Powerball Jackpot Hits $1.7 Billion—Here’s What The Winner Could Take Home
Topline
The Powerball jackpot rose to $1.7 billion—the fourth biggest lottery prize ever—after no tickets matched all six numbers drawn on Monday night, although the eventual winner will take home a much smaller payout after taxes and deductions.
The Powerball Jackpot hit $1.7 billion after Monday night’s drawing.
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Key Facts
The six numbers drawn on Monday night were 3, 18, 36, 41, 54 and Red Powerball 7.
If a winner emerges in the next draw they can choose between receiving the $1.7 billion prize split across 30 annual payments or a one time lump-sum amount of $781.3 million—the preferred choice for most winners.
If the cash reward is chosen, the winning will first drop to around $593.8 million after a mandatory federal withholding of 24% is applied.
The winner is likely to face a federal marginal rate of 37%, depending on their taxable income, further cutting their winnings to around $492.2 million.
If the installment option is chosen, the winner’s annual payments of $56.6 million would drop to $35.7 million after the 37% federal marginal rate is applied.
Depending on their state of residence, the winner could face additional taxes, as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don’t.
Surprising Fact
A Powerball ticket buyer will need to overcome astronomical odds of 1 in 292.2 million to win the one and a half billion dollar prize. This is worse than the Mega Millions jackpot’s already poor odds of 1 in 290.4 million.
What To Watch For
The next Powerball jackpot draw is set to take place on Wednesday night. If no winner emerges again, the jackpot amount will likely eclipse the biggest lottery prize of 2025 so far.
Key Background
In September, a $1.78 billion Powerball prize was split between two ticket buyers, one from Missouri and another from Texas. That is the biggest jackpot of the year so far, and the second-biggest lottery prize of all time. However if a single winner emerges on Wednesday, they will likely take home a bigger payout than September’s winners, as the prize would not have to be split. Last month, a single ticket sold in Georgia won the Mega Millions’ $980 million.
Further Reading
Powerball Jackpot Reaches $1.6 Billion—Here’s What That’s Worth After Taxes (Forbes)
Two Winners Will Split Second-Largest Powerball Jackpot In History (Forbes)
This content is sourced from www.forbes.com and is shared for informational purposes only.
