If someone buys a Powerball ticket in Pennsylvania and wins millions in the record jackpot, it won’t be the first time.
Advertisement
The largest US lottery jackpot in history is at stake in Saturday night’s Powerball drawing – $900 million.
To play, consumers choose five numbers from 1 to 69 and one Powerball number from 1 to 26. That percentage could rise if the jackpot estimate is increased – but even lottery officials say they don’t know what to expect.
“If every time you drive a mile, you buy one Powerball ticket, you’ll have to drive an average distance of 611 round-trips to the moon before you win the jackpot”, statistician Michael Orkin said. But winning the grand prize won’t be easy with odds sitting at about 1 in 292 million. Powerball sales have been breaking records since Wednesday night after no one matched the numbers drawn for the estimated $500 million jackpot.
There is a chance that it could still grow even higher, USA Today noted. Because winning is rather hard, you’re chances are 1 in 262.2 million.
Remember, if you win, sign the back of your ticket, and keep it in a very safe place. Because the payout is based on sales, the prize has grown more quickly as people rush to buy tickets.
Four of the 10 Powerball tickets Alice Johnson bought Saturday morning at the Citgo Jiffy Mart in Shelburne are earmarked for her grandchildren.
The jackpot for the game, which has drawings twice a week, started at $40 million in early November. But at least 25 percent that would go to federal income taxes, plus the difference between what was already withheld and the top rate of 39.6 percent. That puts the estimated cash value at $558 million.
Advertisement
Despite the tiny, minimal, nearly impossible likelihood of winning the lottery, many people are to spending their cash on tickets. That means, Prante said, when you factor in state rules about deductions, that a New Yorker could pay $44 million more in taxes than a California victor.
