Name: On the Money: Powerball Pot Surges Past $1 Billion
Uploaded: 2023-07-20T03:53:41.000Z
Description: The third-largest <a href="https://www.powerball.com/powerball-jackpot-reaches-1-billion">Powerball</a> jackpot in U.S. history is still up for grabs, after Monday’s would-be winning numbers failed to find a matching ticket.

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The third-largest <a href="https://www.powerball.com/powerball-jackpot-reaches-1-billion">Powerball</a> jackpot in U.S. history is still up for grabs, after Monday’s would-be winning numbers failed to find a matching ticket.

The next drawing for the prize, which will be at least $1 billion and will have an estimated cash value of almost $517 million, is slated for 7:59 p.m. EST Wednesday.

According to Powerball’s official website, no tickets matched Monday night's drawn numbers, which were white 5, 8, 9, 17, 41, and the red Powerball 21.

Many players are set to spend their hard-earned money on Powerball tickets, even though the game's astronomical odds of taking home the treasure are 1 in 292 million. However, that clearly hasn’t deterred participants from setting their sights on the potential dollar signs in their future.

Drew Svitko, Powerball Product group chair and Pennsylvania Lottery executive director, said the latest game is nothing short of “a historic jackpot run.” He urged all lottery players to spend with caution and play responsibly.

And what should an individual do if he or she actually has the winning ticket? “If you win the jackpot, sign your ticket, put it somewhere very safe, and reach out to your local lottery,” Mr. Svitko stated.

The pay-out options for the triumphant ticket holder or holders are either $1 billion spread over 30 yearly payments or a $516 million lump sum, the latter of which would incur a 24 percent federal tax bill—which means the winner would pocket $392.76 million, according to <a href="https://www.forbes.com/sites/siladityaray/2023/07/18/powerball-jackpot-rises-to-1-billion-heres-how-much-the-winner-would-take-home-after-taxes/?utm_campaign=forbes&utm_medium=social&utm_source=twitter&utm_term=se-breaking&sh=bdc85a455bb3">Forbes</a>.

Edwin Castro of California won the largest jackpot in U.S. Powerball history of $2 billion in November 2022. The only other billion-dollar jackpot, to the tune of $1.58 billion, was split in January 2016 between 3 ticket-holders in Tennessee, Florida, and California.

An employee at Florida’s lottery communications office said the Sunshine State’s total sales for the latest Powerball series of drawings from Saturday to Monday stretched beyond $13 million.

“Lottery players always sound excited,” she said. “They want to know what their cash options would be (upon winning), what is the actual process and so forth.”

The spokesperson confirmed what many people have assumed: Lottery employees aren’t permitted to play the gambling games, and their family members are forbidden to play as well.

Although the ultimate bonanza wasn’t seized on Monday, $41.7 million-worth of lower-lever cash prizes were won.

Powerball is permitted in 45 states, in addition to Puerto Rico, the U.S. Virgin Islands, and Washington, D.C. The handful of states where the activity isn’t legal are Hawaii, Alaska, Nevada, Utah, and Alabama.

Those five, according to <a href="https://thehill.com/homenews/nexstar_media_wire/3802261-you-cant-buy-mega-millions-or-powerball-tickets-in-5-states-heres-why/">The Hill</a>, have declined the opportunity or “vetoed proposals to participate in statewide or multi-state lottery programs.”

Colorado Lottery Communications Manager Meghan Dougherty said that many travelers cross her state’s borders for the sole purpose of buying tickets. “Basically, people from all the surrounding states, especially Wyoming and Utah, buy a lot of tickets here,” she said, noting that the anticipation for Wednesday’s drawing is palpable.

“It’s funny about the excitement level—expectations have really changed since the Powerball prize has grown to a billion dollars or more,” Ms. Dougherty said.

Powerball drawings, which are live-streamed on the official website, are also broadcast every Monday, Wednesday, and Saturday at 10:59 p.m. from the Tallahassee-based Florida Lottery studio.

Nobody has won Powerball since April 2023, when a single ticket sold in Ohio matched the half-dozen necessary numbers that were worth $252.6 million.