About Powerball And Mega Millions Lottery in Europe
If you bet on the US lotteries Powerball and Mega Millions at Tipp24, you can enjoy European security standards and hope for the biggest jackpots in the world. But how do these lotteries actually work and why can one now also make his tip online in this country?
It was two dollars and some data that changed the life of Mavis Wanczyk forever. The 53-year-old American from Massachusetts simply took the birthdays of her friends and relatives and filled out her lottery ticket for Powerball. The result: $ 758 million in winnings – the biggest win ever made in the United States with a single tip. Wanczyk then quit her job as a nurse and now wants to have some time for now.
US Lotteries and Taxes: Who gets what? Lottery in Europe
The US-American decided in favor of the payment of her profit for the so-called “lump sum”, a reduced sum, which received it as a one-time payment: approx. 480 million US dollar. The alternative would have been a 30-year annual payout of the total win in installments. After deducting 25 percent federal tax on US lottery winnings and another 5 percent in taxes to the state of Massachusetts in which she bought her ticket, she still had a staggering profit of about 336 million dollars.
It does not matter which of the US lotteries participating in the lotteries there is a winner: For winnings of 5,000 US dollars or more, federal taxes of 25 percent are always payable. The other tax deductions vary depending on the US state. In Florida, for example, winners have to pay no further taxes, in other states such as New York even 8.8 percent are due, Oklahoma settles down with 4 percent approximately in the middle. And if a winner does not come from the US, then the federal tax rate is even 30 percent – and even with the taxes of the state there are some differences between locals and foreigners. Not so easy to go through here at first glance. Despite all bureaucracy, the fascination for the popular US lotteries continues unabated,
What’s up with these mega-jackpots, which you can now give your tip on in Germany, for example at Tipp24? So much money – can that be right? Yes – because the US Lotteries Powerball and Mega Millions are state-run US lotteries, which are neatly calculated, but just with the high probability to grow by a large number of participants in a short time on very large jackpots.
Lotteries in the USA
The US is an exciting country for lotto fans: on the one hand, strict and puritanical – lotteries were banned in many states until well into the 20th century. On the other hand, innovative and keen to experiment – time and again, individual states emerge with new ideas, which then quickly spread throughout the country.
The US lottery Cash4Life, where you can win a lifelong instant annuity of 1,000 euros daily , is such a success story: Launched by the states of New York and New Jersey, it continues to spread, since 2017, thanks to Tipp24 also in Germany make his tip on the outcome of Cash4Life.
Always pay attention to what customers want and react to it with new products: that goes without saying in the US – and not surprisingly, after all, the US is famous for its customer-friendliness and service orientation.
In this country tap on the US lotteries
And exactly this customer orientation fits in well with how we at Tipp24 understand our mission: We want to make our customers the most exciting lotteries from all over the world accessible. Nobody has to speak English or even deal with the US tax system to play Powerball, Mega Millions or Cash4Life. As a European company, we copy the US lotteries according to EU legal standards – and make huge jackpots possible in Germany.
The Tipp24 jackpots for Powerball and Cash4Life are just as big as those of the state lotteries. So if you cast your tip on these two American lotteries at Tipp24, you’ll get the same amount (before taxes) in profit as if you were playing in the USA. Because Tipp24 is guided by the guidelines of the original US lottery. With profit disbursements as in the USA 38 per cent are deducted (30 per cent federal tax plus 8 per cent average federal state tax). If a winner like Mavis Wanczyk chooses the “Lump Sum”, the payout is also reduced by 40 percent, just as if the Tipp24 winner had won the original lottery. The Tipp24 jackpot for Mega Millions has one special feature: The jackpot is limited to a maximum of $ 388 million. Lottery in Europe