Bank a Million Review
What’s one of the most annoying things linked to winning a big lottery prize? Relatives asking for money? It could be, but there’s something even more annoying – paying taxes on the amount you’ve won. Once Uncle Sam is done with you, chances are that you’ll get a sum that’s significantly lower than the one being advertised by the lottery.
Virginia Lottery has come up with a solution for the problem. The solution is called Bank a Million and it’s a pretty new game that’s gaining popularity quickly.
Bank a Million: Brief Overview
Bank a Million is a new game that was launched in August 2015. The main premise of the lottery makes it different from everything else currently available for players to try.
Bank a Million features a top price of 1 million dollars. This is the amount that the player receives rather than the advertised jackpot. Virginia Lottery is responsible for handling the taxes, which gives winners access to the entire amount.
There’s one cooler characteristic that makes Bank a Million different from other lotteries. The regular ticket costs 2 dollars, but Virginia Lottery has come up with several alternatives for players. Apart from opting for a 2-dollar wager of 6 numbers, the players can choose two 1 dollar wagers or four 0.5 dollar wagers. The only difference between the options is that the bigger number of wagers comes with a smaller top prize.
Is Bank a Million a Scam?
Bank a Million sounds too good to be true, but it’s not a scam. The game is the newest addition to the portfolio of Virginia Lottery – an independent agency that was formed in 1987 by the Commonwealth of Virginia.
Apart from being responsible for organizing lotteries and setting up the prize funds, Virginia Lottery is also the entity that dedicates some of the proceeds to good causes. Most of the charity funds raised through ticket sales go to support public education initiatives.
Virginia Lottery has a number of very popular games in its portfolio. Apart from Bank a Million, the organization is also responsible for Pick 3, Pick 4, Cash 5, Millionaire Raffle Cash4Life, Mega Millions and Powerball.
All of these games are very popular among people in Virginia. In 2015 alone, Virginia Lottery sold tickets worth more than 1.5 billion dollars and it generated over 533.8 million dollars for public education initiatives. More than 60 percent of the funds generated through ticket sales were paid out in the form of prizes.
How to Play Bank a Million Virginia?
Bank a Million Virginia drawings take place two times per week – on Wednesday and Saturday. A single ticket costs 2 dollars (per one line) or it can be split in several smaller wagers.
To play, ticket buyers need to choose 6 numbers from a pool from 1 to 40. In order to win the million-dollar jackpot, players should match all of the 6 numbers for the respective drawing.
Apart from the 6 main numbers drawn, there will also be a bonus number for each drawing. This bonus number is used to determine some of the lower prize tiers. Players do not mark the bonus number on their ticket. It should simply appear among the set of 6 numbers on the ticket.
Apart from the jackpot, Bank a Million offers 7 additional prize tiers.
Prize Tiers and Odds
The odds of winning the million-dollar jackpot in Bank a Million are 1 in 3.83 million. The total prize is 1.4 million dollars and it’s obvious that the portion of the sum above 1 million is dedicated to taxation purposes.
|6||1 in 3,838,380|
|5 + Bonus Ball||1 in 639,730|
|5||1 in 19,386|
|4 + Bonus Ball||1 in 7,754|
|4||1 in 485|
|3 + Bonus Ball||1 in 363|
|3||1 in 35|
|2 + Bonus Ball||1 in 47|
As already mentioned, players can choose one six-number wager for 2 dollars, two six-number wagers (each worth 1 dollar) or 4 wagers, each worth 0.5 dollars. The value of the wager will be determined for the maximum price.
A one-dollar wager comes with a jackpot of 704,226 dollars. The highest jackpot for a ticket featuring 4 wagers is 352,113 dollars.
The second prize tier is handed to the individuals that have 5 correct numbers and the bonus ball. The odds of this happening are 1 in 639,730 and the top prize for a single wager is 20,000 dollars. Five correct numbers guarantee a prize of 2,000 dollars and the odds are 1 in 19,386.
Four correct numbers and a matched bonus ball produce a prize of 400 dollars and 4 correct numbers lead to a prize of 40 dollars. The odds are respectively 1 in 7,754 and 1 in 485. Three correct numbers and a bonus ball produce a prize of 40 dollars, as well. The lowest two prize tiers are 8 dollars for 2 numbers and the bonus ball and 4 dollars for 3 numbers.
The overall odds of winning anything in Bank a Million are 1 in 18.3, which is pretty impressive.
Some Information for Bank a Million Winners
As already mentioned, Virginia Lottery takes care of taxes, which is why you will end up banking 1 million dollars (literally!) by winning the jackpot. Players have 180 days from the date of the drawing to claim their prize.
The sums of 600 dollars or less can be claimed at any licensed ticket retailer. For sums of up to 5,000 dollars, players can choose between cash and a Visa debit card payment for added convenience. Prizes that exceed 600 dollars can be claimed at a Virginia Lottery customer center.
In order to make a claim, players should provide the signed ticket, a government-issued photo ID and acceptable SSN documentation.
Can Bank a Million be Played Online?
Currently, Bank a Million is only available on the territory of Virginia and the lottery cannot be played online.
Both residents and visitors of the state can play the lottery if they’re currently in Virginia. The same applies to non-US residents who are in the state.
The Bottom Line at Bank a Million Virginia
Bank a Million is a new game that has a cool concept. This is the main reason why it has been gaining popularity fast. If you’re still reluctant about giving the lottery a try, here’s a summary of its biggest advantages:
There are 2 drawings per week
Ticket prices are relatively low
The ticket price of 2 dollars can be split between 1 and 4 wagers
A jackpot of 1 million dollars after taxes is won by the player
Bank a Million has pretty favorable odds of winning any prize
There are 7 lower prize tiers, some of them featuring nice awards
Some of the money generated through ticket sales goes to support good causes
Virginia Lottery offers a convenient Visa debit card payment option
The shortcomings of Bank a Million aren’t that many and they don’t really affect the quality of the game. A few of the most prominent cons include:
Tickets are only available for purchase online on the territory of Virginia
The game doesn’t feature massive jackpots – there’s just one fixed sum
Some of the lower prize tiers aren’t that impressive
Taxes are still owed on the prizes
Overall, Bank a Million is quite fun and different from other lotteries. It gives players the guaranteed jackpot and there are several wager possibilities. These characteristics alone make the Bank a Million Virginia Worth a try. There are several other great features that have quickly won our approval for this lottery.