01 January 2024 , 22:38
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The Powerball lottery jackpot has soared to a whopping $810million (£636million) as no one scooped the top prize in Saturday's draw. The first draw of the year is set for tonight, Monday, January 1, at 10:59 ET with a cash value of $408.9million (£321million), according to lottery officials.
If the winner opts for a lump sum payment, they'll receive $310.7million (£244million) after a 24% federal tax cut. However, the final amount will depend on their taxable income and deductions, as the rate could go up to 37%, reducing the winnings to $257.6million (£202million).
In some states, lottery winnings are also taxed, with rates varying from 2.5% in Arizona to 10.9% in New York. But in other states such as California and Texas, there's no tax on lottery winnings.
Saturday's massive $760million (£597million) jackpot had the numbers 10, 11, 26, 27, 34, and the red Powerball 7. The Power Play multiplier was 4. The initial estimated cash value for the prize was $383.6million (£301million).
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The first Powerball jackpot drawing of the year is scheduled for tonight, Monday, January 1, at 10:59pm (AFP via Getty Images)If a lucky player had won the jackpot on Saturday night, they would have had a big decision to make. They could choose between yearly payments adding up to $760million (£597million), starting with an immediate payment followed by 29 annual payments that increase by 5% each year, or a one-off payment estimated at $383.6million (£301million).
The recent draw marked the end of 2023 and was the 34th Powerball draw in a row without a jackpot winner. The last time someone won the jackpot was on October 11, making the Saturday night draw the fourth jackpot in 2023 to go over the whopping $500million mark.
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The biggest jackpot this year was a mind-blowing $1.765billion (£1.386billion), won on October 11 in California. The second-biggest prize, an amazing $1.08billion (£848million), was also won in California, on July 19, according to Powerball records.
You can buy Powerball tickets for $2 each, and the game continues to thrill players across the country. But the chances of winning the jackpot are a sky-high one in more than 292.2 million, says the Multi-State Lottery Association. The biggest-ever jackpot was a record-breaking $2.04billion (£1.6billion), won on November 7, 2022.
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