Nowadays, there are plenty of lottery games played both online and at physical retailers, so the competition between the entities organizing them is big. This means that they have to prove themselves and work hard to earn the players’ trust to keep selling bets. In this article, we are doing in-depth research on how this lottery is played, what the odds are, and whether it is worth it or not, overall. So, let’s dive in.
The organization that is in charge of the Wisconsin Lottery is the Wisconsin Lottery. They are an entity established in September 1988. Since then, they have been running numerous lottery games. Their most popular lottery game is the Wisconsin Megabucks Lottery.
The Wisconsin Lottery launched this game on June 18, 1992, with the idea to have affordable prices, valuable rewards, and a fresh approach to how the lottery is played. These things brought the Wisconsin Lottery great fame, and it has been thriving ever since.
The Wisconsin Lottery uses a simple pool of numbers from 1 to 49 for a 6/49 format that is very easy to play. Upon purchasing your bet, you will have to pick six lottery numbers unique to you from the numbers from 1 to 49s.
However, the one unique sequence of winning numbers isn’t enough, like with most lotteries. With the Wisconsin Lottery, you will have to pick two of these sequences of six winning numbers per line. This way, your chances of winning are increased.
Instead of choosing yourself, you can have the system generate the two lines of winning numbers for you. In case you don’t know which numbers to pick, this may be the optimal solution. From a statistical standpoint, your chances of winning the jackpot are almost the same whether you pick your winning numbers or buy a bet with generated numbers.
Once you purchase the bet, you also need to tell the cashier whether you want to play the additional features of the lottery with your bet or not.
The EZ Match is a fun add-on that gives you five unique EZ Match numbers on your bet at the purchase time. These are random numbers that change with every bet. It costs $1 more to play it, and in case these 5 numbers match any of the numbers you have chosen to play, you win an instant cash prize. It is sort of a lottery within a lottery.
The odds of winning may not be the greatest globally, but they are much better compared to EuroMillions, Mega Millions, or the US Powerball. Namely, the chances of winning the Wisconsin Megabucks jackpot with the 6 numbers are 1 in 6,991,908. This is quite decent when we take into consideration the price of the bet and the minimum jackpot amount.
Plus, no other lottery offers two lines of play for the cost of one, for only $1. That is if we exclude the EZ Match feature from the bet price. Apart from the jackpot, there are other prize divisions the players can win by matching a certain number of digits on their bet.
So, as we said, for the top-tier prize, the odds are 1 in 6,991,908, and the jackpot is set at a minimum of $1 million. The players have to match all 6 numbers in order to win it. The jackpot doesn’t have a rollover cap so that it can reach some incredible sums, but even the initial amount is not to be underestimated.
The second-tier prize is $500 and can be won by matching five numbers out of the six. The odds for winning this prize are 1 in 27,101. The third tier prize is $30, and to win it, the players have to match four numbers. The chances of winning this tier are 1 in 517. As for the fourth and last tier prize, the chances of winning are 1 in 29, and the prize is $2, which we recommend that you invest in a new Wisconsin Megabucks bet. To win the last tier, you have to match three numbers from the six primary ones.
Ever since its launch, the Wisconsin Megabucks drawing has been set to twice a week. To date, the draws take place on Wednesday and Saturday evening at 9:00 PM (CST). The players can check the results after the draw on their official website as well.
So far, the largest jackpot ever drawn was in May 2015 is the prize amount of $22.2 million. A lucky high school teacher claimed the draw. He chose the cash lump sum instead of the annuity payment, so he ended up receiving $15.7 million after taxes.
As we mentioned previously, all lottery winners can choose the lump-sum payment or the annuity payment. The lump-sum drastically lowers the final amount that the winner receives, so winners are encouraged to take the annuity option.
The annuity option lasts for 25 years, and it is paid out equally in 25 payments, once every year.
The state of Wisconsin taxes its winners in the following amounts:
– If you are a winner of $2,000 or more, you have to pay 7.65% for the state tax.
– If you won over $5,000, on top of the 7.65% for the state tax, an additional 24% needs to be paid to cover the federal taxes.
So, if you win the jackpot, approximately 31.65% of your prize will go to the state and the federal government.
Unfortunately, even in times when almost all lotteries are offered online, available for anyone to play, the Wisconsin Megabucks lottery is not one of those. Namely, it is open only for Wisconsin residents, and you have to be in the state to purchase a bet and claim the prize. So, if you are from Wisconsin, definitely give it a go, and if not, wait until this lottery becomes available for online playing.
The Wisconsin Megabucks Lottery is definitely worth playing. It is rare that a lottery gives the chance to win over $1 million for only $1. And with your $1 bet, you get to pick two lines of numbers, doubling the chances of winning. We recommend trying the EZ Match every once in a while as well, because who would say no to some extra cash?