The Powerball jackpot has once again increased and is now estimated at $875 million, making it among the most significant jackpots in the history of the game. In the recent Wednesday night drawing, no players were able to match all six winning numbers, which were 23-35-45-66-67 with a Powerball of 20. As a result, the upcoming Saturday drawing will feature the third-largest jackpot in Powerball history, trailing only the record-breaking $2.04 billion jackpot won last year and the $1.586 billion jackpot won in 2016.

There was no jackpot winner on 12th July drawing

In the last no winner drawing, Powerball jackpot rose to $725 million.

Highest Jackpots in Powerball History

  • $2.04 billion – Nov. 7, 2022; California.
  • $1.586 billion – Jan. 13, 2016; California, Florida, Tennessee.
  • $768.4 million – Mar. 27, 2019; Wisconsin.
  • $758.7 million – Aug. 23, 2017; Massachusetts.
  • $754.6 million – Feb. 6, 2023; Washington.
  • $731.1 million – Jan. 20, 2021; Maryland.
  • $699.8 million – Oct. 4, 2021; California.
  • $687.8 million – Oct. 27, 2018; Iowa, New York.
  • $632.6 million – Jan. 5, 2022; California, Wisconsin.
  • $590.5 million – May 18, 2013; Florida.

Should a player match all six numbers and emerge victorious in Saturday’s drawing, they will have the option to receive the $875 million prize in yearly installments or opt for a one-time lump sum payment of $441.9 million before taxes. Officials have revealed that there have been 36 consecutive Powerball drawings without a jackpot winner, with the most recent win occurring on April 19 when a ticket sold in Ohio matched the winning numbers and secured a $252.6 million prize.

The next drawing is on 15th July with an estimated $875 million Powerball Jackpot.

Research indicates that approximately 60% of the revenue generated by U.S. state lotteries is allocated directly to winners, while the remaining funds are retained by the states after covering prize payouts and certain expenses like advertising. However, for larger lotteries like Mega Millions and Powerball, half of the ticket sales revenue contributes to the prize pool.

While the majority of Americans tend to be averse to high taxation, lottery winnings face high tax rates without triggering a significant public outcry. If you happen to win more than $600 in the lottery, you will be liable to pay federal income taxes on your winnings. Furthermore, if you are fortunate enough to claim $5,000 or more, a substantial 25% will be deducted directly from your winnings as federal taxes even before you receive the funds. The final amount you owe will depend on the total sum won and your income, potentially necessitating an additional payment of 14.6% to reach the peak federal income tax rate of 39.6%.

How to Play

Powerball

  • Powerball costs $2 per play. In Idaho and Montana, Powerball is bundled with Power Play for a minimum purchase price of $3 per play.
  • Select five numbers between 1 and 69 for the white balls, then select one number between 1 and 26 for the red Powerball.
  • Choose your numbers on a play slip or let the lottery terminal randomly pick your numbers.
  • Drawings are held every Monday, Wednesday, and Saturday at 10:59 pm ET at the Florida Lottery draw studio in Tallahasee. To watch the drawings, click Here.
  • The Powerball jackpot grows until it is won. Players win a prize by matching one of the 9 ways to win. The jackpot is won by matching all five white balls in any order and the red Powerball.
  • Jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump-sum payment. Both advertised prize options are prior to federal and jurisdictional taxes.

Power Play

  • Ask for Power Play with your Powerball purchase!
  • For an additional $1 per play, the Power Play feature can multiply non-jackpot prizes by 2, 3, 4, 5 or 10 times!
  • The multiplier number is randomly selected before each drawing.
  • The 10X multiplier is only in play when the advertised jackpot annuity is $150 million or less.
  • The Match 5 prize with Power Play is always $2 million.

Powerball is available in 45 states, along with Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. Notably, lottery tickets are not sold in Alabama, Utah, Alaska, Hawaii, and Nevada.

One thought on “The Powerball Jackpot touches an impressive sum of $875 million, 3rd-largest in history”

Leave a Reply

Your email address will not be published. Required fields are marked *