Don’t Throw Away Your Powerball Ticket! Discover Why Even Losing Tickets Could Be a Smart Check | CNN Business

Winning the Powerball is exciting, especially with a prize of $1.8 billion up for grabs. However, not all jackpot winners claim their tickets. In fact, many prizes go unclaimed every year.

According to studies, about 1% of yearly lottery revenue goes unclaimed. Victor Matheson, an economics professor and lottery expert, states that this translates to over $1 billion in lost winnings across the country. A report from the New York Lottery Commission backs this up.

One notable unclaimed prize was from a winning ticket sold in Huber Heights, Ohio, in July 2024. The ticket was worth $138 million, with options for payments over 20 years or a lump sum of $65.8 million. Disappointingly, it remains unclaimed.

Over the last 25 years, eight Mega Millions or Powerball jackpots have gone unclaimed, amounting to a combined total of $646 million. That’s roughly $821 million when adjusted for inflation, a significant sum considering it’s only 1.5% of all jackpots during that period. Most unclaimed prizes tend to be smaller, with many players unaware that they’ve won anything at all.

Matheson believes many players simply don’t check their tickets after hearing there was no jackpot winner. They might not realize they matched numbers that still earn them a prize. For instance, a ticket matching just the Powerball number can earn a player $4, while matching five regular numbers can lead to winnings of $1 million or more, especially when additional options are added.

Different states have various deadlines for claiming prizes. Powerball’s website lists unclaimed prizes, showing how long winners have to claim their money. Just recently, a $50,000 ticket sold in Covington, Louisiana, expired without being claimed.

Interestingly, most lottery revenue—around 70% of the estimated $110 billion—comes from instant scratch-off tickets, not jackpot games. Matheson suggests that fewer of these smaller winning tickets go unclaimed because players know the results more quickly and are less likely to forget their tickets.

This trend brings to light an interesting aspect of human behavior. Many players buy lottery tickets with dreams of hitting it big but may overlook the smaller opportunities. Awareness might encourage more players to check their tickets thoroughly, ensuring they claim every cent they’re entitled to.

So, if you play the lottery, always check your tickets! You might be sitting on a win without even knowing it.

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