What You Should Know About the Illinois Lotto
Lotto has been around for thousands of years. The first records of this game date back to the Han Dynasty in China (205-187 BC). According to legend, the game was used to help fund major government projects. This game of chance is also mentioned in the Chinese Book of Songs, where it is called a “drawing of lots or wood.”
Lotto is an Illinois-only $2 jackpot game
The Illinois Lotto is a popular game for many reasons. For one thing, it offers a progressive jackpot and multiple draws. Secondly, its odds of winning the jackpot are very good. The jackpot for the Illinois Lottery starts at $2 million and continues to grow until someone wins it. Third, it offers an Extra Shot feature, which increases your chances of winning a prize other than the jackpot. It draws three times a week, on Monday, Thursday, and Saturday at nine:22 PM CST.
Lotto betting is conducted through a seperate independant company
Lotto betting is an option to bet on lottery draws, but it is not conducted through the official lottery operator. Instead, you place your bets through a separate, independent company, called Lottoland UK. This company will pay out any winnings on your behalf.
Lotto payouts are not necessarily paid out in a lump sum
When you win the lottery, it’s not always possible to take your winnings in a lump sum, and this can be a problem. For example, you may have won the Powerball, but you’re not sure what to do with it. The good news is that you can use an AfterLotto payout calculator to estimate how much you could receive after taxes. These calculators will also take advantage of compound interest, which can result in growth that is greater than what you would receive from an annuity.
Lotto America is a throwback to the first multi-state lotto game
Unlike the Powerball or Hot Lotto games of today, Lotto America was the first multi-state lottery game to have a grand prize of over $15 million. The game also possessed a unique setup, wherein players matched four numbers to win a fixed $5 prize. If they matched five numbers, they won a parimutuel prize, while if they matched all seven numbers, they would win the jackpot, which would be paid out over 20 years. The original lineup of Lotto America was made up of members of the Multi-State Lottery Association.
Lottery winnings are tax-free
Many lottery players may not be aware that lottery winnings are tax-free in most states. However, there are some state laws that make it impossible for lottery winners to avoid paying taxes on their prize money. The lottery payor will send your information to the Internal Revenue Service (IRS). They may ask you for your Social Security number, which they will request using a W9 form. Also, if you won a prize that triggered income tax withholding in your state, your lottery payor will send you a Form W-2G, which will show how much you owe.