Lottery Ticket Price Comparison
Our team was doing a bit of a review over the last couple of weeks on what online lottery providers charge for lottery ticket costs. The reality is, these guys are in business to make money, so it is only fair that they make something. Most of them set a price and don’t get into any lottery ticket price increases. Most companies have specific rates for their different lotteries though it seems more related to the services they provide then a common market denominator. Let’s take a look.
Take US Powerball Lottery Ticket Costs
Our team decided to pick one lottery and look at the different costs and options offered by various online lottery providers. Wintrillions.com charges $9.25 per line with a minimum buy-in about 2 weeks or 4 draws. TheLotter.com offers a minimum 3 ticket lines at one time buy in for $15.00. They also offer the ‘Power Play’ option at $2.50 a line which can multiply any win excluding the jackpot up to 4 times. Playhugelottos.com charges £3.60 (USD 5.79 at today’s exchange) for one ticket line with an additional £1 per multiplier. It also allows a player to choose how long they’d like to play.
Price of a US Powerball Lottery Ticket
Firstly of all, if you do play US Powerball and do not live in the United States, then there is no way you are going to run out to a local retailer and buy a ticket. If you could, you’d be paying $2 for per ticket line plus $1 for the ‘Power Play’ which multiplies prizes by 2, 3 or 4 excluding the jackpot. That means the second prize if the number 3 is used would not be simply one million, but three million.
How Else Do They Make Money
Wintrillions.com and TheLotter.com do not take any percentage of any win. Don’t forget wins under $600 are tax-free with both state (in most cases) and federal tax applying to prizes over that sum. PlayHugeLottos.com does take a 10% agency fee for amounts over £1000, €1000 or US$1000.
Bank Charges at Online Lottery Providers
Wintrillions.com says they don’t take anything, though your bank might charge you a fee for receiving the money (mine did as it came in, in a different currency). They say it’s all part of their service fees in purchasing the original lottery ticket. TheLotter.com definitely charges for bank transfers. Playhugelottos.com also charges for bank transfers. Keep in mind, if you win that big jackpot, get ready to jump on a kerosene canary (that’s an airplane). Most online lotteries require you to go pick up your big win.
How Long Do I Have to Wait
Now you’re wondering how long do you have to wait for your money. With any big jackpot, you are going to get it yourself, so that depends on how long it takes to get your flight. Pretty well all online lottery providers we’ve looked at will arrange for someone to meet you to deliver your ticket to you for collection. In most cases, they will help facilitate this. Otherwise, it can be between 2 to 10 days while the company processes your wins from your online account to your actual bank account.
In most cases, this is after you say ‘give me my money’. For most wins, the amount is in your online account the following day. For larger wins and let’s go back to US Powerball which means over $600, there is a form to complete for tax purposes.
The Bottom Line on Ticket Prices
For now, I’ll stick with TheLotter.com as they have been my provider for years and I am happy with them. The other lottery provider services offer a few things that I might have to think further but not today. Whoever you chose to play with, make sure you understand what they are charging against what they offer. And have fun playing! You can’t win if you don’t play!