Powerball jackpot grows to $835million ahead of next draw - the 4th largest ever
The Powerball jackpot has climbed to an estimated $835million (£686million) ahead of the next drawing, becoming the largest-ever prize in the American lottery game's history.
It reached the huge sum after no tickets matched all six numbers drawn on Monday and, according to Powerball's website, the prize has an estimated cash value of $390.4million (£321million). There have been 29 consecutive drawings without a jackpot winner after a lucky player won $1.08billion (£822,650,000) in California in July.
If a winner emerges in the next draw on Wednesday, they will have to choose between a $835million payout spread over 30 annual installments or a lump sum amount of $390.4 million, which is usually the more popular choice. Those choosing the lump sum payment will however face a mandatory federal tax withholding of 24% which will leave them with $296.7million (£244million).
The odds of winning the jackpot are 1 in 292.2 million (Getty Images)Depending on their income, the winner could also face a federal marginal rate as high as 37%, which could make the prize drop to around $245.95million (£202million). And if the annual payment option is selected, payments of around $27.83million (£23million) could drop as low as $17.53million (£14.42million), taking the federal marginal rate into account.
The total amount will also depend on the state the winner is in - for example, New York taxes lottery winnings at 10.9% while other states such as Florida and California do not tax them at all. The odds of winning the jackpot are 1 in 292.2 million, according to Powerball.
Woman was 'adamant' she would win top lottery prize - then pockets $200,000
Powerball is played in 45 states, Washington DC, Puerto Rico and the US Virgin Islands. Drawings are held Monday, Wednesday and Saturday at 10.59pm ET. Sales cut-off times vary by one to two hours before the drawing, depending on the selling jurisdiction.
Tiffany Brown won $1million last week (Massachusetts State Lottery)Last week, a woman won a $1million Powerball prize after being encouraged by her friend to play during a huge $638million drawing. Tiffany Brown's luck was in as the first five numbers of her Quic Pic ticket matched those selected in last week's Monday drawing. However, it was not enough to bag the staggering $638million jackpot that was on offer at the time.
The elated winner claimed her prize a couple of days later on Wednesday at the Massachusetts State Lottery’s Dorchester headquarters. Her prize totals $1million before taxes. She bought the winning ticket at Supreme Liquors, in 506 Geneva Ave, in Dorchester. The store itself is also due to receive $10,000 for selling the ticket, according to a State Lottery release.
Tiffany said her friend told her to buy a ticket this week because of the enormous jackpot, reports Boston.com. The current jackpot sits at an estimated $725million after nobody won Wednesday's draw and whoever takes it will make it into the top-10 Powerball winners of all time.
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