The Megabucks Lottery: Some Do's And Don’ts

Every lottery has a laundry list of dos and don’ts attached to it, and Megabucks is no exception. “Don’t buy at this convenience store,” some would advise. “Bet on these numbers when it’s this time of the month,” others would auger. While many of these ‘tips’ are largely based on speculation and superstition, there are some very practical things for you to keep in mind when playing in the Megabucks lottery.

Do Have Time to Enjoy Your Megabucks Winnings

Most lotteries give you two options – lump sums and 20- to 30-year annuities – when claiming your jackpot. The Mega bucks lottery does the same, with one notable exception in the Massachusetts Megabucks, which only offers annuities. When betting in Megabucks (or in any other lottery for that matter), make sure that you’ve got enough years to fully enjoy your money.

Take, for example, the 2004 case of Louise Outing, a retired Massachusetts waitress. At (then) 94 years of age, you could hardly expect her to wait the 20 years necessary for her entire $5.6 million jackpot to be paid off by the annuity. She filed a court case to make Megabucks authorities pay the whole sum upfront, but the judge ruled against her. If you’re going for the big bucks, just see to it you’ve got the time to make the most of it.

Don’t Promise Your Megabucks Winnings to Anybody

This goes if you’ve won any lottery, whether it’s a Division 7 prize in Australian Oz Lotto or the Megabucks jackpot in Wisconsin’s Megabucks. It shouldn’t come as a surprise to you that family and ‘friends’ suddenly come crawling out of the woodwork once your windfall becomes known. But this doesn’t mean that you should go around pledging your money to them, no matter how small the amount might be.

Mega Millions jackpot winner Keith Bryce learned this lesson the hard way. Soon after he claimed his money, he gave $10,000 apiece and other gifts to his mother and siblings, along with the promise of more to come. Three years after winning, Bryce is almost broke and back in the job that he quit when the millions came in. You could easily fall into the same story if you promise your Megabucks money to friends and relatives.

Do Be Wary About Spending It All

For one thing, you’ll most likely have to pay taxes on your winnings from Mega-bucks or any other lottery in the United States. Your jackpot will seem more curse than blessing if it turns out that you’ve spent everything and thus have to pay the hundreds of thousands of dollars in tax out of pocket.

Society also doesn’t seem to take very well to previous lottery winners who’ve spent all their money away and are back in the poorhouse. Such is the case of Michael Carroll who won not the Megabucks jackpot but the $15.4 million British National Lottery prize. He quickly spent it on luxury cars and jewelry. A 2006 documentary tells the story of how Carroll, now almost broke, has to pawn his stuff just to maintain the luxuries he bought.

Previous Mega-bucks millionaires claim that winning the jackpot is a great opportunity to try new things and take life in a new direction. If you’re fortunate enough to win the Megabucks jackpot, just remember that it’s something you can enjoy for the rest of your life and not just for the next 365 days.

By: Richart Rick

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Richart Rick is an expert author. He writes on topics related to gambling, online lottery etc. To know more about Megabucksand Wisconsin’s Megabucks log on to - thelotter.com/