Powerball lottery jackpot reaches mind-blowing record amount of $1.6billion

Image of the Powerball winning numbers graphic. Credit: [email protected]

The Powerball USA jackpot on offer this Saturday, November 5, is the highest in the lottery’s history, standing at a mouth-watering figure of $1.6billion.

 

With no winner having the lucky numbers again last Wednesday, November 2, it means the Powerball USA jackpot on offer tomorrow, Saturday 5, stands at a record-breaking incredible amount of $1.6billon (€1.61b). That makes it the largest lottery prize to be played for in history.

After rolling over an astounding 40 times, in just one moment, a lucky winner could become an instant billionaire tomorrow. Wednesday’s jackpot stood at $1.5billon (€1.51b) but nobody had picked 2-11-22-35-60. The odds of a single ticket winning are about 1 in 292 million.

In 2021, the Powerball lottery jackpot rolled over for 41 draws. Eventually, a lucky winner scooped a massive $699.8million (€705.55m), which seems rather significant in comparison to what is up for grabs this Saturday.

The Powerball draw takes place three times each week, so if nobody matches the numbers tomorrow then the jackpot will roll over to next Monday 7. 

Powerball lottery winners can choose how they are paid their winnings. They can opt to receive a series of payments over a period of around 30 years. In this case, they would get almost the full amount that is on offer.

However, by choosing to cash out in one lump sum means a hefty federal tax bill. According to CNBC, any winner will end up paying millions out of their winnings in tax deductions, as reported by dailymail.co.uk.

Gambling winnings are heavily taxed in America which means that any potential winner this Saturday would end eventually up with $782.4 million (€788.72) if they chose to take the money in one payment. A federal tax withholding of 24 per cent on gambling winnings would then be applied.

That would lower the prize by another $187.8 million (€189.31m). The remainder would then be taxed at the top federal marginal rate of 37 per cent.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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