A $1.2 billion Powerball jackpot will again be up for grabs Wednesday night after an 11-week stretch without a big winner
It’s those odds of 1 in 292.2 million that make the jackpot so hard to win and that result in such giant prizes for the lucky player or players who manage to pick the game’s six winning numbers. The latest Powerball jackpot is the world’s seventh-largest lottery prize. The last time someone won the top prize was July 19.In most states, Powerball tickets cost $2 and buyers can chose their own numbers and single Powerball or leave that task to a computer.
Players also can choose an annuity, in which that $551.7 million would be paid to a company that would guarantee a return over 30 years of $1.2 billion. If a winner dies before collecting all their money, the remainder would go to the winner’s estate.State lotteries will immediately deduct 24% of jackpot winnings for federal taxes, and additional federal taxes may be required when filing federal tax returns.
Players who buy winning grand prize tickets in a state different from where they live will pay taxes based on where they bought the ticket.The game’s odds remain 1 in 292.2 million regardless of how big the jackpot is and the number of people buying tickets. Those odds mean there are 292.2 million possible number combinations.
To put the immensity of that into context, note that for Monday’s drawing players across the country chose just over 20% of those possible combinations. That means nearly 80% of the possible combinations were not selected, so the odds were pretty good that there wouldn’t be a winner. Typically, the larger the jackpot grows, the more people play and the more combinations are covered. People also usually buy more tickets on Saturdays, which increases the chance of a winner for those drawings.Rules vary from state to state with some requiring that jackpot winners be named and others allowing anonymity. Some states have more detailed rules, such as in Florida, where winners can remain anonymous for 90 days before the state lottery releases their name.
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