Powerball Sparks Ticket Frenzy As Jackpot Hits $1.5 Billion

Thursday November 3rd 2022

Amid reports of customers lining out the doors as they wait for tickets, the Powerball jackpot is up towards record territory for the first time in more than six and a half years, with a grand prize of $1.5 billion available on Saturday night.

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Next Estimated Jackpot:
$354 Million
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Wednesday’s jackpot ended up being worth $1.247 billion after a surge of interest across the participating states and jurisdictions, but none of the tickets sold for the drawing matched all the numbers.

There were 16 players who snagged $1 million after matching all five main numbers - 2, 11, 22, 35 and 60 - without the Powerball of 23. Another three ticket holders, from Arkansas, Montana and New Jersey, doubled their payout to $2 million as they had added the Power Play option.

While some players might have been disappointed not to win the Powerball jackpot, the good news for every fan of the game is that the grand prize will now be worth even more for the next drawing.

The initial estimate for Saturday is $1.50 billion, which would put it just behind the record-breaking $1.58 billion from January 2016. However, if there are more tickets sold than anticipated, it could easily become the largest lottery prize ever seen anywhere in the world.

And the jackpot will continue to grow until someone wins. There is no limit to how high it can go, so potentially it could reach $2 billion or even more within the next couple of weeks.

Cash or Annuity

When the jackpot is finally paid out, the winner will have to decide whether to take it as a lump sum or an annuity. The cash option for the $1.5 billion jackpot is set to be worth $745.9 million.

Both the cash sum and the annuity are subject to federal taxes, as well as state taxes if they are applied in that particular jurisdiction. These taxes make a serious dent in the payout, but this jackpot is so huge that the eventual winner will still take home an amount so large that they will instantly become one of the richest people in the country.

It could be that the jackpot is split several ways, like in 2016 when three ticket holders each landed a pre-tax total of $528.8 million.

Millions of tickets are set to be sold over the next few days, so make sure not to miss out on your chance to join in with the historic drawing. You can then check the winning numbers as soon as they are available on Saturday evening.

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