Australians who buy a ticket in a bid to win the massive $100 million Powerball jackpot have been urged to get financial advice if they end up winning the prize money.
The astonishing figure will be up for grabs on Thursday night, when the winning numbers are announced after the drawing closes at 7:30 p.m.
Half of all Australian adults are expected to take part in a bid to take home the jackpot after there were no division one winners in the last four Powerball draws.
However, those who win big will be forced to wait two weeks before seeing their windfall, for a very good reason.
Australians have been urged to seek advice from financial planners if they manage to win the massive $100 million Powerball jackpot.
The schedule is imposed to allow winners to plan ahead and consult a financial planner about how they plan to spend their life-changing prize before the huge sum hits their accounts.
“We strongly recommend seeking professional financial advice for lottery grand prizes to ensure you receive the maximum benefit from your good fortune,” advises The Lott.
Players who win division one or Lucky Lotteries Jackpot prizes will have their prize money deposited into their online lottery account after two weeks.
With another big prize on offer, some Australians have revealed their strange experiences online after claiming big lottery prizes.
‘I made the money when I was [in my] late 30’s. A person I hadn’t seen since the last day of high school (like 20 damn years ago) texted me telling me I was about to lose my house and [a] “He inherited a hundred-acre property because he couldn’t work,” wrote another.
One winner urged others who were lucky to be aware of how much they spend and what they choose to spend money on.
‘We won the lottery. We are an intelligent, well-educated couple and determined that would not change us. It was an Oz Lotto of between 1 and 10 million dollars,” they said.
‘I was able to afford nice clothes, nice suits. Louis Vuitton handbags, Burberry coats, new car. We could eat in good restaurants.
“We strongly recommend seeking professional financial advice for big lottery wins to ensure you receive the maximum benefit from your good fortune,” advises The Lott (file image)
‘But then that became our new normal. Until we could no longer afford our new normal. One day we realized how much of our savings we had spent.’
Another Australian recalled how a friend who won $1 million quickly consulted a financial advisor “when people started lining up at her door.”
In January 2023, an American man who won $1.35 billion was accused in a lawsuit of lying about sharing his winnings with his family after winning a huge lottery prize.
The explosive accusation came after he sued his ex-partner for breaking a confidentiality agreement by telling his family about his big win.
Australians have been warned not to be tempted to overspend when they receive profits.
Research has found that 70 percent of lottery winners end up bankrupt and one-third declare bankruptcy.
Some Australians revealed on Reddit threads how lottery wins went horribly wrong for friends and family.
An Australian has described the moment a family member won the lottery as an event that “ruined” his extended family.
‘My uncle won in 2014 and left the country because my aunt started telling everyone. “He ruined my family,” they said.
Daily Mail Australia previously covered the story of William Bampton, who won $986,212.30 in the Tattslotto Golden Casket in 2018.
His son Larry revealed the terrible price the victory cost his family after the 92-year-old shared the profits with his son but left out his daughter.
The elderly man made a $50,000 deposit on a new house for his son less than two weeks after winning the huge prize.
She refused to share the money with her daughter because she did not want her husband to have access to a share of the profits. Larry revealed that his father no longer talks to him or his sister.
Half of all Australian adults (pictured) are expected to enter the $100 million Powerball draw.
