(Nexstar) – The Powerball jackpot has climbed again, reaching an estimated $1.3 billion after Monday’s painting.
This is the sixth time a Powerball jackpot has surpassed $1 billion, and the 13th Jackpot has surpassed $1 billion, whether it’s Powerball or the huge millions. The Jackpot is currently the fifth largest in Powerball history and the ninth largest in both draw games. It’s just below the $1.326 billion Powerball Jackpot that won in Oregon last spring.
The biggest powerball in the top 10, the Mega Millions Jackpot
20.4 billion dollars (Powerball): November 7, 2022. California $1765 Billion (Powerball): October 11, 2023. California $160.2 billion (Mega Million): August 8, 2023. Florida $1586 Million (Powerball): January 13, 2016. Tennessee, Florida, California, $1.537 billion (huge million): October 23, 2018. South Carolina $1.34 billion (Mega Million): January 13, 2023. Maine $1.337 billion (Mega Million): July 29, 2022. Illinois $1.326 billion (Powerball): April 6, 2024. Oregon Dollar $1.3 billion (current Powerball Jackpot) $1.269 billion (Mega Million): December 27th, 2924; California
The Jackpot surpassed such monumental benchmarks after an obvious drought, but the winner of Wednesday’s painting will not leave the billionaire. Even the biggest jackpot winner on record, $2.04 billion didn’t become a billionaire.
Of course, it’s thanks to taxes.
No matter where you live, your award will be immediately eligible for 24% on federal tax withholding. According to USA Mega, if there is additional tax, approximately 37% of the prize money is withheld.
Why haven’t you seen the giant Powerball, the Mega Millions Jackpot recently?
At best, in states that do not have lottery tax, the total annual payments total will be around $820 million. The state will have around $371 million in cash payments, estimated at $589 million than Wednesday’s draw.
According to USA Mega, in just five states: Maryland, Minnesota, New Jersey, New York, New York and Oregon, your pension payments total will be less than $700 million. At the lowest end, New York is estimated at just about $678.6 million in total, well below $1.3 billion.
Want to ensure a victory for the Powerball Jackpot? Number of tickets you need to buy
However, pension-paid awards in all states are refunded more than they cost to ensure they win a Powerball jackpot.
The interactive map below shows the estimated pension payments and cash awards for each state for the current Powerball Jackpot.
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Regardless of where you live, why does payments come far below the advertised jackpot? It relates to the game structure.
As Carolyn Becker, assistant director of California lottery public relations and communications, told Nexter previously, the estimated $1.3 billion jackpot doesn’t really exist.
“What exists is that lump sum,” she explained. This is the cash option, currently estimated at $589 million.
The cash value listed in the jackpot is generally described as “the amount required for the jackpot award pool on painting day to fund the estimated jackpot pension award.” So, to fund those advertised in the $1.3 billion jackpot, the authorities determined that if they chose to pay annually, they would need $589 million to pay the winner an annual payment.
The pension-equipped option also relies on U.S. Treasury interest rates purchased to fund securities, particularly pension prize payments.
Pension options ultimately make a larger payment than cash options, but most jackpot winners choose to pay a lump sum. Some financial advisors say that might be a mistake.
Also, the jackpot could grow again before the Wednesday night painting. Last Thursday, the Jackpot sat at an estimated $950 million. Before the Saturday night painting, the jackpot was over $1 billion. However, only time is known.
Powerball has been played in 45 states, the District of Columbia, Puerto Rico, and the US Virgin Islands. The drawings take place every Monday, Wednesday and Saturday at 10:59pm ET, with a chance of landing a jackpot of 292.2 million.
