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12 Things You Need To Know About Entering The US Powerball In Australia

But there's a few things you should know before you take a punt.

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1. People have been queueing up around America for their chance to enter the Powerball jackpot, which has reached a record-breaking $1.5 billion (USD).

5. But when you enter the draw with Lottoland, you're not actually buying a ticket in the Powerball, you're just betting on the results.

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From their website:

"To participate in Powerball you need to be a USA resident, and buy your tickets from an official retail outlet. You can play Powerball with Lottoland from Australia, where you bet on the result of the official draw, rest assured your winnings will be the same as if you had entered it for real."

6. Lottoland takes out insurance against the bets with Lloyds, so players are paid out if they win.

lottoland.com.au

It's what known as a secondary lottery, where you bet on the outcome of official lottery draws rather than entering it yourself.

The company is not buying a Powerball ticket for you on your behalf.

8. So if you pick the winning numbers, you'll get the cash! But if someone wins in the actual Powerball, you only win 50%, because that's what you'd get if you entered in the US.

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The best possible outcome is if no-one wins in the actual Powerball, but you've picked all the right numbers. Then you win the full $2 billion.

9. And the sum you would receive would be minus the equivalent of the US tax, so 35%.

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Australia doesn't tax lottery winnings, but Lottoland's payout to you mirrors the actual lottery, so you'll lose 35%.

It's as if you're being taxed, but it's not like that money is going to the US government. Lottoland's insurance policy only covers the full amount minus 35%.

10. Lottoland says 33,000 Australians have already entered the US Powerball.

Justin Sullivan / Getty Images

"We only got our license from the Northern Territory government on Christmas Eve and we were planning a soft launch, but the Powerball has gone absolutely bananas," Lottoland's managing director Luke Brill told BuzzFeed News.

At time of publishing, their website has crashed due to demand.

Alexandra Lee is a politics reporter for BuzzFeed News and is based in Sydney, Australia.

Contact Alex Lee at alexandra.lee@buzzfeed.com.

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