When it comes to buy and play lotteries across countries one need to think twice which would be better for the player. Recently the huge Powerball lottery was held in California where 1.6 billion dollar jackpot, one of the biggest lottery jackpot was offered. But is Canada lottery is better to enjoy in terms of value and odds or US? Let us have a look.
According to Lottery experts Canadians are more lucky when it comes to value and odds in a lottery. Whether there is a massive jackpot of billion dollar or not, if the Canadians win they end up making more money than their US counterparts.
The Odds of Lottery and the Win
Suppose if you had purchased recent Powerball Lottery ticket in US your chances of winning would have been one in 292 million. That means that your chance winning such a grand jackpot prize would have been less. The expected percentage return on the lottery, determined by the size of the jackpot and the cost of the ticket, is only one way to determine whether to play but it’s the best way to look at what kind of prize you’ll enjoy from a lottery win.
In U.S lotteries, you can generally expect to earn 50 cents for every dollar that you spend, meaning that unless you’re one of the super-jackpot winners, you’ll lose 50% of your investment. Canadian-operated lotteries offer slightly better percentages since the winnings aren’t taxed as they are in the United States.
Lotto 6/49 and Lotto Max win percentages
Lotto 6/49 and Lotto Max win percentages come out to between 40% and 60% win. When there are multiple winners, those percentages are lowered further.
If you buy one Lotto 6/49 ticket you have a one in nearly 14 million chance of winning. If 28 million tickets are sold around Canada it’s believable that two or more winners will end up splitting the prize. That lowers each ticket’s expected percentage value.
What about the Charity Lotteries?
Charity lotteries offer better odds and you have a one in two chance of winning . The drawback in Charity lotteries is that their ticket prices are high and therefore there are few buyers of such a high price tickets. Apart from the grand prizes on charity lottery tickets, the smaller prizes range from a simple $25 to $100 prize on a ticket that usually cost $100. The longer a fundraising lottery game lasts, the more the ticket odds seem to increase, If a lottery has 2 parts like for instance, giving a winner the chance to draw a specific card or pick a winning number in order to win a bigger chunk of the jackpot, the expected percentage return increases as fewer cards remain.
The odds on bulk ticket packages are generally better, with an expected percentage return per ticket going up to 80% or more. Sports fans often play 50/50 draws in which the winner pockets half the ticket sales. The expected percentage return is always 50% in these contests, unless the organizer offers bulk ticket purchases.
Powerball Lottery the most popular played Lottery
Powerball Lottery in 2012 the US lottery Mega Millions had a $656 million prize, making it the largest lottery in world history.
Recent California Powerball was more than double that amount, making the largest single jackpot in history. It attracted a lot of attention from lottery enthusiasts around the world. U.S. taxes take a huge cut of the prize, but lottery players tend to ignore that fact as they aim for the big win.
Some state lotteries are state-run while others are run by private corporations. State lotteries add anywhere from to 50 cents per dollar of ticket sales to a state’s annual budget. Revenues are dependent on the number of players in the state and the efficiency of the lotto program. Over 15 states use the profits from the Powerball draw to fund education while some states direct the money towards lowering property taxes.
Few tips before you buy lottery tickets in America
Canadians looking to cash in on the massive U.S. prize have been crossing the border to buy tickets since anyone who legally purchases a ticket is eligible to play.
- Avoid buying lottery tickets through an online broker. If as a Canadian you use an online broker like TheLotter.com, be aware that such a site is unregulated. These brokers purchase tickets on a customer’s behalf, rather than selling them directly to the lottery player. You have no guarantee that you will collect your prize if you win. If you do use a broker, check its reputation with the Better Business Bureau. ‘The Lotter’ though has a solid reputation, but other brokers may not.
- Always buy lottery ticket from a licensed retailer who operates within a state. If you win, you’ll need to travel to that state to collect your winnings.
- States sell tickets online to their own residents. only. You will find in the California Powerball website a clear warning to potential ticket-buyers that, according to California state law, “No one except the lottery or their licensed retailers can sell a lottery ticket. No one. Not even us. No one. No, not even that website. Or that one, there are no regulations of websites that claim to sell tickets or to sell you a ‘service’ to buy and hold tickets for you,” it reads.
- Also remember that your win could go to court. There’s an obscure federal law that could prevent you from buying your ticket in the United States, returning with it to Canada and then, if you win, returning to the States to collect your payout.
- The “Immoral Articles Law” has never been tested in court, but it does forbid importing lottery tickets into the United States. Foreigners have successfully won and claimed U.S. lottery prizes but a win could be challenged.
- Canadian tax authorities won’t tax lottery winnings but the American tax authorities will — at least 30%, and more if you take it all out in one lump sum. The IRS regards lottery winnings as income. This is the standard for all taxation rate for “non-resident aliens.” There are also state taxes, dependent on the state.
Lotteries are lucrative business and Lottery ticket of a bigger jackpot lures you to buy one. But remember that it is all the odds and probability that makes your win a success. In the end certainly choice is yours as to which Lottery you are ready to play. Watch the video below
