With no jackpot winners from the latest Powerball drawing, the lottery’s grand prize has surged to an astonishing $1.4 billion, marking the largest amount seen in over a year. The next drawing is scheduled for Wednesday evening at 10:59 p.m. ET, making the current jackpot the fourth largest in Powerball history and the sixth largest among U.S. lotteries, as reported by the Multi-State Lottery Association.
In light of this rapidly increasing prize, many lottery enthusiasts are eagerly looking back at the top ten Powerball jackpots ever recorded. Notably, the previous record was set on November 7, 2022, when a singular ticket in California won a staggering $2.04 billion. This was followed by another win of $1.765 billion in California on October 11, 2023, while the third-largest jackpot of $1.586 billion was split among winners from California, Florida, and Tennessee on January 13, 2016.
The current estimated jackpot of $1.4 billion could potentially rise even higher if there are no winning tickets drawn on Wednesday. It is possible that the next drawing could result in a jackpot exceeding the current figure, potentially becoming the third-largest Powerball jackpot in history.
For those fortunate enough to claim a win in Wednesday’s drawing, two payout options will be available: the full annuity of $1.4 billion, distributed over 30 years, or a lump-sum cash option amounting to approximately $634.3 million. However, it’s important to note that both federal and state taxes will significantly reduce the actual amount the winner takes home.
Experts recommend several prudent steps for winners to consider before claiming their life-changing prize. First, it is essential to secure the winning ticket by signing the back of it and storing it in a safe place, like a home safe or bank deposit box. Documenting the ticket with a copy or photograph is also advisable.
Winners are encouraged to maintain confidentiality about their win until the claim is officially processed to avoid unwanted attention and potential scams. Assembling a team of professionals, including a lawyer, financial advisor, and tax consultant, can help navigate the complexities of managing such a substantial amount of money. Finally, long-term financial planning is key, and a financial planner can assist in deciding whether the annuity or lump sum option aligns better with the winner’s financial goals and risk tolerance.
Powerball tickets are available in 45 states, along with the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Those hoping to win will face odds of approximately 1 in 292.2 million for the jackpot, although the odds of winning any prize stand at 1 in 24.9.
