Powerball

Dixie Cup

House Member
Sep 16, 2006
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U.S. Powerball jackpot climbs to record-breaking $1.9 billion
Author of the article:Reuters
Reuters
Publishing date:Nov 06, 2022 • 21 hours ago • 1 minute read • Join the conversation

An already record-breaking U.S. Powerball jackpot grew to a whopping $1.9 billion one after no one secured a winning ticket in Saturday night’s drawing, according to lottery officials.


The estimated $1.6 billion that was up for grabs on Saturday had been the largest lotto prize ever offered, Powerball said.


To win the big prize, a player must guess all six lucky numbers, including the final “Powerball.” The winning numbers drawn on Nov. 5 were 28, 45, 53, 56, 69 and the Powerball 20.

The next chance for ticket buyers to clinch the jackpot will be Monday’s draw, although they would have to overcome the steep odds of 1 in 292.2 million to secure a win.

No one has won the jackpot since Aug. 3, when a lucky ticket holder from Pennsylvania took home over $200 million, according to Powerball.

The prize money has since mushroomed, generating lots of business at gas stations and newsstands around the United States, where Americans buy Powerball tickets for $2 a pop.

Winners may decide to receive their money as an annuity, paid in 30 graduated payments over 29 years, or a lump sum cash payment. Both types of winnings are subject to federal and local taxes.
Just out of curiosity, how much tax would be deducted (roughly) anyway?
 

Tecumsehsbones

Hall of Fame Member
Mar 18, 2013
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Between $500 mil and $600 mil if you take it lump-sum. You lose Federal tax, state tax, and "time value of money."

If you take the 30 annual payouts, you get a bit over $1 billion. But you lose the proceeds of investment for much of it.

Best way to end up with the most money is to take the lump sum and invest wisely.

Well, second-best. The best way is to set up a corporation, give the winning ticket to the corporation, and pay corporate tax on the prize.

That's what most rich people do.

EDITED TO ADD: I misread your question. My figures above are how much you'd GET, after taxes and, if applicable, time value of money.

Here's a relatively simple and complete breakdown. . . Link