Saturday 18 November 2017

Irish punters could win a mind-boggling €376 million on new Lottery website - but strings attached

Wealth, stock photo
Wealth, stock photo

Kathy Armstrong

A very lucky Irish punter could scoop up to €376 million as the record-busting US PowerBall game is now available to play here.

Irish people can now take part in the US PowerBall draw, 28 games from Australia and Europe, as well as the Irish Lotto on new website Lottoland.ie.

Lottoland chief Graham Ross spoke about the life-changing prizes that are up for grabs, but there are significant tax liabilities unlike the Lotto games here.

He said: "This is great news for consumers who love playing the lottery generally but who are going to be even more excited to be able to play the biggest jackpots in the world all quickly, easily and safely.

"And in the great value that Lottoland offers, particularly the €2 line on EuroMillions plus a US PowerBall special jackpot that is set to reach €467 million before the end of April, and it is clear why we expect huge interest levels right from the start."

Read More: 4 of the biggest lottery jackpots of all time

Mr Ross also spoke about what potential winners could splurge the PowerBall jackpot on.

He said: "Imagine being the new King of Leitrim and being able to buy every single person there a brand new car.

"Although I'm guessing most people, if they won, would go down the less quirky route of a brand new private jet, mansion, Premier League team and multiple holiday homes in exotic places.

"Whatever way you'd dream of spending it we're excited our jackpot prizes now dwarf those of the National Lottery, with the recent launch of WorldMillions being just one of many major innovations that will be introduced in 2017."

If you do get your hands on the winning PowerBall ticket, you should be aware that winners can end up having to cough up a fortune in tax.

The new millionaires are given just 60 days to decide whether they want to bank all their winnings at once or in 30 installments over the next 29 years.

While you might be keen to get your hands on all your money straight away, you will be taxed around 40% for the privilege.

If you opt the for annual payments you will pay 25% in federal charges and then around 5% every year after, though you end up better off financially in the long-run because your savings will rack up interest.

Even if the winner dies the taxes are still charged every year and then when the annuity period ends, the cash is handed over to their estate.
To date there have been almost 744,000 Lottoland winners, who have scooped €200million between them.

Last year a delighted player won the biggest individual prize of €22million.

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