I won $1million playing Powerball but I only ended up with $72,333

New York state announced the winners of the $1 million Powerball prize, but the actual amount they will receive is much lower.

The winners will only receive $72,333 each from the $1 million prize due to their clever tactic.

The winners are a group of nine friends from Westbury, New York.

The total earnings for the group of nine friends amount to $650,997.

The participants opted for an immediate payout instead of annuity payments, which decreased the total winnings.

Lottery prizes are heavily taxed, with the federal government withholding 24 percent and New York taking an additional 8.82 percent tax.

It is common for lottery winners to receive a fraction of the overall prize.

An example of a lottery winner's unfortunate experience is that of Holmes, who initially won $188 million but opted for a one-time payout of $88 million. She faced financial difficulties and legal issues afterward.

A "lottery lawyer" named Kurt Panouses advises winners to protect their earnings by maintaining privacy and avoiding small, local banks.