TWO lucky Powerball players have defied the odds and won a bumper $1.8 billion jackpot.
The gamblers struck gold in what was the first jackpot win since May 31.
The Powerball jackpot has finally been won[/caption]
The players beat odds of more than one in 292.2 million to land the top $1.8 billion prize – and will split the jackpot equally.
Numbers 11, 23, 44, 61, 62 and Powerball 17 were selected late on Saturday.
It has an estimated cash value of $826.4 million.
The mystery gamblers clinched what was the second-largest amount in Powerball history.
Saturday night’s draw also saw another record shattered.
It marked the 42nd draw since the Powerball prize was last won.
Previously, the record for the most consecutive draws without a winner stood at 41.
The players now faces a choice on how they want to receive their prize.
They can take home the lump sum – which is one amount – or they can receive their prize in smaller, more manageable chunks.
Winners almost always choose the game’s cash option, which for this drawing would be an estimated $826.4 million.
More than 9.9 million tickets won cash prizes in last night’s draw, a Powerball press release said.
The last time the Powerball jackpot was won was in California in a draw that took place more than three months ago.
The player matched all the numbers to land a $204.5 million prize.
That particular winning ticket was sold at a 7-Eleven store in Arleta – located around 18 miles from Los Angeles.
The achievement was the fourth Powerball win of the year.
Abbas Shafii, an Oregon player, etched his name into the history books by becoming the first Powerball jackpot winner of the year.
He landed a $328.5 million jackpot and opted to receive his prize in the form of a lump sum.
This meant that his prize was immediately cut to $146.4 million before tax.
In March, a California gambler came up trumps when they landed a $526.5 million pot.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
That winning ticket was bought by a 7-Eleven shopper in Anaheim – located just shy of three miles from Disneyland.
The following month James Shannon Farthing landed a $167.3 million prize.
He splashed out just $2 on the slip from a convenience store in Georgetown, Kentucky.
The largest Powerball prize ever won was in November 2022, when Edwin Castro struck gold on a ticket worth $2.04 billion.
The Powerball jackpot prize soared to a whopping $1.8 billion[/caption]
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