Lotto’s top Powerball prize has hit $38 million and if won by a single person, will be the second largest prize won in New Zealand history.
Last November, a young couple from Dairy Flats on the Hibiscus Coast took home $44 million in a must-be-won draw, the single biggest win since Lotto started in New Zealand in 1987.
Some of the country’s biggest wins have gone to people who were a part of a Lotto syndicate - either within their family, among friends or colleagues at work.
Lawyer Steve Cullen told Newstalk ZB this morning that those involved in such groups needed to make all rules and arrangements very clear.
“Perhaps write a name of a syndicate on the rear of the ticket and then have a collateral contract - some sort of document that accompanies it that says these are the members of this syndicate who intend to share in the proceeds of this ticket equally.''
He encouraged people to make use of technology - by taking a photo of the ticket and sending it out to members before the draw.
People also needed to have a clear understanding about the rules around paying for the ticket each week and particularly about what to do if someone did not pay their share of a winning ticket.
“The less the intention of the parties is that you would all share whether you are there or not, that’s your difficulty,'' Cullen said.
“That’s where you get into confusion and that’s where people wind up being excluded from proceeds and arguments develop.''
Advice from winners
The couple who last year won $44 million says a big win may seem overwhelming at first, and in the first few weeks.
“Don’t have a heart attack,” they laughed, “and try to remember to eat and sleep in the first few weeks.”
They said getting a good financial adviser who was "on your wavelength" helped them adjust to their first year as multi-millionaires.
“They can help you map out a good idea of what you want to achieve with your winnings, including giving gifts, investing for the future, and just making sure the money will last.”
The live Lotto draw will be shown on TV 1 tonight about 8.20pm. The winning ticket(s) must have all six Lotto numbers and the winning Powerball number on the same line.
If Powerball is not struck, the prize has the potential to reach a must-win jackpot of $50 million; a change announced by Lotto NZ earlier this year.
