|
|
|
|
Prize Deductions
Prize payouts at Lotto Simple
Lotto Simple replicates the prize tier structure of official lotteries. When you win a bet entitling you to a lottery prize, your prize will be an amount equivalent to the net pay amount of the corresponding prize tier of the official underlying lottery. Your winnings will be the same as if you had won your prize in the draw of the underlying lottery.
As the net pay amount of winnings is dependent on the number of winning bets/underlying lottery tickets, and each lottery’s prize payout structure, it may be different from the advertised prize amounts shown on our site.
At Lotto Simple, jackpot winnings are paid out as a lump sum cash payment. Lotto Simple takes no commission on lottery prizes.
Lotteries with no prize deductions
In some countries, no taxes are deducted from lottery prizes and in these cases, Lotto Simple also does not make any deductions of taxes or fees. Prizes awarded in the lotteries below are the same as the official lottery's announced prizes.
 |
Austria EuroMillions |
 |
Brazil Mega Sena |
 |
Brazil Quina |
 |
Ireland Lotto |
Prize deductions on lotteries
Below you can see details how prize deductions work in the different lotteries we offer on the site. If you win a lottery prize at Lotto Simple, you will receive an email detailing what deductions have been made.
EuroJackpot - There are two deduction levels. Deduction level 1: Deduction-free up to €40,000. Deduction level 2: Any portion of the prize exceeding €40,000 is subject to a deduction of 20%.
US Mega Millions - There are three deduction levels. Deduction level 1: Deduction-free up to US$599.99. Deduction level 2: Prizes between US$600 and US$4,999.99 are subject to a 30% deduction. Deduction level 3: Prizes exceeding US$5,000 are subject to a deduction of 38.82%.
US Powerball - There are three deduction levels. Deduction level 1: Deduction-free up to US$600. Deduction level 2: Prizes between US$600 and US$1,499.99 are subject to a 30% deduction. Deduction level 3: Prizes exceeding $1,500 are subject to a 38% deduction.
SuperEnalotto - There are seven deduction levels. Deduction level 1: No deductions up to €100. Deduction level 2: The portion of the prize between €100.01 - €300 is subject to a flat deduction of €1.03. Deduction level 3: The portion of the prize between €300.01 - €500 is subject to a flat deduction of €3.10. Deduction level 4: The portion of the prize between €500.01 - €1,000 is subject to a flat deduction of €3.10 and a deduction of 20%. Deduction level 5: The portion of the prize between €1,000.01 - €5,200.00 is subject to a flat deduction of €6.20 and a deduction of 20%. Deduction level 6: The portion of the prize between €5,200.01 - €52,000.00 is subject to a flat deduction of €5.16 and a deduction of 20%. Deduction level 7: Any portion of the prize exceeding €52,000.01 is subject to a deduction rate of 20%.
Taxation on prizes at Lotto Simple
Your lottery betting winnings are paid into your Lotto Simple account at an amount equivalent in size to the net pay prize after tax of each corresponding prize tier of the official underlying lottery.
Winning the lottery can make your dreams come true overnight but when you win, in addition to the prize deductions we’ve mentioned here, you may be subject to local taxation, based on your country of residence. We highly recommend that you consult a tax professional if you come into a large sum of money.
Additional information can be found in our Terms of Use.
|
|
|
| |
|
|