How lottery started?

Florida lottery game is a regulated lottery system by state of Florida. It was launched on 1988 with headquarter in Tallahassee ,Florida with a motive of funding the education system.

Types of games offered.

Florida lottery offers eleven games:

• Cash4life
• Mega Millions
• Pick2
• Pick3
• Pick4
• Pick5
• Powerball
• Florida lotto
• Jackpot triple play
• Fantasy 5
• Cash Pop

 Cash4life

Rules:

Cost per lottery ticket drawing is 2$. You have to pick 5 white balls from 1 to 60 in main field and one number from 1 to 4 from second field (cash ball). If all five numbers and cash ball matches one wins. If more than one player wins prize is shared. First prize is 1000$ per day for life or 7$ million cash. Second prize is 1000$ per week or 1$ million cash. Further matches offers very less prize amount.

Odds of winning:

1. 1. 5 white balls and cash ball: 1:21846048(first prize)

1. 1. 5 white balls : 1:7282016(second prize)

 Mega Millions

This game was introduced in year 2013. Players have to pick 5 white balls from 70 and Mega ball from second pool out of 25. Cost per lottery ticket drawing is 2$. Perfect match has first price of 40 $ million. Lottery drawing is done every Tuesday and Friday nights at 11:00 p.m.

Odds of winning

For jackpot odds are 1: 302575350.

Pick2

It involves drawing two ball from two different ball machines each having balls numbered from 1 to 9 . anyone one that matches the number (in any order). wins 50$ on lottery ticket of 1$. It started in Florida in 2016 and lottery drawing is done everyday at 1:30 PM.

Odds of winning : 1: 100

Pick 3

Pick 3 is drawn just after Pick2 game. Rules are same as Pick 2, only difference is it involves drawing ball from three different chambers. On match one wins 500$ on lottery ticket of 1 $ ticket.IN 2010 1 off selection was added giving option +1 or -1 to a digit giving 26 extra options, but price would than come to 250$ instead of 500$.

Odds of winning : 1: 1000

 Pick4

Just like Pick3 , Pick4 is drawn just after it during alive broadcast. It involves drawing from a four chambered machine having ball numbered from 1 to 9. If there is match in order one wins 5000$ against lottery ticket pricing of 1 $.

Odds of winning: 1:10000

 Pick 5

This drawing was started in 2016 in Florida lottery. Draw is executed just after the Pick4 draw. It involves drawing 5 numbered balls from five different chambers. For perfect match in order one wins 50000$ against lottery ticket pricing of1$

Odds of winning: 1:100000

Powerball

Powerball was made available in Florida since 2009 an drawing venue is Lottery’s Tallahassee headquarters. Powerball drawing is done on Monday Wednesday and Saturday at 10:59 P.M. In this Lottery system player has to draw 5 white ball from from chamber with balls from 1 to 69 and a red ball from a chamber having balls numbered from 1 to 26. Each draw cost 2$. Power play can be added by paying additional 1$. The Powerball Jackpot winners get amount of 40 $ million.

Odds of winning: 1:292,201,338

Florida Lotto

IN this lottery player has to draw six numbers from 1 to 53. Addition drawings are also held under Double Play rule at ticket of 1$. Drawing are held Wednesday Saturday night. Odds and prizes are as follows:

Jackpot triple play

In this lottery player has to draw six balls numbered between 1 to 46. Cost of ticket is 1 $ . If player pay additional 1$ then he can avail Combo option by picking another six balls. Jackpot amount is not fixed rather changes from 250,000$ to 2$ million. Jackpot triple play drawing is done every Tuesday Friday during live casting at 11:15 p.m.

 Fantasy 5

Fantasy 5 lottery is drawn twice every day at 1:05 P.M. and 11:15 P.M. Rules involve drawing five balls from a single machine numbered from 1 to 36. Winner decision depends on outcomes as price pool size is fixed to 100,000$. This amount is distributed among winners with all five matches in any order. But if no one get perfect 5 match then price pool is rolled down to 4 out of 5 matches.

 Cash Pop

It is drawn five time ever day at 8:45 a.m., 11.45 a.m., 2:45 p.m., 6:45 p.m. and 11:45 p.m. It is a single digit game. Player has to draw a number from 1 to 15 and if that number matches  the winning number then he gets the reward printed in the ticket. Highest prize is 1250$ on a ticket of 5$. Other ticket options are 1$ and 2$.

Taxation

Lottery agency have to withhold 24% of winning above 5000$ for taxation. If winning changes your tax bracket then difference between withhold amount and actual tax is to be paid. Tax amount also varies on type of payout chosen. Lump sum payout may bring you in highest tax bracket of 37% however on choosing annuity payout, winnings are paid for 29 years with interests and may not put you in higher tax bracket depending on the size of winning and your other source income.