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It's raining money! What is a Lottery?

As appealing as it sounds, money rain is one of the most absurd ideas all of us have had a thought about for once. Money has power and power is all we want, not to forget the luxurious high-end vacation we want in Bora Bora. The concept of raining money is perfectly applicable to the winning of a lottery! Lottery is absolutely our knight in shining armor, the brightest light in the dark and the dream of every human who is breathing and alive. It has the power to transform our wishes into reality. But guess what, it’s all about the luck!
Lottery refers to the national gambling scheme created by the government by using different combinations of numbers to form lottery tickets in large amount. People can buy these tickets from stores or by the newly launched technique which is ‘Jackpocket,’ it provides easy accessibility and allows the public to buy tickets from smart phones in USA. All the 44 states, Puerto Rico, District of Columbia along with US Virgin Islands manage and run the lotteries in USA, although, there is no national organization in operation.
Considering USA, usually, two types of different modes are governed through which people may win many prizes in the form of money. These two games involve:
         Powerball created in April 19, 1992.
         Mega Millions began in 1996.
Lottery tickets that win are drawn on Wednesday and Saturday at 10:59 pm Eastern time. The largest amount of money to be ever won through lottery is $1586.4 million. It was drawn by Powerball in January 13, 2016.
Reasonably, taxes are applicable on all the prizes won and are to be immediately recounted to Internal Revenue Service (IRS) if the lottery is at minimal of $600. Mostly, IRS withholds 25% of the money won through lottery which should be more than $5000. Whereas, 30% is withheld on prizes of non-residents lottery winners of USA at minimum of $600.

People around the world have been engaging in the vast business of drawing lotteries and many have been the luckiest to win Jackpots. It is not always a win of millions; many small prizes are on the line too. Get a ticket and try your luck! Maybe, it's your day. 


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