Someone in US just won the fifth largest lottery ever of 747 million dollars. What will they take home?
Powerball consists of two drums with balls in them. One drum is used for the white balls and one for the red "Power" ball, which gives the lottery its name. Photo: WDBJ
After months of waiting, the Powerball Jackpot has a winner who broke the odds of 1 in 292.2 million. 05, 11, 22, 23, 69, and the Powerball number 7 were the winning numbers. The most recent jackpot was won in November, and since then, the winning sum has increased.
📰NEWS: Fifth-biggest #Powerball jackpot won in 📍#Washington
— Powerball USA (@PowerballUSA) February 7, 2023
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How much will the winner take home? Unlike lottery systems in India, winners of Powerball have two options: Either withdraw the amount at once (A huge chunk of money will be reduced during that process) or take the money over time. However, in both cases, you cannot avoid federal taxes.
If the winner chooses the annuity option, which would be paid out progressively over 29 years, they would get $747 million as their payout. If you decide to withdraw the amount at once, you will receive $407.2 million in cash. The latter one is more popular.
Like the other cases, we don't know the winners yet, but according to usatoday.com, the winner bought their winning lucky ticket from Washington.
What is the Powerball lottery? Powerball is an interstate lottery system played in the 45 American states, the district of Columbia, Puerto Rico and the US Virgin Islands. The game starts off with a value of 40 million dollars and every time there is no winner, the value increases by 10 million dollars.
How is the game played? How is the winner decided?
- Powerball consists of two drums with balls in them. One drum is used for the white balls and one for the red "Power" ball, which gives the lottery its name.
- The draws are done on Monday, Wednesday and Saturday.
- The winning numbers are announced on television, on the Powerball website, in newspapers, and online.
- In order to win the jackpot, players must correctly match all five white balls, plus the red Powerball.
- There's no guarantee that a jackpot will be awarded in every draw. If no one picks all six winning numbers, the jackpot rolls over to the next drawi and increases in value.
Each ticket costs around 2 or 3 dollars or Rs 165!
Powerball is a continuous lottery game where winners can get a payout according to that. For instance, according to the website, the winning prize will go down to 20 million.
Here's a look at some of the largest US jackpots won in Powerball:
What to do if you win a lottery? Powerball lottery can be bought online. And if you ever win one of these, experts have a few things to say. After winning the lottery, you can do several things, like buy whatever you want or travel the world or hell, save it.
But the most important thing is what not to do: don't tell everyone.
According to advisors, claiming that much money is likely to attract tax authorities, fraudsters, and friends and extended family. The first and most crucial piece of financial advice is probably what you shouldn't do if you have the winning ticket in light of all the attention, though.