This is a question that comes up all the time, and there is no way of picking just one lottery here. Often enough, the best lottery is simply the one with the highest jackpot. Most lottery fans look at the current jackpots and get tickets for the highest one.
Look at the lottery odds.
Going for the highest jackpot may not always be the best strategy. Before deciding which lottery to buy a ticket for, you should also consider the odds of winning. Not just at the odds of winning the jackpot, but also check the probability of winning the second prize. And while you are at it, take a look at how much the second-tier payout is. After all, a one-million-euro payout in the second prize tier would be a nice consolation, right?
Where can you find information on the probabilities and prize amounts per tier?
This is relatively easy – first, find the page where you can pick the numbers for the lottery you want to take part in. There, you will find three tabs on top: Play online, Draw results, and Information. Click the one that says “Information”. You will see some text about the lottery, and if you scroll down, you will find a table showing the (average) payouts and the probabilities for every prize tier. Please be advised that payouts are often not fixed but depend on the number of sold tickets and the number of players who have won in that specific tier.
Consider the question of taxes and conditions applying to payouts.
Some lotteries do not just pay out whatever you have won – they offer you the choice to get a full, one-time payout of a smaller sum, or a full payout in instalments. Both Powerball and Mega Millions do this. But most lotteries pay you the full amount that you won.
The tax issue is a bit more complicated. While in most countries (especially in the EU), lottery winners do not have to pay taxes on their winnings, in the USA, the lotteries pay the due taxes for you. That means that you will not get the full amount – the taxes will be deducted from your prize before the payout.
As the tax situation in the countries of the lotteries is subject to change, it is tough for us to provide you with up-to-date information on this.
Furthermore, there is also the question of taxation in your country of residence. You might have to pay taxes not only in the country where you won, but also once again in your own country. However, your country of residence and the country of the lottery are very often bound by so-called double taxation treaties. If they do, your lottery prize will be taxed only once. Makes sense, right?
When should you actually select the lottery with the highest jackpot?
You may find yourself in this situation: the odds of winning are similar across two or three lotteries, and the price per ticket is identical. In such a case, you should definitely go for the highest jackpot. Mathematically speaking, you will get better value for your money by playing for the larger prize amount.
I hope this helps you make an educated decision when choosing a lottery. I wish you the best of luck!