Difference between American & European lotteries.Did you know that some of the top paying lottery draws in the world are hosted in Europe and America?
There are just as many similarities between them as there are differences.
Similarities between European lotteries and American lotteries
The MegaMillions and Powerball are the most popular lotteries in the United States, while the EuroMillions hold most records in Europe. The Spanish El Gordo and El Nino are played after slightly different rules, but they are also responsible for amassing some of the largest prize pools in lottery history. All of these lotteries have in common the fact that they are state franchises, and closely overseen by the authorities, whether a private contractor organizes them or not.
Neither MegaMillions nor the Powerball have a jackpot cap, and in theory the prizes can grow indefinitely whereas the EuroMillions has been capped at €190 million. The record for the largest single ticket price ever won is still held by the European lottery despite this cap, but the Powerball shattered this record in 2012. Another important difference has to do with the manner in which the authorities collect their share, with American lottery jackpots being taxed by the IRS.
Most European lotteries are still tax-free, although both the Spanish El Gordo and El Nino jackpots with the text starts in on January 1, 2013. Prizes are awarded to winners in the form of annuity in the United States, unless the lucky player chooses to receive the lump payment. If this is his decision, then the total amount is further taxed, and in the end the winner receives around half of the total jackpot. In European lotteries, the standard payout is a lump sum, that is credited the player’s account immediately after he has been confirmed as winner.
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