The Powerball jackpot rose yet again to an estimated $1 billion after no winning ticket was sold for the latest drawing.
No ticket for Monday’s drawing matched the white balls 5, 8, 9, 17, 41 and red Powerball 21. The jackpot was estimated at $900 million.
The new jackpot for Wednesday’s drawing would be the seventh highest in U.S. history and the third largest for Powerball. Ticket buyers have a chance at $1 billion paid out in yearly increments or a $516.8 million one-time lump sum before taxes.
Three people won $2 million after matching all five numbers plus the Power Play, lottery officials said. The winning tickets were sold in Arkansas, Georgia and Texas.
Pretty much anything you want. A billion dollars could buy you around 200 Bugatti Mistral Roadsters, dozens of eight-seater private jets, or several private islands in the Caribbean. But don’t make the mistake of thinking you could never spend it all, warned Shean Fletcher, a wealth advisor in Kansas City, Missouri.
Among things to keep in mind are that huge jackpots also bring huge tax bills, he said. Not just on the money itself, but high-dollar houses, cars, planes and other property also usually come with big recurring tax and upkeep bills. The idea that lottery winners can just spend lots of money daily forever is a fallacy that has seen more than one lottery winner blow through their winnings, he noted.
A jackpot of $1bn would be the third-largest ever produced by the Powerball, the 31-year-old lottery which is held across 45 states, Washington DC, Puerto Rico and the Virgin Islands. A winner would have the option of collecting the full amount in annual increments over 29 years or immediately in a one-time, lump sum of nearly $517m before taxes.
The $1 billion jackpot is the third-largest in Powerball history and the seventh-largest for a lottery game in the United States.
Powerball tickets are $2 apiece and can be purchased at lottery retailers or through the Texas Lottery app. Players at the time of purchase can select a cash value option for the grand prize or choose to receive 30 annual payments that increase over time. While the estimated annuitized jackpot for Wednesday's drawing is $1 billion, the estimated cash value is $516.8 million.
Winning tickets must be claimed no later than 180 days after the date of the drawing. Retailers that sell jackpot-winning Powerball tickets are eligible to receive bonuses of up to $1 million.
The last time a Texan won a Powerball jackpot was in 2015. The state has had two grand-prize winners since joining the game in 2010.
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