Best Texas Online Casinos 2024 - TX Online Gambling Sites
Who Wants To Be A Billionaire? Powerball Jackpot Hits $1B
Lottery players buy Powerball tickets at the Las Palmitas Mini Market in in the Fashion District downtown Los Angeles on Monday, April 1, 2024. A $1 billion Powerball jackpot will tempt lottery players who think they just might hit it rich after three months without a big winner. 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. (AP Photo/Damian Dovarganes)AP
Des Moines — 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 jackpot has reached $1 billion, marking the fifth time a Powerball prize has reached that level, game officials said in a news release.
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.
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.
Powerball is played in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
If you purchase a product or register for an account through a link on our site, we may receive compensation. By using this site, you consent to our User Agreement and agree that your clicks, interactions, and personal information may be collected, recorded, and/or stored by us and social media and other third-party partners in accordance with our Privacy Policy.
Mega Millions Jackpot Reaches An Astounding $977M After No One Wins Tuesday's Drawing
The Mega Millions jackpot has reached an astounding $977 million for Friday night's drawing after no tickets matched all six numbers drawn on Tuesday night.
The winning numbers drawn on Tuesday were 24, 46, 49, 62, 66 and the gold Mega ball: 7.
The estimated jackpot was $893 million with a cash prize of $421.4 Million.
The cash prize for Friday's drawing is $461 million.
A Pennsylvania store owner hands a customer a Mega Millions lottery ticket on Jan. 5, 2022, in Mt. Lebanon, Pa. AP Four people won $1 million each in California, Texas, Virginia and Florida.
It's just the sixth time in the game's nearly 22-year history that the jackpot has reached this level; only five jackpots exceeding $1 billion have been higher.
Mega Millions is the only lottery game that has awarded five jackpots exceeding $1 billion, all in different states.
South Carolina was the first in 2018, followed by Michigan in 2021, Illinois in 2022, Maine in early 2023 and Florida last August.
Friday's drawing jackpot has increased to an estimated $977 Million. MegaMillions.Com The odds of winning any lottery jackpot are very slim. Mega Millions players have a 1 in 302.6 million chance of taking home the top prize.
Mega Millions tickets cost $2 and are sold in 45 states, Washington, DC, and the US Virgin Islands.
Mega Millions Jackpot Hits $735 Million: Here's What The Winner Would Take Home After Taxes
ToplineThe Mega Millions jackpot jumped to an estimated $735 million after no winning tickets were drawn Friday night, making it the sixth-largest prize in its history, though an eventual winner—facing one-in-302-million odds—would take home just over one-third that amount after paying required taxes.
The jackpot is the sixth-largest in Mega Millions history.
NurPhoto via Getty Images Key FactsA lucky ticket holder matching all five white balls and one "megaball" for the grand prize can choose between a payout over 30 annual installments or a one-time lump sum of $356.7 million.
If the winner chooses the more popular lump sum option, the winnings would be reduced to $271 million after a mandatory 24% federal tax withholding, while a federal marginal rate as high as 37%—depending on the winner's taxable income and other tax deductions—would reduce the take-home prize down to $224.7 million.
Annual installments would pay an average of $15.4 million per year with a 37% federal marginal rate.
Lottery winnings are also susceptible to taxes in some states, including rates as low as 2.5% in Arizona ($8.9 million) to as high as 10.9% in New York ($38.8 million), though other states like California and Texas don't tax winnings.
Surprising FactThe jackpot is the sixth-largest in Mega Millions history. The five larger jackpots were all $1 billion or more.
Big Number1.1 million. That's how many winning tickets (non-jackpot) were sold for Friday night's drawing. Of those, two matched the five white balls to win a $1 million prize. More than 18.5 million non-jackpot-winning tickets have sold since the Mega Millions jackpot was last won in December.
What To Watch ForMega Millions will hold its next drawing at 11 p.M. EDT on Tuesday. Powerball will hold its next drawing Saturday night for a $521 million jackpot. That grand prize includes a $254.8 million lump sum option, which would be reduced to $193.6 million after a 24% federal tax withholding and to $160.5 million with a federal marginal rate of 37%.
Key BackgroundMost of the largest lottery jackpots have been won over the last seven years, after the Mega Millions and Powerball lotteries increased the pool of white balls to choose from in 2017. The odds of winning either lottery subsequently decreased, allowing larger jackpots to accumulate for longer periods.
Further ReadingHere's Why There Have Been So Many Massive Jackpots Recently (Forbes)
Powerball Jackpot Surges Past Half A billion—Here's What The Winner Gets To Take Home After Taxes (Forbes)
Comments
Post a Comment