Tips and Strategies to Win at Powerball
We are not ones to look for get rich quick schemes, so we don't play lotto or those kind of games very often but we have to admit the potential pay off on Powerball makes it an attractive gamble with our lunch money. $500 million dollars or more would allow us to focus on BDSC 24/7, and the whole staff is excited at the idea of driving Lamborghini's to work. So we started researching for secrets on how to pick those winning numbers.
What is Powerball?
For those who don't know, Powerball is a paid game where you pick a series of numbers, hoping those numbers are drawn for a pay out. The odds of winning are usually in the neighborhood of 1 in 300,000,000. You actually have better odds of being hit by lightning, as those odds stand at 1 in 700,000 for any given year. But don't let the odds discourage you because the pay out can be huge, especially when no one wins in a given week and the jackpot keeps building.
Where Can You Play Powerball?
Powerball tickets are sold in 44 states, as well as Washington, D.C., the U.S. Virgin Islands, and Puerto Rico. The only states where tickets aren’t sold are Alabama, Alaska, Hawaii, Mississippi, Nevada and Utah. When the payout is big, tons of tickets are sold and since sales usually stop at least 59 minutes before the drawing, lines sometimes form close to the cutoff time.
So How Can You Win at Powerball?
To up our chances of a payout, we did some research on the methods used by previous winners. First, we came across some pointers from Richard Lustig who is a 7 time Lotto winner. Though it's not Powerball, we thought the information might relate. Anyone who has won seven times at any sort of gambling type game has to have developed a system. Richard has, and shared his insights. He doesn't believe in luck, on Good Morning America. His advice is as follows:
Pick your own numbers instead of having the machine do it for you
Research and see if your numbers have won before
Select your ten sets of numbers and keep those if you continue buying tickets
Buy as many tickets as you can afford
Play the same numbers every time
We kept researching and have developed a few rules to follow for picking those winning numbers. Here are a few tips and tricks we found:
Buy Your Ticket in the Right State
The first trick to maximizing your Powerball strategy is to purchase your ticket in the right location. Some states seem to draw more winning numbers and tickets. Pennsylvania leads the pack with 16 previous jackpot winners from the past 13 years.
Develop a Number Strategy
The most popular set of numbers played is 1-2-3-4-5. In fact, thousands of tickets are bought with this configuration every drawing. The statistics say it's a waste of money and terrible strategy. You should never choose all five numbers from one number group, such as all single digits, all teens, or all 20's, etc. So spread out your number picks to maximize your chances of a win.
Pay Attention to Number Groups
Looking at Powerball results from past winners will reveal a few clues. You will find that most often one, two, or even more of the number groups are not represented. For example, for the March 26, 2011 drawing the numbers picked were 04-10-11-19-33. As you can see, there were no twenties, forties, or fifties. Tracking and studying number groups from recent drawings can help you decide which groups of numbers to eliminate and which groups to pick extra numbers from.
The Odd Even Game Plan
Try to have a relatively even mix of odd and even numbers since only 4 percent of the time have all odd numbers or all even numbers been drawn . The best mix is to have 3/2 or 2/3 which means three odd and two even, or two odd and three even. One of these two number patterns have occurred in about 70 percent of drawings.
High Low Theory
Winning numbers usually spread across the entire 69 digit number field. If we take the number field and cut it in half, we have the low half and the high half. Numbers 1 to 34 would be in the low half, and numbers 35 to 69 would be in the high half. In only 4 percent of Powerball results have all high or all low numbers been drawn.
That means, yet again, the best mix is to have 3/2 or 2/3 which means three high and two low, or two high and three low. one of these 2 patterns have occurred in about 64 percent of drawings, so by mixing the high and lows with even/odds, you are getting closer to cracking the Powerball code and moving towards a winning number combination.
Additional Strategies and Bonus Tips
Avoid long series of consecutive numbers because the chance that even four consecutive numbers being drawn is a very slim probability. Most often only 3 or less adjacent numbers have hit .
On average, one number will be a repeat 38% of the time from the most recent drawing. 47% of the time no number will be a repeat. In the other 15 percent of drawings more than one repeat number was present.
Think about including some of the following numbers: 8, 54, 14, 39 and 13. These numbers are the most frequently drawn numbers.
Once you pick the five Powerball numbers you want to play, add them up and make sure that the sum of the numbers falls between between 130 and 221. That number range accounts for over 70 percent of all lottery jackpots won.
What Happens If You Win?
According to Market Watch, "every winner is subject to a 25% federal withholding tax. So that $500 million is reduced to $306 million". That would be before state taxes. And "for those who prefer the lump-sum payment, (it) really will be no more than $229.5 million". That's still nothing to sneeze at, but don't count your chickens before they hatch as the saying goes. You are going to have a lot of money, just not as much as you think.
Have a Financial Strategy
Suddenly having $200 million dollars is a lot to handle. Your first instinct might be to go spend a lot of cash on coke and hookers. Well actually, a lot of Lotto winners have done just that and ended up broke. Market Watch again reported on a couple of winners:
"Callie Rogers blew a 2003 U.K. lottery jackpot of $3 million on shopping, cocaine, friends and breast augmentation and told reporters two years ago she was working as a maid. William "Bud" Post squandered his 1988 Pennsylvania prize of more than $16 million on houses, vehicles and bad businesses before going bankrupt and serving time for firing a shotgun at a bill collector before his death in 2006"
Furthermore, the trend among winners seems to be that they struggle with the financial windfall and squander it away, often ending up broke. That means you need to have a solid financial strategy, good accountant, and be a little be leery of the suddenly new found relatives and friends knocking on your door. Consider this:
"Economists at the University of Kentucky, University of Pittsburgh and Vanderbilt University wanted to answer a public policy question: What happens when individuals in financial trouble are given large lump sums?"
The answer? More than 1,900 winners went bankrupt within five years. So the need for a sound financial strategy is obvious. That doesn't mean you can't have fun with you new found money, but a good financial advisor may be you best friend. Put some of that money away to gain interest, and be smart in what investment and business opportunities you gamble on.
If you do win using these strategies, we at BDSC think you owe us a cut.