(NewsNation) — The Powerball jackpot has surged yet again, peaking at an impressive $1.4 billion after the numbers drawn on Monday failed to produce a winner.
This marks the sixth time in history that the Powerball jackpot has exceeded $1 billion, and it’s the 13th occasion where either the Powerball or Mega Millions jackpots have reached such astronomical heights.
Should a lucky individual snag the prize, the cash option is estimated to be approximately $634 million, reflecting the deductions imposed by federal taxes.
Maximizing Your Winnings: The Best States for Jackpot Players
Interestingly, potential winners should be aware that the amount they take home can differ based on their state of residence. Participants can choose between receiving their winnings as a lump sum or through an annuity plan that dispenses payments over 30 years.
The states that offer the most lucrative payout options include Wyoming, Texas, Washington, Tennessee, New Hampshire, California, and Florida. These states have no taxes on lottery winnings, allowing a winner to net $820 million over three decades.
In contrast, those in states with higher tax rates may find their take-home amounts reduced. Nevertheless, residents of Minnesota and Oregon can still expect to walk away with nearly $692 million, while winners in New Jersey, Washington, D.C., and New York may take home close to $680 million.
According to Powerball statistics, the odds of winning the jackpot stand at an astonishing 1 in 292 million.
A Record-Breaking Jackpot
Currently, this jackpot ranks as the fifth-largest in Powerball history and the ninth across all major draw games. It sits just behind the $1.326 billion jackpot that was won in Oregon last spring.
The four largest jackpots to date are an eye-watering $2.04 billion from 2022, $1.765 billion from 2023, and $1.602 billion from Mega Millions in 2023, alongside $1.586 billion from Powerball in 2016.
For those eager to try their luck, the next drawing is scheduled for 10:59 p.m. ET this Wednesday.