Lottery warning to check tickets for $1 million unclaimed Powerball prize and it was bought at a supermarket

LOTTERY officials have asked players to double-check their tickets as a million-dollar prize might go unclaimed.

The lucky Powerball ticket was bought at a grocery store in Iowa and is set to expire in the coming months.

The winning ticket was purchased at a Fareway Meat and Grocery in Webster City, Iowa - about 70 miles north of Des Moines.

Whoever claims the ticket will be Iowa's next millionaire, but players need to act fast.

The ticket will expire on February 3, 2025.

The winning numbers are 29, 42, 44, 51, 54 and a Powerball of 12.

PRIZE MONEY

When a player wins the Powerball jackpot, they can choose to receive the prize in annuity payments over time or take a lump-sum payment.

A player has 60 days from the date they claim their prize in Iowa to choose between the two options, according to the Iowa Lottery website.

If the player selects the cash option, they will receive a single payment equal to the amount available in the jackpot prize pool from the sale of tickets in the game.

Federal and state taxes still apply.

If the player chooses the annuity option, the prize will be paid in 30 payments over 29 years.

The annual payment will increase by 5 percent to accommodate for external factors such as inflation.

If the cost to purchase the annuity is less than $250,000, the lottery may elect to pay the prize as "cash," the website states.

WAYS TO WIN

There are nine ways a lottery player can win Powerball.

Each combination comes with its own prize money amount.

If the player's Powerball number matches the one drawn, they will get a total of $4. The odds of a ticket matching only the Powerball is one in 38.

Lottery winnings: lump sum or annuity?

Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?

The two payout methods can impact how much money you get from your prize.

Annuities pay out slowly in increments, often over 30 years.

Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.

Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.

Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you'll likely be getting less valuable money towards the end of an annuity.

Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.

Experts have varying opinions on whether to take the lump sum or take the annuity.

If they choose one correct number plus the Powerball, they’ll bring home $4 again. The odds more than double to a one in 91 chance.

If their ticket matches two numbers and the Powerball, they’ll get $7, but the odds of getting there skyrocket to one in 701.

The odds of getting three correct numbers are 579 to one odds, but players only take home another $7.

If a player purchases a ticket that matches three numbers and the Powerball, they’ll win a $100 prize.

The odds of buying a ticket containing four numbers without the Powerball almost double again to 36,525 to one chance, but the prize stays at $100.

When a player correctly guesses four numbers and the Powerball, the prize climbs greatly to $50,000.

To get the $1 million prize, they’ll need to match the numbers on the five white balls drawn without the Powerball and beat the 11,688,053 to one odds.

The vast majority of people who play to win the jackpot have the odds stacked against them, with just 292,201,338 to one chance of buying a ticket that matches all five numbers and the Powerball.

Meanwhile, the Powerball jackpot of $214 million has been claimed after more than a month of rollovers.

And officials are urging Missouri lottery players to check their tickets for an unclaimed $278,000 prize.

Responsible gambling

Remember to gamble responsibly

A responsible gambler is someone who:

• Establishes time and monetary limits before playing
• Only gambles with money they can afford to lose
• Never chase their losses
• Doesn’t gamble if they’re upset, angry, or depressed
• National Council on Problem Gambling – https://www.ncpgambling.org/
• Gamble Aware – www.begambleaware.org

For help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat