Powerball is one of the world’s most beloved lotteries and can be found in 45 states plus Washington D.C.
Winners can select an annuity option with payments over 30 years or take the lump sum cash payout option; either option requires them to pay state and federal taxes.
Powerball lottery drawings take place Monday, Wednesday and Saturday at 10:59 p.m. ET and tickets cost $2 each; these tickets can be found for sale in 45 states as well as Washington D.C., Puerto Rico and the U.S. Virgin Islands. While winning the jackpot may seem unlikely, smaller prizes can still be won by matching several numbers correctly.
This week’s drawing marked the second largest jackpot ever awarded by Powerball since a record $2.04 billion prize was won in November 2022 in California – one of the highest payouts ever for any lottery game!
While no major winner emerged this week, 10 winning tickets worth at least $1 Million were found among this week’s drawing numbers: 09-35-54-63-64 and Powerball 1. Retailers selling winning tickets receive a 1 percent bonus; winning ticket owners have one year from the date of winning draw to claim their prize.
Odds of winning
The Powerball jackpot can be won by matching all five white numbers plus the red Powerball number, with odds of one in 292.2 million and paid out either as an annuity or one lump sum payment.
If you want to increase your chances of winning, purchasing multiple tickets may help increase them – though the odds won’t change much and it remains less likely than being struck by lightning or dying in a car accident.
Understanding the odds of winning such an enormous lottery prize can be daunting, as people become more optimistic as the jackpot grows larger and wider. Human nature tends to overestimate probability when confronted with extreme events like winning the lottery or getting bit by a shark; perhaps this tendency explains why Powerball jackpots have grown rapidly even though their most recent revision of rules in 2015 made winning much harder.
The Powerball jackpot has reached an estimated $1.765 billion, the second-largest prize pool ever. The winner may elect between monthly payments over 30 years or receiving their prize all at once, though federal taxes may significantly reduce prize winnings.
Winners may owe additional taxes in addition to the 24% withheld by the IRS; 13 states do not tax lottery winnings: Alaska, California, Florida, Hawaii, New Hampshire, Nevada South Dakota Tennessee Texas Washington.
If you opt for the annuity option, the federal government will finance your annual payments using Treasury bonds that earn interest over time – this may save overspending while managing tax liability more effectively. Choosing this route could prove more advantageous than lump sum payouts in managing both overspending and tax liability effectively.
Powerball is a multistate lottery game which draws six numbers three times each week at 10:59 pm Eastern Standard Time. Each jackpot guaranteed is at least $20 million annuity; should it remain unclaimed it will roll over and grow for future drawings. Contribution towards jackpot growth depends on ticket sales which is monitored by each state lottery commission.
Each participating state has different rules for claiming prizes, with some states mandating that winners wait up to one year before collecting their award; other states impose a 90-day maximum waiting period; and still others don’t impose any minimum waiting timeframe at all.
Winners can opt for either a lump sum payout or an annuity that pays their winnings out over time, depending on how they prefer to receive it. Either way, taxes on winnings must be paid; federal income tax applies in all states except Colorado, Florida, Montana, North Carolina South Dakota Texas and Washington.