‘Must be won’: What’s up for grabs in Lotto’s record $55 million draw?

A monumental win is on the cards this weekend as a $55 million Powerball jackpot must be won on Saturday.

The prize pool has climbed to the historic sum as 1.15 million tickets were sold ahead of Wednesday’s draw, with Kiwis hoping for a life-changing win.

The odds of striking the jackpot? One in 38 million.

Lotto New Zealand head of corporate communications Will Hine told Herald NOW host Ryan Bridge that Kiwis should “play a little, dream a lot”.

“For some winners, for some people, there will be a big, big win this Saturday, but for most people, it’s all about the dream”, he said.

If no one wins Division 1, the jackpot will roll down and be shared among the winners in the next-highest division.

Of Aotearoa’s 12 previous “must-be-won” draws, the top prize has been shared at a lower division seven times.

Ahead of this weekend’s draw, Hine said: “It wouldn’t be surprising if this jackpot went the same way.”

“The last three big $50 million must-be-won draws were all shared – and that’s great, because we know so many people benefited”.

That doesn’t rule out a single ticket taking home the whole draw.

In 2016, a Dairy Flat couple pocketed $44.06m – the biggest solo win in Lotto history.

The prize draw is the biggest in Lotto New Zealand history.

The results will be announced at about the same time as the US Mega Millions draw on Friday, which nearly reached $US1 billion.

Unlike in the US, Lotto NZ winners don’t pay tax on their winnings.

Hine told Herald NOW Lotto’s “strong” winners’ programme promotes sensible long-term planning to ensure they get the most out of their new fortune.

“With any winner, we sit them down, we connect them up with their bank and we help put them in touch with the type of people who are going to give them really strong advice around how to make that money last, not just now, but into the future as well.”

The winners of the last $50m jackpot told Lotto the key was not to be changed by the sudden wealth.

They advised Saturday’s winners to “make sure you’re confident in the team you build around you – you have to trust they are giving you good advice”.