The Powerball jackpot keeps rising to record-breaking heights. The $822.3 million annuity rolled over for the drawing tomorrow night since no ticket yesterday night matched all five white numbers and the red Powerball.
On October 29, 2022, the predicted $800 Powerball jackpot managed to elude participants. The game’s Halloween drawing will likely feature a $1 billion jackpot.
Red Powerball 23 and the winning numbers 19-31-40-46-57 were drawn on Saturday. It was the 37th consecutive drawing in which not even one ticket matched all six numbers. There is a pitiful one in 292.2 million chance of doing so.
The estimated $1 billion Powerball prize for tomorrow night has a one-time cash value of $497.3 million. The annuitized jackpot has only surpassed the 10-digit level twice in Powerball history.
Tomorrow night’s jackpot winner will get the second-largest Powerball reward in the game’s 30-year history if they win the jackpot. The only other time Powerball exceeded $1 billion was at the beginning of 2016, when three fortunate players in Tennessee, Florida, and California shared a $1.586 billion Powerball prize.
Close But No $800M
Officials with Powerball predicted that the jackpot for the drawing that took place yesterday night would be $800 million. However, a spike in sales brought on by the headline-grabbing jackpot persuaded many Americans to buy a $2 Powerball play in the hopes of striking it rich. And as a result, the jackpot exceeded forecasts and increased the pot’s value to $822.3 million.
Last night, 86 tickets came very close to taking home the $822.3 million jackpot as five of the six winning numbers were matched on those tickets. Six of those tickets, which won the second-best prize in the game, worth $1 million apiece, matched all five white balls but not the red Powerball. One of those players paid the additional $1 for the Power Play, doubling their winnings to $2 million.
Eighty other tickets with five matching numbers also struck the Powerball and four white balls. But the jackpot was unaffected because the fifth white number was missing. Each of those tickets received $50,000, but by adding the Power Play, 17 of them multiplied their winnings to $150,000.
Last night, the Power Play was tripled. The only way to double the second-tier reward of $1 million is to use the Power Play.
Last night, more than 3.8 million tickets totaling more than $300 million won a reward. None, however, selected the winning six-number combination.
Halloween Lotterytacular
Though Powerball’s Oct. 31 drawing has a $1 billion prize advertised, no player will actually receive anywhere near $1 billion. That’s even if he or she is the lone holder of a ticket matching all six winning numbers.
Even if a single winner were to opt for the full annuitized value of the lottery prize over a 30-year period, the prize would be subject to federal and possibly state taxes that would considerably shrink the total value of the win.
Each of the 30 annual payments would equate to about $33.33 million. But after an effective federal tax of 37% is levied, the annual distribution would be reduced to about $21 million. If the winner resides in a state that levies a tax on lottery wins, the annual payment would be further reduced.
The average rate in the 36 states that tax lottery wins is 5.8%. That would cut the annual allocation to about $19.78 million. Over 30 years, that equates to roughly $593.5 million.
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