Wednesday, 24 Jul 2019

Winning the lottery is trillions of rupiah but it ends in bankruptcy


IllustrationIllustration -  Recently someone was declared a lottery winner worth USD 1.3 million or around IDR 23.4 trillion. But a study shows the winner whose identity has not been tracked might not be as fortunate as he thought.

The lottery prize swelled because 25 draws since the end of July failed to determine the winner. That much money makes the lottery prize one of the biggest in the world.

The record came in 2016 when prize money in Powerball, lottery games in 44 US states and Puerto Rico and Virgin Islands, touched USD 1.6 million or around IDR 24 trillion.

The opportunity to win the lottery is very small, which is 1 in 303 million. You are 400 times more likely to be struck by lightning than to reap the prize.

If all adults in the US buy one lottery ticket and each of them holds a different number, there will still be a bigger chance, around 7%, that no winner will be chosen so the bets will continue to grow.

But once a winner is announced and he claims a prize, a more interesting question arises. What will happen to all lottery money and the lottery ticket holder ?

The first thing that comes to mind, the value of the prize is huge. But in fact, the nominal received by the actual winner is less than that.

If someone takes his rights to the prize draw, he will not get a check that says IDR 23.4 trillion.

As a single winner, he can choose a one-time disbursement of USD 878 million or IDR 13 trillion or receive IDR 23.4 trillion in a year whose value progressively increases after 30 years.

After that, the tax authority will take some of the money.



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