The Powerball jackpot has soared to an estimated $1.3 billion after no one won the top prize in the latest drawing. Players will have another chance to win on Wednesday at 10:59 p.m. ET. This current jackpot ranks as the fifth-largest in Powerball’s history, with a cash value of about $589 million. The largest jackpot ever was $2.04 billion, won on November 7, 2022, according to Powerball.
So far this year, the jackpot has been claimed four times. This Wednesday’s drawing will mark the 41st since the last winner was in California on May 31. Interestingly, a recent survey showed that around 60% of Americans play the lottery regularly, hoping for a life-changing win.
What’s the likelihood of winning? The odds of snagging the jackpot stand at 1 in 292.2 million, while the overall odds of winning any prize are 1 in 24.9.
When it comes to taking home the cash, winners must decide between annuity payments or a lump-sum amount. However, taxes will take a significant slice of any winnings. Federal law mandates a 24% withholding on lottery winnings over $5,000. Additional taxes can push the total federal rate close to 37%. Many states also impose their own income taxes on winnings. States like California and Florida don’t tax lottery prizes, allowing winners to keep more of their cash.
According to CBS News, a winner in a no-tax state could receive around $820 million as an annuity or $371 million as a lump sum after federal taxes. In contrast, a winner in states with higher tax rates, like Minnesota and New York, would see a more significant reduction in their take-home amount. For instance, New York winners might be left with just over $678 million after taxes.
Interestingly, some players track “hot” and “cold” numbers. The most frequently drawn Powerballs in the last 100 drawings were numbers 2, 5, 9, 20, and 25, while 4, 23, 28, 40, and 52 topped the chart for white balls. Although every white ball has been drawn at least once, numbers like 16 and 26 are yet to make an appearance.
To sum it up, playing Powerball can come with thrilling highs and harsh lows. Understanding the odds, the tax implications, and trends in winning numbers can help players make informed choices about their tickets. Good luck!
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Powerball, Lottery
