The Netherlands state-owned Staatsloterij has been running the lottery for over a century. New York has the second-longest-running lottery, and it pays out a lump sum instead of annual payments. In addition to annual payments, many Lotteries partner with sports franchises and companies to offer prizes that appeal to a wide variety of players. In South Carolina, for example, the lottery is popular among middle-aged, high-school-educated men.
Dutch state-owned Staatsloterij is the oldest running lottery
The Netherlands’ state-owned Staatsloterij is one of the oldest running lotteries in the world. It first began in the Low Countries in 1445, and was hailed as a painless tax system. These early lotteries were held in the town squares of smaller towns. Today, the Staatsloterij still draws winners on the tenth of every month.
New York Lottery pays lump sum instead of annual payments
There are many benefits to winning a large lottery jackpot and choosing to receive a lump sum instead of annual payments. This type of payout is taxed the same as an annuity, except you pay taxes on the amount as you go. For instance, if you won the Mega Millions lottery, you could choose to take home $461,538 each year for 26 years, or you could opt for a lump sum of $7,042,000. This would be about 58 percent of the total prize amount of $12 million, or $7,042,000 per year.
Scratch-off games offer a variety of prizes
The Florida Lottery has a number of exciting scratch-off games to choose from. Each game features multiple prize levels, ranging from $50 to $1 million. These games can be played for as little as $1 and can be purchased at any Lottery retailer. The games are also popular for second-chance contests. For more information, check out the official Florida Lottery station, CBS4.
Lotteries partner with sports franchises and other companies as prizes
It’s common for non-winning lottery tickets to end up in a wallet or trash can. Instead of letting these tickets sit in a drawer, consider offering second-chance lottery promotions. Without an official partnership, these programs can generate more customer engagement and drive more traffic to sports venues and storefronts. If a lottery winner doesn’t come to a live game, the tickets are still worth buying, and the business will benefit from the new customer base.
Scams surrounding lotteries
Scams surrounding lotteries are a common occurrence. Fraudulent lottery scams cost consumers millions of dollars each year. Fraudulent lotteries have become so prevalent that law enforcement has stepped up efforts to crack down on these schemes. However, these scams are still very common and many people are still falling for them. To avoid being a victim, you can follow a few basic tips from cybersecurity experts. To avoid falling for fraudulent emails, do not click on links or attachments in them.
