Playing Texas Lottery–Powerball, Mega Millions, and Texas Lotto
The Texas Lottery offers many choices to play games for a chance to win fortunes. The three largest prizes are offered through the Powerball, Mega Millions and the Texas lotto games. These three lotteries provide multi millions dollars prizes to those players who win. Other smaller lottery games include scratch off tickets, Texas Two Step, Pick 3 and Daily 4.
Follow the Money – Texas Lottery
According to Texas Lottery, Texas pays out 62% of the money collected to prize winners. Texas public schools get 27% of money collected through the lotteries. The remaining 11% is distributed to pay out miscellaneous expenses.
How to Play Texas Lottery for Jackpot Prizes
There are a few guidelines that apply to all Texas lottery games. The games can only be played at authorized Texas lottery retailers, not online. Tickets should be signed at the time of purchase, winning numbers are publicized at txlottery.org and at retail locations and prizes over $5,000 are taxed. These are the three largest lotteries offering millions in prizes in Texas.
- Texas Powerball – drawings are done twice a week on Wednesday and Saturday. There are several ways to win the Texas power ball, however to win the jackpot all six balls (5 white and 1 red) have to be matched by a ticket. The ticket costs $1.00; the jackpot prize starts at $20 million.
- Texas Mega Millions – drawings dates are Tuesdays and Fridays. Players can select 5 numbers from a pool of 1 through 56 numbers and one number from a pool of 1 through 46. The ticket costs $1.00; the jackpot prize starts at $12 million.
- Texas Lotto – drawings are conducted Wednesdays and Saturdays. Players need to pick and match 6 numbers from a pool of 54. The ticket costs $1.00. Jackpot starts in the millions.
Claiming Texas Lottery Prizes
The Texas lottery website txlottery.org and lottery retail locations advertise the winning numbers after each drawing. Winning tickets must be claimed within 180 days from the drawing date. There are two options for getting paid the lottery jackpot prizes from Texas Mega Millions, Powerball and Texas Lotto.
- Up front payment or Cash Value Option – Players who select this option will get a one time payment equivalent to the cash value of the prize won less taxes. This amount is generally less than the lottery advertised amount which is based on annuity payments.
- Annuity Payments or Annual Payments Option – Players get annual payments for a period of 26 to 29 years depending on the game less taxes. This is generally the same amount advertised by the lottery.
Tips for Playing the Lottery
- Lottery players should be aware that picking winning numbers is randomly based and there is no sure method for winning the lottery. Lotto is a game of chances.
- Players should set a budget for lottery games and never bet when is not affordable to do so.
- Individuals with gambling addictions may contact gamblers anonymous or other professional association for help.
- Players should secure their lottery tickets and also verify winning numbers timely to avoid ticket expiration.
- Individuals who play the lottery as part of a group or pool should discuss and agree with all members the payment options desired before playing.
- Playing the lottery is not an investment, it’s done for hobby or fun.