Code of Maine Rules › 18 - DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES › 553 - BUREAU OF ALCOHOLIC BEVERAGES AND LOTTERY OPERATIONS (BABLO) › Chapter 20 - POWERBALL RULES › Part II - Powerball Game Rules › Section 553-20-II-6.0 - Powerball Prize Payment

Current through 2024-29, July 17, 2024
6.1
Powerball
				  Grand Prizes.
Powerball Grand prizes shall be paid, at the election of
				  the player made no later than sixty (60) days after the player becomes entitled
				  to the prize, with either a per-winner annuity or single lump sum payment
				  (which may be referred to as the "cash option"). If the payment election is not
				  made at the time of purchase and is not made by the player within sixty (60)
				  days after the player becomes entitled to the prize, then the prize shall be
				  paid as an annuity prize. An election for an annuity payment made by a player
				  before ticket purchase or by system default or design may be changed to a cash
				  option payment at the election of the player until the expiration of sixty (60)
				  days after the player becomes entitled to the prize. The election to take the
				  cash option payment may be made at the time of the prize claim or within sixty
				  (60) days after the player becomes entitled to the prize. An election made
				  after the winner becomes entitled to the prize is final and cannot be revoked,
				  withdrawn or otherwise changed.
Shares of the Grand Prize shall be determined by dividing
					 the funds available in the GPP equally among all winning plays of the Grand
					 Prize. Winner(s) who elect a cash option payment shall be paid their share(s)
					 in a single lump sum payment. The annuitized option prize shall be determined
					 by multiplying a winner's share of the Grand Prize pool by a process as
					 approved by the MUSL Board. Neither MUSL nor the Selling Lotteries shall be
					 responsible or liable for changes in the advertised or estimated annuity prize
					 amount and the actual amount purchased after the prize payment method is
					 actually known to MUSL.
In certain instances announced by the Product Group, the
					 Grand Prize shall be a guaranteed amount and shall be determined pursuant to
					 Section 6.5 of these rules.
If individual shares of the GPP funds held to fund an
					 annuity is less than $250,000.00, the Product Group, in its sole discretion,
					 may elect to pay the winners their share of the funds held in the GPP.
All annuitized prizes shall be paid annually in thirty (30)
					 payments with the initial payment being made in a single payment, to be
					 followed by twenty-nine (29) payments funded by the annuity. Except as may be
					 controlled by a Selling Lottery's governing statute, all annuitized prizes
					 shall be paid annually in thirty (30) graduated payments (increasing each year)
					 by a rate as determined by the Product Group. Prize payments may be rounded
					 down to the nearest one thousand dollars ($1,000.00). Annual payments after the
					 initial payment shall be made by the lottery on the anniversary date or if such
					 date falls on a non-business day, then the first business day following the
					 anniversary date of the selection of the Grand Prize Winning Numbers.
Funds for the initial payment of an annuitized prize or the
					 lump sum cash option prize payment shall be made available by MUSL for payment
					 by the Selling Lottery no earlier than the fifteenth calendar day (or the next
					 banking day if the fifteenth day is a holiday) following the Drawing. If
					 necessary, when the due date for the payment of a prize occurs before the
					 receipt of funds in the prize pool trust sufficient to pay the prize, the
					 transfer of funds for the payment of the full lump sum cash option amount may
					 be delayed pending receipt of funds from the Selling Lotteries. A paying
					 lottery may elect to make the initial payment from its own funds after
					 validation, with notice to MUSL.
If a Party Lottery purchases or holds the prize payment
					 annuity for a prize won in that jurisdiction, that Party Lottery's game rules,
					 and any prize payment agreement with the prize winner, shall indicate that the
					 prize winner has no recourse on the MUSL or any other Party Lottery for payment
					 of that prize.
In the event of the death of a lottery winner during the
					 annuity payment period, unless prohibited by jurisdictional law, the MUSL
					 Finance & Audit Committee, in its sole discretion excepting a discretionary
					 review by the Product Group, upon the petition of the estate of the lottery
					 winner (the "Estate") to the lottery of the jurisdiction in which the deceased
					 lottery winner purchased the winning Powerball Play, and subject to federal,
					 state, district or territorial applicable laws, may accelerate the payment of
					 all of the remaining lottery proceeds to the Estate. If such a determination is
					 made, then securities and/or cash held to fund the deceased lottery winner's
					 annuitized prize may be distributed to the Estate. The identification of the
					 securities to fund the annuitized prize shall be at the sole discretion of the
					 Finance & Audit Committee or the Product Group.
6.2
Powerball Prize Payments.
All prizes (whether described as "cash" payment prizes or otherwise) shall be
				  paid through the Selling Lottery that sold the winning play(s) and at the
				  discretion of the Selling Lottery that sold the winning Play(s) may be paid by
				  cash, check or warrant or electronic transfer.
A Selling Lottery may begin paying low-tier cash prizes
					 after receiving authorization to pay from the MUSL central office. If a Selling
					 Lottery, due to jurisdictional law requirements, separately determines its
					 low-tier prize amounts, it shall be solely responsible for its low-tier prize
					 liability, and may begin paying low-tier cash prizes after a Drawing when it
					 determines appropriate to do so.
6.3
Powerball Prizes Rounded.
Annuitized payments of the Powerball Grand Prize or a share of the Powerball
				  Grand Prize may be rounded to facilitate the purchase of an appropriate funding
				  mechanism. Breakage on an annuitized Powerball Grand Prize win shall be added
				  to the first payment to the winner or winners. Prizes other than the Powerball
				  Grand Prize, which, under these rules, may become single-payment, pari-mutuel
				  prizes, may be rounded down so that prizes can be paid in multiples of whole
				  dollars. Except with regards to low-tier prizes paid by a Selling Lottery which
				  separately determines its low-tier prize amounts pursuant to Section 6.2,
				  breakage resulting from rounding these prizes shall be carried forward to the
				  prize pool for the next Drawing.
6.4
Powerball Prize Rollover.
If
				  the Powerball Grand Prize is not won in a Drawing, the prize money allocated
				  for the Powerball Grand Prize shall roll over and be added to the GPP for the
				  following Drawing.
6.5
Funding of Guaranteed Powerball Prizes.
The Product Group may
				  offer guaranteed minimum Powerball Grand Prize amounts or minimum increases in
				  the Grand Prize amount between Drawings or make other changes in the allocation
				  of prize money where the Product Group finds that it would be in the best
				  interest of the game.
6.5.1 If a minimum
				  Grand Prize amount or a minimum increase in the Grand Prize amount between
				  Drawings is offered by the Product Group, then the Grand Prize shares shall be
				  determined as follows:
6.5.1.1 If there are
				  multiple Grand Prize winners during a single drawing, each selecting the
				  annuitized option prize, then a winner's share of the guaranteed annuitized
				  Grand Prize shall be determined by dividing the guaranteed annuitized Grand
				  Prize by the number of winning Powerball Plays;
6.5.1.2 If there are multiple Grand Prize
				  winners during a single Drawing and at least one (1) of the Grand Prize winners
				  has elected the annuitized option prize, then the MUSL Annuity Factor shall be
				  utilized to determine the cash pool. The cost of the annuitized prize(s) will
				  be determined at the time the annuity is purchased through a process approved
				  by the MUSL Board;
6.5.1.3 If no
				  winner of the Grand Prize during a single Drawing has elected the annuitized
				  option prize, then the amount of cash in the GPP shall be an amount equal to
				  the guaranteed annuitized amount divided by the MUSL Annuity Factor.