Powerball Hits $615 Million—10th-Largest Jackpot Ever—Here’s What The Winner Would Take Home After Taxes


Share post:


The Powerball jackpot—estimated at $615 million for its next drawing on Saturday—is the 10th-largest in its history, the lottery said, as the jackpot continues to grow since its last winning draw in April.

Key Facts

The winner has the option to receive the money in 30 installments over 29 years or as a $310.6 million lump sum, though a mandatory 24% federal tax withholding would reduce the jackpot to $236 million, while a federal marginal rate as high as 37%—depending on the winner’s taxable income—could reduce it to as low as $195.6 million.

Saturday’s jackpot is the largest since February, when a $754.6 million jackpot—the fifth-largest ever—was drawn in Washington, according to the lottery.

Wednesday’s drawing included three tickets that won $1 million prizes, in addition to 17 that won $50,000 and five that won $100,000.

The Powerball will hold its next drawing on Saturday at 11 p.m. EST.

Big Number

864,000. That’s how many winning tickets were sold for Wednesday’s drawing, which won a combined total of $9 million, according to the lottery.

Surprising Fact

The largest Powerball jackpot was won in November, when a California man won $2.04 billion. The jackpot last had a winner on April 19, when a ticket sold in Ohio won $252.6 million.

Key Background

Six of the 10 largest Powerball jackpots—including Saturday’s drawing—have occurred over the last two years. The lottery increased the pool of white ball numbers available from 59 to 69 in 2015, while decreasing the pool of Powerball numbers from 35 to 26. That change decreased players’ odds of winning from one in about 175.2 million to one in 292.2 million. The Mega Millions lottery also changed its formula, increasing jackpot odds from one in 258.9 million to one in 302.6 million. Four Mega Millions jackpots have since eclipsed the $1 billion mark, including a $1.35 million jackpot won in January.

Further Reading

Powerball Swells To $700 Million—Here’s Why There Have Been So Many Massive Jackpots Recently (Forbes)

Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Sam Bankman-Fried prepares for the fight of his life in US trial

A year ago, 30-year-old billionaire Sam Bankman-Fried posted a 14-tweet thread on the balance of “safety vs...

UAE proposes to host UN climate summit for second year as Russia blocks talks

Receive free Climate change updatesWe’ll send you a myFT Daily Digest email rounding up the latest Climate...

Bills set to soar as water companies seek record £96bn spending

Receive free Utilities updatesWe’ll send you a myFT Daily Digest email rounding up the latest Utilities news...

Japan’s prime minister Kishida says: ‘reassess our economy’

Throughout September, in Tokyo, New York, Hong Kong and London, the world’s biggest investment banks hosted a...

Hunt to pledge minimum wage rise and benefit sanctions

Receive free Conservative Party UK updatesWe’ll send you a myFT Daily Digest email rounding up the latest...

Biden tries to reassure Ukraine as war aid becomes domestic battleground

US president Joe Biden said America would “not walk away” from Ukraine after Congress jettisoned $6bn in...

Poland opposition takes to streets as hard-fought election looms

Receive free Poland updatesWe’ll send you a myFT Daily Digest email rounding up the latest Poland news...

Corporate fraud cases, election speeches and jobs data

Receive free Global Economy updatesWe’ll send you a myFT Daily Digest email rounding up the latest Global...