According to Powerball officials, most winners tend to choose the lump sum option in the past. However, the payout is subject to federal taxes, which will reduce it by over a third. Although many states tax lottery winnings, Washington is an exception.
Monday’s drawing marked the first time in 2023 that a Powerball jackpot was won. Powerball is played in 45 states in the US, the nation’s capital, Puerto Rico, and the US Virgin Islands.
The Powerball jackpot had gone 34 drawings and 11 weeks without being won, until a ticket in Kansas won $92.9 million on November 19th. Just eight days prior to that, a Powerball ticket holder in California won a record-breaking $2.04 billion jackpot, the largest ever lottery prize in the world. Only four other Powerball jackpots have ever exceeded $1 billion.
The winner of the November Powerball jackpot has not been publicly revealed yet. This prize was separate from the $1.334 billion Mega Millions jackpot won in September, which also garnered significant media attention.
The odds of winning the Powerball jackpot are 1 in 292 million, which is similar to getting the same coin flip result 28 times in a row, as reported by the Associated Press. For comparison, the odds of dating a supermodel are around 1 in 88,000, according to Gregory Baer, author of Life: The Odds. The National Weather Service estimates that the odds of being struck by lightning in a lifetime, assuming a lifespan of 80 years, are 1 in 12,000.
Due to these steep odds, it’s not uncommon for the Powerball jackpot to go unclaimed for several drawings until a larger jackpot attracts more players.On Monday, despite missing the jackpot by a close margin, several Powerball players still won significant prizes. Two tickets in Michigan and three in New York matched all five white balls to win $1 million, and one Powerball ticket in Texas, with a small additional fee for the Power Play option, matched all five white balls to win $2 million.
- What’s the largest lottery jackpot anyone has ever won in US?
- How much does Washington tax against lottery winnings?
There’s no tax on lottery winnings.
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