Every Wednesday and Saturday, New York lottery officials select six numbers at random from an interactive lottery board game costing players one dollar each. If any of those drawn match what’s on a player’s ticket, they receive $1 from a parimutuel prize pool; players with four or five of their numbers drawn share in an even larger payout; this system ensures maximum prize money while giving everyone an equal chance at success.

Yeekee Lotto has been operating in New York state since 1978, with a starting jackpot that has reached as high as $4 Million. Alongside this main prize, players may win extra prizes by matching any six of their numbers with those in a bonus ball. It is operated by a private company offering cash and sports tickets; anyone eligible may apply for participation.

The name of this lottery game derives from its original slogan, “Your Chance of a Lifetime to Support Education.” A winning ticket’s prize money is distributed as an outright lump sum payment, determined by its winning number, total matched numbers and second-tier prize size. Once awarded, winners are required to pay a ten percent federal wagering tax on winnings.

Bill Smith was a retired security officer when he won $24.1 million from the lottery in April 1967. Financial experts recommend taking it in installments over 26 years in order to preserve the value of his prize and provide funds for later life needs.

A Yankee bet is a four selection wager that combines 11 separate bets into one bet – 6 doubles and 4 trebles to create a four-fold accumulator. As shown below, each bet works differently: If one of your selections loses it will wipe out all other bets; however if two or three win they will still yield profit as the remaining ones pay out.