Players of Iowa Lottery games must be 21 years or older to buy or redeem tickets, which can be purchased at approximately 2,600 retailers throughout the state. Minors cannot buy tickets, but they can win prizes, which will be paid to the minor's guardian.

From 1985 to 2009, Iowa Lottery has raised nearly $1.2 billion for the state government, which has been put toward funding K-12 education, universities and colleges, justice programs, health services, tourism, Iowa veterans, agriculture programs and more.

Winners have 1 year after the date of the draw in which to make their prize claim. Unclaimed cash prizes are kept by the Iowa Lottery, and are used to fund prizes.

If you're lucky enough to win a Hot Lotto or Powerball jackpot prize, you have 60 days to decide whether to take the prize as a lump sum or annuity. Typically, the lump sum prize would be approximately half the amount of the announced jackpot, less taxes. If jackpot winners don't let Iowa Lottery know of their decision within the 60 days, the prize will be paid as an annuity.

Prizes of $600 and less can be redeemed at any Iowa Lottery retailer, or by mailing the ticket, signed and addressed on the back, to the Iowa Lottery head office. Prizes from $600 to $250,000 need to be accompanied by a claim form, and mailed or taken to Iowa Lottery's Des Moines head office, or taken to the regional offices at Cedar Rapids, Mason City, Storm Lake and Council Bluffs. Be sure if mailing your ticket to photocopy it, and any claim form, both front and back, for your records. Prizes over $250,000 must be claimed at the head office.

All tickets must be signed before any prize is paid, and signing as soon as possible after purchase is a good idea, as if unsigned anyone in possession of a winning ticket may file a claim. Players should also know that winning tickets, once validated by the retailer, must be returned to the player.

Prizes are not exempt from Federal tax, and by law, for prizes more than $5,000 Iowa Lottery must withhold 25% for Federal Income taxes. Additionally, for prizes over $600, 5% State Tax is withheld.