income in California, the winner would also pay an additional state tax bill of more than $120 million. But California, including Delaware, is one of just two states that don’t tax lottery winnings like regular personal income — marking another stroke of luck for the winner.
2. $1.59 Billion (Powerball)
This Powerball drawing from Jan. 13, 2016, holds the record as the biggest lottery prize to be won in more than six years until December 2022 Powerball drawing dropped it down a spot.
The winners were John and Lisa Robinson in Tennessee, Maureen Smith and David Kaltschmidt in Florida, and Marvin and Mae Acosta in California. This prize was split amongst them, giving them the option of roughly $533 million before taxes as an annuity or $327.8 million as a lump-sum payment.
The Robinsons’ winning ticket was one of four they bought at a grocery store. They opted to take the lump sum. “We’re not guaranteed tomorrow,” says John.
Florida-based Smith and Kaltschmidt also picked the lump sum. At the time they planned to get massages, upgrade their truck and retire with the newfound wealth, according to NBC.
The Acostas remained anonymous for months after winning but released a statement saying they were thankful for the “rare gift that has been placed in our care.”
This draw took place in October 2018 and it also took time to surface.
South Carolina is one of a handful of states that allows lottery winners to claim their prizes anonymously. The ticket-holder — who never did make themselves known — finally claimed their winnings in March of the following year, just a little more than a month ahead of the deadline to come forward or risk forfeiting the prize.
The South Carolina Education Lottery Commission revealed that the winner chose the cash option for their prize, taking a one-time payment of roughly $878 million. It’s not a record jackpot, but that number still represents the biggest payout to a single lottery winner in U.S. history — at least for now.
Based on the expected tax bill, the total haul from that jackpot was likely somewhere around $491.7 million, after both federal and state taxes — a 7 percent income tax in South Carolina, plus the 37 percent federal rate. Other taxes may have also applied.
The first billion-dollar jackpot of 2022 topped $1.3 billion before it found a winner in July.
The winning player, or players, bought the lucky ticket at Speedway convenience store in Des Plaines, Illinois — and opted to take the lump sum payment option of more than $780 million, according to Mega Millions.
Illinois allows lottery winners to remain anonymous, and whoever won this huge prize has chosen to remain unknown to the public.
It is the fifth-biggest U.S. lottery prize ever won in a January 2021 Mega Millions drawing. The ticket was reportedly purchased by four members of a lottery club in the Detroit suburb of Novi. A lawyer representing the club claimed the prize for them in March 2021. These are the 5 Greatest Jackpot Payouts of all time.
“A club member saw a sign that the jackpot was up to $1 billion and remembered that they hadn’t bought their tickets yet, so they pulled into the Kroger,” Kurt Panouses, the estate lawyer and club representative, told reporters on behalf of the winners last year.
“When you play, of course, you dream of winning, but the reality of it has been incredible,” he said. “This kind of money will impact the families of our club members for generations to come. We plan to stay humble and pay it forward through charitable giving in southeast Michigan.”
Understanding Jackpot Payouts in New Zealand
Jackpots are one of the most exciting aspects of gambling, offering players the chance to win life-changing sums of money in a single spin. In New Zealand, there are several popular jackpot games available at both land-based and online casinos, with some of the largest payouts in the country’s gambling history coming from these games.
Winning a jackpot can be a life-altering experience, and the potential payouts can vary greatly depending on the game and the casino. In this article, we will explore some of the biggest jackpot payouts in New Zealand, the different types of jackpot games available, and provide tips on how to increase your chances of winning big.
The 5 biggest jackpot winners in New Zealand
- In 2013, a lucky player won NZD 33 million ($22.6 million) on the Mega Moolah slot game at SkyCity Casino in Auckland. This is the largest jackpot prize ever won in New Zealand.
- In 2016, a woman won NZD 10.1 million ($7 million) on the Powerball lottery game, making her the second-largest jackpot winner in New Zealand.
- In 2011, another player won NZD 8.1 million ($5.5 million) on the same Mega Moolah slot game at SkyCity Casino in Auckland.
- In 2009, a man won NZD 7.6 million ($5.2 million) on the same Mega Moolah slot game at SkyCity Casino in Auckland.
- In 2017, a player won NZD 7.3 million ($5 million) on the same Powerball lottery game, making him the fifth-largest jackpot winner in New Zealand.
What is the largest jackpot prize ever won in New Zealand, and which game was it won on?
The largest jackpot prize ever won in New Zealand was NZD 33 million, which was won lucky winner in 2013. The jackpot was won on the Powerball lottery game, which is offered by the New Zealand Lotteries Commission. The winning ticket was sold at a store in Auckland, and the lucky winner chose to remain anonymous.
Are jackpot prizes in New Zealand subject to taxes, and if so, what is the tax rate?
In New Zealand, gambling winnings including jackpot prizes are not subject to taxes. This means that if you win a jackpot prize at a casino or other gaming establishment, you do not have to pay any taxes on the winnings. However, if you choose to invest or save the prize money and earn interest, you may be subject to taxes on that interest income.
How are jackpot winners in New Zealand typically paid out, and are there any options for receiving the prize money?
In New Zealand, jackpot winners are typically paid out either in a lump sum or through annuity payments over a set period of time. The payment method is usually determined by the size of the jackpot and the preference of the winner.
Are there any regulations in place in New Zealand to ensure the fairness and accuracy of jackpot payouts at casinos and other gaming establishments?
Yes, there are strict regulations in place in New Zealand to ensure the fairness and accuracy of jackpot payouts at casinos and other gaming establishments. The country’s gambling laws are regulated by the Department of Internal Affairs.
Can lottery jackpot prizes be split among multiple winners in New Zealand?
Yes, lottery jackpot prizes can be split among multiple winners in New Zealand. When multiple tickets match all the winning numbers, the prize money is divided equally among the winners. For example, if two tickets win the jackpot prize of NZ$10 million, each winner would receive NZ$5 million.