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If you take home Thursday’s whopping $100 million Powerball jackpot, there are some important steps you need to know before attempting to transfer your winnings.
The Powerball Draw 1475 division one prize is one of the biggest the country has seen and comes after weeks of no division one winning entries.
If one person selects all seven winning numbers and the all-important Powerball number this week, they’ll collect the entire $100 million and be named one of Australia’s biggest-ever lottery winners.
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But when it comes to transferring your winnings, the process is a little more complicated than you may think.
The Lott has advised that there are two ways that winners can move their millions — either via The Lott app or The Lott website.
From there, players can either transfer their money to their bank account or PayPal account, but it’s important to know how.
Here are the detailed steps, as advised by The Lott.
How do I withdraw funds from my account?
There are a couple of ways you can withdraw funds from your account. Ensure you’re logged into your account before following the steps below:
1. Withdrawing funds via The Lott mobile app
- Tap the account icon at the bottom of the screen
- Tap Funds
- Tap Withdraw Funds
If you have previously saved PayPal or Bank Details:
- Swipe to select the account you wish to withdraw to
- Tap the Max $X.XX line and enter the amount you wish to withdraw
- Once confirmed, tap Withdraw to PayPal or Withdraw to Bank Account button
If you have not previously saved PayPal or Bank Details:
Paypal:
- In the Funds section, tap PayPal
- Tap Connect to PayPal
- When you are connected to PayPal, log in and click Agree and Continue
- PayPal will now be connected and you can follow the steps above to withdraw
Bank Details:
- In the Withdraw funds section, tap the + sign in the top right corner
- Enter your Account Name, BSB and Account Number
- Tap Add account
- The bank will now be added and you can follow the withdrawal 1, 2, 3, 4 steps above
1. Withdrawing funds on The Lott website
- Click the account icon
- Select Funds from the dropdown menu
- Click Withdraw Funds To My Bank Account
If you have previously saved PayPal or Bank Details:
- Click Withdraw on the desired account
- Enter the amount you wish to withdraw
- Click the Withdraw to PayPal or Bank Account button
If you have not previously saved PayPal or Bank Details:
Paypal:
- In the My Funds section click PayPal
- Click Connect to PayPal
- When you are connected to PayPal, log in and click Agree and Continue
- PayPal will now be connected and you can follow the 1, 2, 3, 4 steps above to withdraw
Bank Details:
- In the Withdraw funds section, click Withdraw into New Bank Account
- Enter your Account Name, BSB and Account Number
- Enter the Withdrawal amount
- Click Add and withdraw
What happens if you win Division One?
- A representative from The Lott will call you immediately with the good news using the contact number listed in your account.
- The Lott will send a letter to confirm your Division One Powerball win — as well as some “congratulatory goodies” to celebrate your win.
- The Lott says you’ll then have to wait two weeks to receive your winnings. “You’ll have a two-week provisional period to plan what you’re going to do with your life-changing prize,” The Lott says.
- The prize will then be paid into your online account so you can then withdraw the millions to a bank account of your choice.
If you’re concerned about your gambling or the gambling of a friend or family member, log on to Gambling Help Online or make contact via phone on 1800 858 858.
You can access online counselling as well as services in your state or territory and support for family and friends.
