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Everything is also simple. The main are Powerball and Mega Millions lotteries. The ticket price is from 5 to 7 dollars depending on intermediary. Draws take place 2 times a week and jackpots regularly exceed $ 100 million. Record win at Mega Millions, the world’s largest lottery, totaled $ 1 billion 600 million! The American Powerball jackpot is slightly less – $ 1 billion 580 million. The chances of winning Mega Millions’ jackpot are higher, but each Powerball win is 2 times larger. Situation with taxes is more complicated. You will have to pay 2 taxes just in the USA plus 1 tax at the place of residence:
- USA Federal tax is 39.6%
- State tax is 0 – 14%
What Is an Online Lottery Agent?
There are two types of companies through which you can buy online lottery tickets.
A lottery agent is a company that actually goes and purchase a ticket for you.
For instance, if you buy a MegaMillions ticket, the company will send an agent to a local retailer of MegaMillions in order to buy a ticket and fill out the numbers you selected.
In many cases, they will then scan the ticket and upload it to your account for you to see as proof.
The company will store the ticket until the results are publicized, and if you win, through various methods they will either get you the money or get you the ticket so you can redeem it.
On the other hand, there are companies which are not actual agents; rather, their function is to allow you to «bet» on the result.
For instance, if you «buy» a MegaMillions ticket through one of the best online lottery sites, they will not actually buy the ticket.
f you win, they will pay you from their own accounts.
These sorts of companies make more money off your purchase because they never actually buy the ticket themselves; but on the other hand, they pay very high insurance fees in case someone wins and they actually have to pay back a massive amount.
Such companies can offer bonuses, unlike lottery agents, but the risk tends to be higher.
Foreign lotteries rules for playing through an intermediary
- The intermediary company has special software that collects all ticket providers and current customer orders into 1 system.
- The reseller receives daily ticket orders from intermediary’s customers.
- He copies every order from the program, enters customers’ numbers into his lottery terminal and receives a ticket.
- Then he scans the tickets and loads pictures into the program. The originals are put in a safe.
- Tickets’ scans are automatically sent to customers.
- After the draw, the distributor cashes the winnings and transfers it via bank payment to the intermediary company. And intermediary distributes winning to customers.
- For its services, the distributor receives about 10 cents per ticket, plus 10-20% from lottery organizer.
- The intermediary company, on whose website you can place an order, earns on reselling tickets 2-3 times more expensive. But they do not take commissions from the amount of the gain and bear the costs of organizing the entire process.
- A very expensive license (usually from the British Gaming Commission) guarantees honest game for all participants.
- All winnings, including the jackpot, will be transferred to the player’s bank account (no need to go to the country of the lottery drawing).
Businessmen from Europe and USA understood a long time ago, that working honestly can earn more in the medium and long term.
What Is a Lottery Syndicate?
A lottery syndicate is a group of people that split the cost of a lottery ticket and all its potential winnings.
This makes playing the lottery cheaper and increases your chances of winning, though the winnings will be smaller.
For instance, say one lottery ticket costs $10.
A lottery syndicate of 300 people might buy 10 lottery tickets per day.
Over the course of the month, this adds up to 300 lottery tickets for $10 per person.
This gives every individual in the syndicate 300 chances to win for only $10.
On the other hand, if one of the syndicate’s ticket happens to win $15,000,000, each member of the syndicate will only receive $50,000.
Most of the best online lottery sites offer a predefined or a custom lottery syndicate option.