A staggering $200 million is up for grabs in Powerball draw 1446 tonight, making it the biggest jackpot offered in Australia’s history.
Up to half of the country’s adults are expected to buy a ticket in the draw as Powerball fever sweeps Australia.
But there’s a little-known catch that could stop you taking home the division one prize.
For more Lifestyle related news and videos check out Lifestyle >>
There are strict laws in Australia regulating how long winners have to claim their prizes, and they differ from state to state.
While it’s unfathomable to think that anyone would wait to cash in their millions, it seems some prefer to hold onto their unclaimed tickets to use it down the track as superannuation funds or to pass onto family.
But The Lott says it’s important to know the regulations so you don’t lose your millions.
Powerball has jackpotted to a whopping $200 million. Credit: The Lott
Powerball bosses reveal unexpected next step if no-one wins $200 million jackpot
“While some winners might prefer to claim their prize as soon as possible, other winners might like to claim their prize later,” The Lott advises.
“However, due to state laws and regulations, it’s worth noting that prize claim periods vary depending on the state where you purchased your ticket.”
How long do I have to claim a prize?
Here’s what you need to know:
In Victoria, winners only have 12 months to claim Lottery, Instant Scratch-Its and Keno prizes.“Once twelve months has passed, winners must submit their claim to the Victorian State Revenue Office,” The Lott claims.
“Lottery and Instant Scratch-Its prizes must be claimed within seven years after the draw date or Instant Scratch-Its game closure date,” The Lott says. “Once seven years have passed, prizes cannot be paid.”
New South Wales and Australian Capital Territory:
“Lottery and Instant Scratch-Its prizes must be claimed within six years after the draw date or Instant Scratch-Its game closure date,” says The Lott. “Once six years have passed, prizes cannot be paid.”
“Lottery, Instant Scratch-Its and Keno prizes must be claimed within 12 months of the final draw date on the ticket or Instant Scratch-Its game closure,” The Lott advises. “These can be claimed from Tasmanian outlets within 12 months.Once twelve months has passed for Lottery wins, winners must submit a form to the Tasmania Treasury & Finance office.
In the NT, lottery prizes must be claimed within three years — and once three years has passed, prizes cannot be paid.
“Lottery prizes and Instant Scratch-Its tickets prizes must be collected within 12 months after the draw date or Instant Scratch-Its game closure date,” The Lott says.“Once 12 months has passed, the unclaimed money is forfeited to the Lotteries Commission of South Australia, which has a prize claim process and associated administration costs.”After the one-year time period, winners must submit a SA Lotteries Prize Claim Form and Ex-Gratia Statutory Declaration Form.
If you’re concerned about your gambling or the gambling of a friend or family member, log on to Gambling Help Online or make contact via phone on 1800 858 858.
You can access online counselling as well as services in your state or territory and support for family and friends.