NY Lottery

Playing lottery competitions has been a popular past time for millions of individuals across the globe, however, the NY lottery is by far one of the most famous and highest-paying competitions in existence.

 

NY Lottery balls

The NY lottery was founded in 1967, with 60% of the population voting in favour of the state-wide game.

The NY lottery was officially founded in 1967, with 60% of the population voting in favour of instituting this state-wide game. All proceeds were (and are still used) to benefit education within the state, and at present the NY lottery has generated more than $34 billion towards educational revenue.

Retailers have had a significant hand in the NY lottery over the years, and now more than 16,500 private businesses sell lottery tickets. Each retailer receives in return a 6% commission on the sale of these tickets. This is one of the key reasons that the NY lottery has proven so immensely popular; it is one of the most widely available lotteries in the United States. In fact, the NY lottery is the top-selling lottery in the country. The rewards offered have always been substantial, however it must be remembered that taxation has historically played a powerful role in ultimately determining the amount a winner will actually take home. For example, a single individual won a lump sum of $100 million in the year 2000. He opted for a one-time payout rather than a payment plan. Out of the $100 million, he received a total of $27 million.

Nonetheless, the NY lottery has continued to prove quite popular, and this phenomenon is partly due to the wide variety of games available. Two of the most popular games currently played by countless contestants are Powerball and Mega Millions. The minimum advertised jackpot for Powerball is $40 million, while the minimum jackpot awarded for Mega Millions is $12 million.

While the sizable sums of money awarded may be one reason that so many New Yorkers play the lottery, the variety of exciting games to choose from is also why the NY lottery continues to be the highest-selling lottery within the United States.

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