Throughout history, there have been many signs that lottery games have been played. The earliest are keno slips from the Chinese Han Dynasty. There have also been a number of lottery jackpots that have surpassed the billion dollar mark. The most recent one was a Powerball jackpot that soared to more than $1.6 billion. In addition, the Mega Millions has seen three billion dollar jackpots.
Powerball jackpot surges to $1.6 billion
Despite a long string of draws without a jackpot winner, the Powerball jackpot has been steadily climbing since its genesis three months ago. The jackpot reached a record high of $1.586 billion on January 31, and has continued to grow as the drawing date approaches.
Powerball is a lottery game played in the United States, Puerto Rico and the Virgin Islands. Tickets cost $2. They can be purchased at any lottery retailer. You can also purchase the game on the free Jackpocket app.
Mega Millions has had three billion-dollar jackpots
During its lifespan, the Mega Millions lottery has produced three billion-dollar jackpots. It began selling in six states on August 31, 1996. The game was called The Big Game until it was renamed Mega Millions in 2002. The game was designed by Michigan Lottery Commissioner Bill Martin and former Illinois Lottery director Desiree Rogers.
The Mega Millions jackpot has been unclaimed for more than a month. The winning ticket was sold at a gas station near O’Hare International Airport in Illinois. The winner has not claimed the prize and has not said where he bought the ticket. The prize is estimated to be worth $491 million after taxes.
First recorded signs of a lottery are keno slips from the Chinese Han Dynasty
During the Han Dynasty, keno was one of the first recorded lottery games. It was a game of chance involving choosing a series of numbers from about 1000 characters. Players used a pen to mark the character spots. The game became popular among railroad workers, who found the Chinese characters confusing.
The Chinese Book of Songs (dated to the 2nd millennium BC) alludes to the drawing of lots, a kind of lottery-style game. Its name is not recorded but it is mentioned in the text. It was also referred to as the “drawing of wood”.
The first recorded lottery took place in China, during the Han Dynasty. It was a way to finance the construction of the Great Wall.
Taxes on winnings
Unlike most other types of income, lottery winnings do not fall into the standard tax bracket system. Instead, they are taxed according to the federal tax system and state and local tax rates.
The best tax software will help you identify potential deductions and credits. There are also strategies to help you protect your winnings and minimize your tax liability. You can also hire a financial expert to help you with your tax strategy.
People with low incomes don’t play
Despite the fact that the lottery system is a regressive one, low-income people play the lottery more often than people who are rich. A recent study by the Howard Center for Investigative Journalism revealed that in 45 states, low-income people were more likely to buy lottery tickets than their wealthier counterparts. The study also found that lottery retailers were disproportionately located in low-income neighborhoods in nearly all states.
The report cites a 1999 study by the National Gambling Impact Study Commission that found a disproportionately high percentage of lottery players to be Black. The study also found that Black lottery players spend five times as much as white lottery players.