Powerball winners warned about costly mistake before $30 million draw

If you’ve ever daydreamed about what you’d do with a sudden $30 million windfall, you’re not alone! 

With this week’s Powerball jackpot soaring to a life-changing $30 million, Australians everywhere are snapping up tickets and crossing their fingers. 

But before you start planning that luxury cruise or new home, there’s one crucial piece of advice straight from the experts at The Lott that every hopeful winner should know.

According to Anna Hobdell, the lucky person who gets to call Powerball, Lotto, and Oz Lotto winners to deliver the good news, the most common—and costly—mistake is rushing into decisions. It’s easy to get swept up in the excitement, but acting too quickly can lead to regrets down the track.

‘The biggest mistake a winner could make is rushing into their decisions,’ Anna told Yahoo News. She’s seen it all: from disbelief that the call is real, to winners already mentally spending their millions before the money even lands in their account.

Here’s something many people don’t realise: even if you win the jackpot, you can’t access your prize money immediately. The Lott has a built-in ‘cooling off’ period—winners must wait two weeks before the funds are released. 

If you bought your ticket in-store, you’ll need to visit the Lott’s head office or mail in your ticket to claim your prize. Online players will see the money deposited into their account after a fortnight.

This waiting period isn’t just a bureaucratic hurdle—it’s designed to give winners time to process their new reality and make thoughtful decisions. Anna encourages all winners to use this time wisely: ‘We do encourage our players to have a think over the next two weeks about what they want to do with their winnings, and to perhaps get some financial advice.’

If you’re curious about how real Australians spend their lottery windfalls, The Lott’s 2024 Winners Report offers some fascinating insights. 

Among the 500 division one winners in 2023, 53% chose to invest for the future. A generous 40% helped out family and friends, a move that can bring joy but also its own set of challenges. 

Meanwhile, 27% paid off their mortgage, saying goodbye to their home loans, and 26% purchased a new house, turning dreams into reality. 

Over a third of winners bought a new car, ranging from practical upgrades to luxury indulgences. Holidaying was also a popular choice, with one standout winner booking a cruise for 38 people. 

Lastly, 13% donated a portion of their winnings to charity, choosing to share their good fortune with others.

It’s not all champagne and confetti, though. Many winners describe the experience as surreal, with one $150 million Powerball winner from Adelaide saying, ‘I’ve never screamed so loud or jumped so high!’ But after the initial excitement fades, the reality of managing such a large sum can be daunting.

With the $30 million Powerball draw happening this Thursday, there’s never been a better time to dream big—but also to plan smart. Tickets are on sale until 7:30pm (AEST) on the night, so don’t miss your chance!

While a lottery win can be life-changing, it’s clear that thoughtful planning can make all the difference in how that fortune is managed. As the Powerball draw approaches, it’s worth reflecting on the steps that follow such a windfall.

What would be your first move if you won the lottery? Do you think a mandatory waiting period is helpful or unnecessary? How would you balance enjoying your winnings with securing your future? Feel free to share your thoughts in the comments below.

Also read: Lotto winner’s unbelievable act after receiving $1.2 million prize