A WHOPPING $1.8billion is up for grabs this weekend – the second-largest EVER jackpot in US lottery history.
Saturday night’s Powerball prize shot up to the eyewatering figure after no player matched all six numbers in Wednesday’s draw.
Nobody won the jackpot in Wednesday’s drawer, meaning it rolls over to the second-largest lottery prize in US history[/caption]
A news stand in Manhattan advertises the estimated $1.8billion prize[/caption]
The new jackpot is the second-largest cash prize ever in the US.
It falls behind only the record $2.04billion Powerball jackpot claimed in 2022 in California, according to the Multi-State Lottery Association, which runs the game.
Saturday’s draw will be the 42nd after the Powerball jackpot was last won on May 31 in California.
The streak has already broken the record for the most consecutive drawings without a jackpot winner.
The lucky winner will be able to choose between two different ways of receiving their money.
They can opt for 30 annual instalments – which would entitle them to the full estimated $1.8billion.
Each payment would increase by five percent year-on-year.
Alternatively, they could choose to receive a lump sum.
The total for that would be considerably less, at $826.4million.
Both of those figures are pre-tax.
The winner can expect a serious tax bill.
A mandatory 24 percent withholding is required by the IRS for any prizes above $5,000.
Choosing the lump-sum option, this would see almost $200million knocked off the total.
But the windfall also pushes you into the 37 percent tax bracket – meaning your bill will likely be higher.
Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, said: “Excitement is building as players look forward to tomorrow night’s drawing for this historic jackpot.
“We encourage everyone to play responsibly and take pride in knowing that every $2 ticket also helps support good causes in their community.”
Saturday’s Powerball drawing will be broadcast live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee, Fla.
The Powerball drawing will also be live streamed on Powerball.com.
The overall odds of winning a prize are 1 in 24.9.
The odds of winning the jackpot are 1 in 292.2 million.
The winner can choose between instalment payments or a lump sum[/caption]
