6 Secrets Lottery Winners Won’t Tell You: What You Should Know
Whether you play scratch tickets or the Powerball, the prospect of winning a huge jackpot is very appealing. Perhaps it’s unsurprising, then, that Statista reported Americans spent nearly $108 billion on state lottery games in 2022 alone.
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While your odds of becoming a big winner are slight, you might not know exactly how to increase your chances — or properly handle everything if you do win. Here are six secrets from lottery winners about using the right strategies and understanding the challenges winning can bring.
1. Just One Sure Thing Increases Your Odds
Some lottery winners swear by using certain number-picking strategies. For example, seven-time lottery winner Richard Lustig has recommended sticking with the same numbers and avoiding quick-pick options.
But the truth is that everybody has the same odds of winning a particular game. Only increasing the number of tickets you buy will help your chances, and your odds can still be extremely low, especially for major jackpots.
However, you can research different lottery games and choose those with the highest odds. And to reduce the chance of having to share a jackpot, pick your numbers wisely. When interviewed by CBS News, Mark Glickman, a Harvard statistics lecturer, recommended random numbers over birthdates.
2. You Might Get a Second Chance to Win
If you have a losing ticket, don’t be so quick to throw it away. Your state’s lottery might have a second chance program that could land you an alternative prize.
Participating usually requires mailing in the losing ticket or entering information online. The Ohio Lottery even has an app where you can scan your ticket and participate in its rewards program. Just check your state’s rules on which lottery games qualify.
3. Being Careful With Your Ticket Is Key
As several lottery winners have learned the hard way, losing a lottery ticket can be too easy. You might accidentally throw it away or simply misplace it around the house. Either way, you can be stuck unable to claim your winnings.
Another mistake is handing the ticket over to someone else. In one 2012 case, Etta May Urquhart of California trusted her son to redeem her $51 million winning ticket for her. Unfortunately, she ended up having to sue him after he redeemed it and kept much of the money for himself, per Reuters.
4. Staying Quiet Can Save You Trouble
If you’re excited about your lottery win, you might feel tempted to quickly share the news with everyone and make media appearances. However, doing so can lead to much bigger problems than having a lot of people bug you for money.
Unfortunately, you can become a target of scams and even violent crimes. For example, Urooj Khan, an Illinois man who won $1 million in 2013 from a scratch-off ticket, mysteriously died from poisoning shortly after this win, according to Chicago Magazine.
One challenge is that only 16 states allow lottery winners to stay anonymous. It still helps to at least keep the news quiet before you redeem your ticket, though.
5. You Need Professional Financial Advice
As soon as you win, you should consult with financial professionals so you know how to best take the payout and manage your new wealth. The same goes for other windfalls you might receive.
This includes deciding on taking a lump sum or annuity and considering the associated tax effects. You’ll also want advice on investing your money and making it last.
California Powerball lottery winners Mae and Marvin Acosta did just that when they were among the three winners of a $1.6 million jackpot. They met with multiple advisors who helped them decide on a lump-sum payout, as NBC detailed.
6. Winning May Not Change Your Life Like You Think
You might picture winning the lottery and quitting your job, traveling the world and buying everything you’ve ever wanted. However, the cash doesn’t fix all your problems — and may actually create new ones.
Corresponding with Fox News, Iowa Powerball winner Timothy Schultz offered this caution: “Money doesn’t change who you are as a person. If you were unhappy before, you might be unhappy after.”
Losing it all comes easy enough, too. You’ll find many stories of lottery winners who went broke due to poor financial decisions such as major impulse purchases and reckless investments. Some got defrauded or exploited, while others faced broken relationships, addictions or health issues.
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This article originally appeared on GOBankingRates.com: 6 Secrets Lottery Winners Won’t Tell You: What You Should Know
