Historically, lottery has been recorded in China as early as the Han Dynasty with keno slips being written down. Various states have their own lottery, which differ in odds and tax requirements. There are also several multistate lotteries, which have different odds of winning. These are typically organized by governments, which endorse or outlaw them.
First recorded signs of a lottery are keno slips from the Chinese Han Dynasty
Several records indicate that the first recorded signs of a lottery were keno slips from the Chinese Han Dynasty. These slips are believed to have been used in the financing of the construction of the Great Wall of China.
Lotteries are typically used to raise funds for public good works. Prizes can include ready money, valuable commodities, and other goods of value. They are commonly organized in the form of a “50-50” draw, or a draw in which the prize value is equal to the amount of money raised.
The first lottery in Europe was held during the Roman Empire. It was a popular form of entertainment during dinner parties. It was used to raise money for public good works and for town fortifications. Usually, each guest was given a ticket when they arrived at the party.
Multistate lotteries have different odds
Purchasing a lottery ticket is a surefire way to lose money. Although there are numerous state run lotteries, the largest number of lottery tickets are purchased by players in Illinois, Michigan and Pennsylvania. The North American Association of State and Provincial Lotteries reports that the sales of state run lotteries increased by nine percent in fiscal year 2006. These lotteries are run by myriad state governments, a plethora of which are clamoring to have their own in the state of California.
The largest prize pool in the multistate lotteries of the world can be as much as hundreds of millions of dollars, but that’s not the only reason to play the game. Many state lotteries also offer a third-chance drawing, which is a no-brainer.
Taxes on winnings in Kansas
Those who win lottery prizes in Kansas must report the winnings as income. In some cases, the Kansas Department of Revenue may withhold more than 30% of the prize amount. If so, you may receive a Form W-2G showing the amount of taxes withheld.
Kansas Lottery winnings are taxable at the state and federal levels. The lottery is supervised by the Executive Director and the Lottery Commission, both of which are appointed by the governor. Each has four-year terms.
Winnings are taxed at the federal level, with a top tax rate of 37 percent. For lottery winnings over $5,000, a mandatory withholding of 24% is required. If you win a jackpot, the federal taxes may be refundable.
Latest big winners
Several big lottery winners have faced personal setbacks after winning their big lottery prize. Some of them have spent their winnings excessively, and some have fallen prey to scams. Some of the biggest lottery winners have actually ruined their lives.
A retired bus driver from Kilsyth in Lanarkshire, Hugh Lundy won a PS2 million jackpot in May 2014. He plans to spend a portion of the money on vacations. However, his plan of giving some to charity is not yet clear.
In the United States, the Powerball is a popular lottery. It is one of the biggest lottery games in the world. Powerball draws take place every Wednesday at 10:59 p.m. During the draw, players can choose to play Powerball, the jackpot number, or Power Play, which will increase their winnings by as much as three times.