Before you jump into playing Powerball or buying Powerball tickets, these are the mistakes to avoid and know about first.
Whether you’re buying Powerball tickets for the first time or are an avid player, there are just some best practices to follow. There are do’s and don’ts to playing Powerball. And today, we’ll share six mistakes to avoid when it comes to playing Powerball, buying tickets, and winning Powerball prizes.
1. Don’t Buy Into the Gimmicks
Some believe there is luck and mystique around how players choose their Powerball numbers. Others are downright superstitious about their digits, where they buy their tickets and routines. But in the end, there are no proven methods for increasing your chances of winning. Outside of purchasing more tickets (because the more you play, the better your chances,) there isn’t a way to gain an edge. Each Powerball game resets with overall odds of winning according to the following:
- Grand Prize 1 in 292,201,338.00
- $1 Million 1 in 11,688,053.52
- $50,000 1 in 913,129.18
- $100 1 in 36,525.17
- $100 1 in 14,494.11
- $7 1 in 579.76
- $7 1 in 701.33
- $4 1 in 91.98
- $4 1 in 38.32
2. Don’t Lose Your Powerball Tickets
Millions of dollars in Powerball prize money go unclaimed every year. So, when you play Powerball, don’t make the mistake of losing or misplacing your ticket. Put it in a safe and memorable place. Check your numbers when it’s drawing time. And be ready to claim your prize should you be a winner.
3. Be Smart About Your Finances
There are technically two mistakes to know about when it comes to Powerball and understanding your finances. For starters, recognize your current financial position to make sure you can afford to play Powerball without compromising yourself in paying bills or necessities. Remember, Powerball is a game that is intended to be fun. And it’s perfectly ok to not have the budget to play all the time. The second financial mistake to avoid involves winning Powerball and assuming you can handle the windfall without help. Whether you’re winning $50,000 or a multi-million dollar jackpot, seek the help of a financial advisor to stretch and make the absolute most out of your win.
4. Avoid Powerball Pools That Aren’t Well-Documented or Established
Another fun way to play Powerball is with a group of coworkers, colleagues, or friends in a Powerball pool. But beware. It would be a serious and face-palming mistake to jump in on an office pool that isn’t well thought out, with group agreements in place for how to handle any winnings. For example, you could agree to participate and then face dramatic consequences with disagreements or misunderstandings about how to split or payout the prize.
5. Keep Any Good News to Yourself
Should you find yourself holding a grand prize Powerball winning ticket, fight your urge to scream from the rooftops. In fact, it would be a Powerball-playing mistake to share your windfall with the world, especially before verifying and claiming your prize. Past Powerball winners have become the subject of scams and unsavory family drama because of their jackpot wins. It’s best to keep your win to yourself and only among a close-knit group of family or friends.
6. Don’t Try to Handle a Jackpot-Winning Situation Alone
Yes, it’s best to consult a financial advisor about how to save, spend, and invest any Powerball jackpot you win. But there are other reliable professionals who can help guide you through the deliberation process and make the best decisions. An attorney can help you do the math on taxes, for example, and help you decide whether to take the lump sum or set up scheduled annuities. An accounting professional can be helpful, too, especially when it comes to finance management and tax filings over time. Whoever you bring in to help, just make sure they’re experienced in wealth management and have your best interest in mind.
Get out there, play Powerball, and have fun! Just remember these common mistakes to avoid so you can dodge hassles when buying, playing, or winning Powerball.