Powerball Jackpot Soars to $1.7 Billion as Winning Numbers Elude Players
(NEXSTAR) — In a familiar twist, the Powerball jackpot once again escaped players on Wednesday, with no tickets matching the winning numbers.
As of Thursday morning, the jackpot has reached a staggering estimated value of $1.7 billion, with a cash option of $770.3 million. There’s a good chance this amount could continue to grow before the next drawing on Saturday night, positioning the Powerball jackpot as the third largest in U.S. history.
Top 10 Largest Powerball and Mega Millions Jackpots
- $2.04 billion (Powerball): Nov. 7, 2022; California
- $1.765 billion (Powerball): Oct. 11, 2023; California
- $1.7 billion (Current Powerball jackpot)
- $1.602 billion (Mega Millions): Aug. 8, 2023; Florida
- $1.586 billion (Powerball): Jan. 13, 2016; California, Florida, Tennessee
- $1.537 billion (Mega Millions): Oct. 23, 2018; South Carolina
- $1.348 billion (Mega Millions): Jan. 13, 2023; Maine
- $1.337 billion (Mega Millions): July 29, 2022; Illinois
- $1.326 billion (Powerball): April 6, 2024; Oregon
- $1.269 billion (Mega Millions): Dec. 27, 2024; California
Should you beat the staggering odds of 1 in 292.2 million to win the Powerball, be prepared for a significant tax hit. Initial withholdings include 24% owed to the IRS, along with potential federal tax rates of up to 37%. If you take the cash option, your payout could drop to approximately $485.3 million after taxes. If you choose the annuity, expect to net about $1.07 billion after receiving annual payments over 30 years.
This means, depending on which payout option you select, you could see a reduction of around $285 million in cash, or an eye-popping $630 million if you opt for annuitized payments.
In certain states, that’s just the beginning. Additional state lottery taxes could apply, meaning, for example, that a winner in Illinois might find themselves taking home around $447.2 million in cash after a 4.95% state withholding.
Keep in mind, should you win, it’s crucial to assemble a team of financial advisors to manage your significant new wealth, while also keeping your victory as discreet as possible.
Powerball tickets are available for purchase at $2 each across 45 states, as well as the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Drawings are held every Monday, Wednesday, and Saturday at 10:59 p.m. ET.