The Powerball lottery has reached a staggering $835 million, making it the fourth-largest jackpot in the game’s history and the second-largest this year. The prize has been growing since July 19, when a single ticket sold in California won $1.08 billion, the third-largest in the game’s history. No one matched all six numbers in Monday night’s drawing, which had a $785 million jackpot.
How to Play and Win the Powerball?
To play the Powerball, players need to purchase a $2 ticket and choose five numbers from 1 to 69 and one Powerball number from 1 to 26. They can also opt for a Quick Pick, which randomly generates the numbers for them. The drawings are held every Wednesday and Saturday at 10:59 p.m. ET.
To win the jackpot, players need to match all six numbers drawn. The odds of doing so are 1 in 292.2 million, according to the lottery. The jackpot winner can choose to receive the prize in 30 annual payments or a lump sum of $390.4 million, before taxes. The federal tax withholding is 24%, which would reduce the lump sum to $296.7 million. Depending on the state, there may be additional taxes as well.
There are also other ways to win smaller prizes, ranging from $4 to $2 million, by matching some of the numbers drawn. The Power Play option, which costs an extra $1, can multiply the non-jackpot prizes by 2, 3, 4, 5, or 10 times, depending on the Power Play number drawn.
Previous Powerball Winners and Records
The Powerball lottery has been creating multimillionaires since 1992, when it replaced the Lotto America game. The largest jackpot ever won was $2.04 billion, which was claimed by a single ticket sold in California in November 2020. The second-largest jackpot was $1.59 billion, which was split among three tickets sold in California, Florida, and Tennessee in January 2016. The largest jackpot won by a single ticket was $1.54 billion, which was claimed by a South Carolina woman in October 2018.
Some of the recent Powerball winners include:
- A group of 23 co-workers from Long Island, New York, who won $437 million in January 2019.
- A Wisconsin man who won $768.4 million in March 2019, the third-largest jackpot won by a single ticket.
- A Florida man who won $396.9 million in January 2020, the largest jackpot won in the state.
- A Maryland couple who won $731.1 million in January 2021, the sixth-largest jackpot in the game’s history.
What to Do If You Win the Powerball?
If you are lucky enough to win the Powerball jackpot, or any other large prize, there are some steps you should take to protect yourself and your money. Here are some tips from experts and previous winners:
- Sign the back of your ticket and keep it in a safe place until you claim your prize.
- Contact a reputable lawyer, accountant, and financial planner to help you manage your windfall and plan for the future.
- Decide whether you want to take the lump sum or the annuity option, and consult with your advisors on the tax implications and investment strategies.
- Claim your prize within the deadline, which varies by state, and decide whether you want to go public or remain anonymous, if possible.
- Set a budget and stick to it, and don’t let your spending get out of control.
- Donate some of your money to charity or causes you care about, and enjoy your life-changing experience.
