| (E) By agreement, the Licensee Lotteries shall independently
calculate their Set Prize pari-mutuel prize amounts. The Party Lotteries
and the Licensee Lotteries shall then agree to set the pari-mutuel
prize amounts for all lotteries selling the game at the lesser of
the independently-calculated prize amounts.
(e) Probability of Winning Powerball Plays. The following
table sets forth the probability of winning PB Plays and the probable
distribution of winning PB Plays in and among each prize category,
based upon the total number of possible combinations in the Powerball
game. The Set Prize Amount shall be the prizes set for all Selling
Lotteries unless prohibited or limited by a jurisdiction's statute
or judicial requirements.
Attached Graphic
(f) Powerball Prize Payment.
(1) Powerball Grand Prizes. The Advertised Grand Prize
in a Powerball game is not a guaranteed amount; it is an estimated
amount, and all advertised prizes, even advertised Set Prizes, are
estimated amounts. At the time of ticket purchase, a player must select
a payment option of either a single lump sum payment (cash value option
or CVO) or annuitized payments (Annuity) of a share of the Grand Prize
if the PB Play is a winning Play. If no selection is made, payment
option will be as described in the chart below:
Attached Graphic
(A) A player's selection of the payment option at the
time of purchase is final and cannot be revoked, withdrawn, or otherwise
changed.
(B) The Grand Prize available in the Grand Prize Pool
shall be determined on a pari-mutuel basis among all winning PB Plays
of the Grand Prize. A player(s) who elects a cash value option payment
shall be paid their share(s) in a single lump sum payment. The annuitized
option prize shall be determined by multiplying the winning Play's
share of the Grand Prize Pool by the annuity factor established in
accordance with Texas law and the rules of the Texas Comptroller of
Public Accounts. The MUSL Annuity Factor will not be used for Texas
Lottery players. Neither MUSL nor any Selling Lottery 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.
(C) In certain instances announced by the Powerball
Group, the Grand Prize shall be a guaranteed amount and shall be determined
pursuant to paragraph (6) of this subsection.
(D) If individual shares of the Grand Prize Pool funds
held to fund an annuity is less than $250,000.00, the Powerball Group,
in its sole discretion, may elect to pay the winners their share of
the funds held in the Grand Prize Pool. 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.
(E) All annuitized prizes shall be paid annually in
thirty (30) graduated payments, as provided by the MUSL rules, (increasing
each year) at a rate as determined by the MUSL Product Group. Prize
payments may be rounded down to the nearest one thousand dollars ($1,000).
(F) Funds for the initial payment of an annuitized
prize or the lump sum cash value option 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 value option payment amount may be delayed
pending receipt of funds from the Selling Lotteries. The identification
of the securities to fund the annuitized prize shall be at the sole
discretion of the State of Texas. If the State of Texas purchases
the securities, or holds the prize payment annuity for a Powerball
prize won in this state, the prize winner will have no recourse on
the MUSL or any other Party Lottery for payment of that prize.
(2) Payment of Prize Payments upon the Death of a Prize
Winner. In the event of the death of a prize winner, payments may
be made in accordance with §401.310 of this chapter (relating
to Payment of Prize Payments Upon Death of Prize Winner), otherwise,
payment of prize payments will be made to the estate of a deceased
prize winner in accordance with Texas Government Code §466.406.
(3) Powerball Prize Payments. All prizes shall be paid
through the Selling Lottery that sold the winning Play(s). All low-tier
cash prizes (all prizes except the Grand Prize) shall be paid in cash
or warrants in accordance with Texas statutes and these rules. A Selling
Lottery may begin paying low-tier cash prizes after receiving authorization
to pay from the MUSL central office.
(4) Powerball Prizes Rounded. Annuitized payments of
the Grand Prize or a share of the Grand Prize may be rounded to facilitate
the purchase of an appropriate funding mechanism. Breakage on an annuitized
Grand Prize win shall be added to the first cash payment to the winner
or winners. Prizes other than the Grand Prize, which, under this section,
may become single-payment, pari-mutuel prizes, may be rounded down
so that prizes can be paid in multiples of whole dollars. Breakage
resulting from rounding these prizes shall be carried forward to the
prize pool for the next Drawing.
(5) Powerball Prize Rollover. If the Grand Prize is
not won in a Drawing, the prize money allocated for the Grand Prize
shall roll over and be added to the Grand Prize Pool for the following
Drawing.
(6) Guaranteed Powerball Prizes. The Powerball Group
may offer guaranteed minimum 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 Powerball Group finds that
it would be in the best interest of the game. If a minimum Grand Prize
amount or a minimum increase in the Grand Prize amount between Drawings
is offered by the Powerball Group, then the Grand Prize shares shall
be determined as follows:
(A) If there are multiple Grand Prize winning PB Plays
during a single Drawing, each selecting the annuitized option prize,
then a winning PB Play's share of the guaranteed annuitized Grand
Prize shall be determined by dividing the guaranteed annuitized Grand
Prize by the number of Grand Prize winning PB Plays.
(B) If there are multiple Grand Prize winning PB Plays
during a single Drawing and at least one of the Grand Prize ticket
holders has elected the annuitized option prize, then the MUSL Annuity
Factor may 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 as approved by the MUSL Board. If the
annuitized option prize is selected by a Texas Lottery player, the
amount shall be determined by multiplying the winning PB Play's share
of the Grand Prize Pool by the annuity factor established in accordance
with Texas law and the rules of the Texas Comptroller of Public Accounts.
The MUSL Annuity Factor will not be used for Texas Lottery players.
(C) If there are multiple Grand Prize winning PB Plays
during a single Drawing, and no claimant of the Grand Prize has elected
the annuitized option prize, then the amount of cash in the Grand
Prize Pool shall be an amount equal to the guaranteed annuitized amount
divided by the MUSL Annuity Factor.
(D) Minimum guaranteed prizes or increases may be waived
upon approval of the Powerball Group if the alternate funding mechanism
set out in subsection (d)(2)(D) of this section becomes necessary.
(E) Funding of Guaranteed Grand Prizes. If the amount
in the GPP, GPCFP and SAP and contributions from Licensee Lotteries
who are not participating in the PRA are insufficient to fund the
amount required by awarded Guaranteed Grand Prize(s), then the PRA,
and thereafter contributions from individual Member Lotteries and
Licensee Lotteries participating in the PRA, may be required to fund
Guaranteed Grand Prize award deficiencies. Contributions from the
PRA shall first be utilized, and then contributions from individual
Member Lotteries and Licensee Lotteries participating in the PRA,
if necessary. Contributions required from the PRA or from Member Lotteries
and Licensee Lotteries participating in the PRA shall be determined
on a pro rata basis based on sales since the most recent Grand Prize
win.
(7) Limited to Highest Powerball Prize Won. The holder
of a winning PB Play may win only one (1) prize per PB Play in connection
with the Winning Numbers drawn, and shall be entitled only to the
prize won by those numbers in the highest matching prize category.
All liabilities for a Powerball game or Powerball game promotional
prize are discharged upon payment of a prize claim.
Cont'd... |
