American Lotto was
first introduced in 1988 before being replaced by Powerball game in 1992. It
made a comeback on November 15, 2017, replacing the multi-state game, Hot
Lotto. The main game costs $1 to play, but lotto players have the opportunity
to add $1 for the All-star Bonus.
The Jackpot starts
at $2 million, and it does not have a cap; this means you can expect to see
some massive jackpots often.
gives players a chance to win one of nine different cash prizes, which include
a Multi-million dollar jackpot prize. Here is how one can play American Lotto
How to Play American Lotto Online
Here are some few
quick steps on how players can play American Lotto online
five numbers from a pool of 1-52 and then pick an All-Star Ball number
win the Jackpot prize, you must match the five Mega Millions numbers and the
Star Ball for the particular draw.
minimum number of main balls one must match to win is three, which gives you
$5. A player wins $2 for matching the Star \ball number correctly.
minimum guaranteed Jackpot prize is $40 million, and it grows by a minimum of
five million each time the jackpot rolls. The All-Star bonus may also increase
from time to time due to special promotions.
on your state, players have between 90 and 365 days to claim their prizes.
How Much Tax Do Players Have to Pay After Winning
Do you know that
if you win American Lotto, you have to pay taxes? The question on every
player’s mind is how much tax is paid on these jackpot prizes.
The state where
you live plays an essential role in taxes. Some states don’t use taxes for
lottery winnings, which is excellent for the players. Rates of income tax on
lottery prizes differ by state.
When a player wins
the Jackpot prize, he or she does not receive the total sum. This is because
taxes need to be paid. The American Lotto winner has to pay 25 percent of his
or her winnings to the government. For this reason, when one wins the jackpot
prize, the whole amount is not transferred to the bank account immediately, and
the player is paid in intervals. This option is known as ‘annuity.’
Annuity means that
you don’t receive all the money at once, but over the years. , the player gets
to enjoy the money slowly. For those who prefer receiving all their payment at
once, they can do so by contacting the lottery. This is called ‘lump sum,’ it
is a good idea if you are planning to do something significant with the money.
In the event of
big lottery winnings, players are advised to contact professional financial
consultants for further advice on how much tax you should pay. If a player has
not chosen the payment plan within 60 days, the money will be automatically
sent as an annuity.