Powerball

No joke — Powerball jackpot reaches $1 billion for Monday's drawing

Drawings are held every Monday, Wednesday and Saturday at 10:59 p.m. EST at the Florida Lottery studio in Tallahassee.

NBC Universal, Inc.

“The lesson didn’t really go according to plan.” Math professor Nicholas Kapoor bought a Powerball ticket to demonstrate how improbable it is to win the lottery – and then he won $100,000. Here’s what he wants you to know about playing the Powerball.

A $1 billion Powerball jackpot will tempt lottery players Monday night who think they just might hit it rich after three months without a big winner.

The $1 billion prize is for a sole winner who makes the rare decision to be paid over 30 years through an annuity. Nearly all winners instead take the cash option, which for Monday night's drawing would be $483.8 million.

WATCH ANYTIME FOR FREE

Stream NBC10 Boston news for free, 24/7, wherever you are.

The prize is subject to taxes, which includes an automatic withholding tax of 24% levied against the winnings, and another 13% in federal taxes when you file your 2024 return.

There are also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But if you're lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, you won't pay taxes on your winnings.

This is the fifth time a Powerball prize has reached that level, game officials said in a news release. The largest lottery jackpot in U.S. history stands at $2.04 billion and was won by a single Powerball ticket in California on Nov. 7, 2022. The winner, Edwin Castro, came forward in early 2023 after months of speculation.

No one has won Powerball's jackpot since New Year's Day, a stretch of 38 consecutive drawings without anyone matching the game's six numbers. If no one wins the jackpot Monday or Wednesday night, the game will match its record number of 41 consecutive drawings on Saturday night.

The reason for the jackpot drought is simple: The odds of winning the top prize are miserable, at 1 in 292.2 million. It's those odds that create the large jackpots that are designed to attract attention and drive up sales.

Powerball is played in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Drawings are held at 10:59 p.m. EST at the Florida Lottery studio in Tallahassee.

Winner winner chicken dinner! You just won the lottery, but do you know what to do next? Here’s what to know before you cash out.
Copyright The Associated Press
Exit mobile version