Powerball jackpot nears $1 billion in biggest prize of the year

Powerball jackpot nears $1 billion in biggest prize of the year The prize has increased by $70 million ahead of the next draw - Bookmark - CommentsGo to comments The Powerball jackpot has risen to nearly $1 billion after no winner matched all six numbers on Monday. Ahead of the next draw, the mammoth prize stands at a staggering $975 million, with the winning numbers to be selected on Wednesday. That means the value of the prize has rocketed by $70m since Monday, making it the biggest lottery prize of the year so far. “This is the most exciting jackpot run we’ve seen all year, but it’s also important to remember that every $2 Powerball ticket purchased helps support public programs and services,” Stephen Durrell, Powerball Product Group Chair, said. “Because a portion of each ticket sold stays where it was purchased, the benefits of Powerball are felt in communities across the country and around the world.” In the previous draw, the prize stood at $905m with the winning numbers being 6, 37, 54, 55, 64. The Powerball number was 10. A potential winner has the choice to accept the prize as a lump-sum or over 30 graduated payments. Powerball says that the lump-sum on Wednesday has an estimated cash value of $422.3m. However, if the lump-sum is selected, a 24 percent federal withholding is applied to the winnings which would see Wednesday’s prize value drop to around $320m. A federal marginal rate could reduce the prize even further, dropping the value to $266m. Some states also apply additional taxes to lottery winnings. The largest Powerball jackpot ever won was worth $2.04bn, after one lucky person purchased a ticket in California in 2022. Previously, the $2 tickets were sold in just 45 U.S. states, as well as Washington D.C., Puerto Rico and the U.S. Virgin Islands. However, now, the Powerball draw is also available to British players after the game launched in the United Kingdom in July. Andy Carter, senior winners’ advisor at Allwyn, which runs the U.K’s National Lottery, said that it brings a “whole new level of possibility to U.K. players.” “It's a chance to win the biggest jackpot ever offered through The National Lottery and to dream bigger than ever before,” he said. A Powerball winner would have to overcome steep odds, though, to take home the massive prize. According to Powerball, the odds of winning the grand prize stand at just one in 292,201,338 Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments [Image text:] PRINTED ON P OWER 1IN POV RE TH ois -TEXAS LOTTERytexa A CATION re POWER PLAY 14 AND 2 NO 29 xas!o ME ERR of Te SAT MON RB TDEC20 16 Qp ON GRAND RB#KZW-F 2025 00 MERRY NO .com OPTION 0 ODDS MONDA TEXAS OF ON OF IN 24.9 06 WERBALL ONL BUY DRAW 3137-061089089-1465218 0000 $2.00 STEP FREE o o S