RALEIGH, NC (WTVD) — The North Carolina Education Lottery has just introduced an easy and fun new way for you to gamble without even leaving your seat! Called digital instants, it works through their website or app allowing users to open an account, deposit money into it and then start playing!

If you win the lottery, your after-tax winnings may arrive immediately if you opt for a lump sum payout or over time with an annuity option – each approach offers its own set of advantages and disadvantages.

As soon as a jackpot reaches eye-popping proportions, like Powerball’s $1.765 billion prize in October 2023, many rush out to purchase tickets en masse. But more is involved than just picking all the winning numbers; understanding lottery formulas and taxes is vitally important for winning such huge sums of money.

Consider this to get an idea of your odds: the prize pool for lottery games is determined by ticket sales; 65% goes directly into the prize fund while 24% supports state initiatives, with operating costs and retailers’ commissions covering any shortfall. Ultimately, your amount won is calculated using what would have been received had this prize pool been invested as an annuity over 29 years.