Will anyone be treated to a billion-dollar early Christmas gift? The answer may be yes when the Powerball drawing takes place at 10:59 p.m. ET on Monday, where the estimated $1.6 billion jackpot will be revealed.
Record-Extending 46th Drawing
This Monday’s draw marks the 46th drawing in a single jackpot cycle, extending the previous record of 42. The historic run has pushed the prize to $1.6 billion, the fourth-largest in Powerball history and the fifth-largest ever among U.S. lottery games. It is the seventh Powerball jackpot to reach the $1 billion mark and the second this year.
Jackpot History
The most recent win on September 6 saw tickets in Missouri and Texas share a $1.787 billion grand prize, the second-largest in Powerball history. The odds of hitting the jackpot are a minuscule 1 in 292.2 million.
Winning Options and Taxes
If a ticket matches all five white balls plus the red Powerball, the winner can choose between:
- A 30-year annuity that pays the estimated $1.6 billion in annual installments.
- A one-time lump-sum of an estimated $735.3 million.
Regardless of the choice, the payout will be reduced by federal taxes and, in most jurisdictions, state taxes as well.
Powerball Basics
- Play Locations: 45 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.
- Draw Schedule: Mondays, Wednesdays, and Saturdays.
- Ticket Cost: $2 each.
- Power Play: Adds $1 to a ticket and multiplies non-jackpot winnings by 2, 3, 4, 5, or 10.
The largest Powerball jackpot ever awarded was $2.04 billion in 2022 when a California ticket won the grand prize.
Legal and Financial Lessons
Attorney Andrew Stoltmann says some of the most vicious legal fights over the lottery come from office lotto pools gone wrong. He has represented 12 lottery winners, many of whom lost all their winnings through bad investments, reckless spending, and greedy relatives. “Unfortunately, the people who win the lottery think at that point, the journey is over. And what they don’t realize is that the journey has really just begun,” says the Chicago-based Stoltmann.
Key Takeaways
- The Powerball jackpot has reached $1.6 billion, the fourth-largest in history.
- Winners choose between a 30-year annuity or a $735.3 million lump sum, both subject to taxes.
- The 46th draw extends the record for consecutive drawings without a winner.
The upcoming draw offers a chance to claim a prize that could reshape a life, but the journey from winning to managing wealth is just beginning.
