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The Powerball has swelled to more than $700 million after yet another draw passed by without a winner – but the take-home prize could be just a fraction of that.
Wednesday’s prize pot has crept up to a whopping $716 million – with an estimated cash value of $307.2 million – after Monday marked the 32nd draw without a winner.
If a player somehow manages to land the jackpot, they will have the option of receiving their prize in one swoop, known as the lump sum, or in the form of installments.
Should the player select the lump sum, they will not take home the $307.2 million cash value.
An estimated $73.7 million will be taken off because of an automatic 24% federal tax withholding, bringing the prize to around $233.5 million, Forbes revealed — but the deductions will not end there.
An extra 13% in federal taxes will further cut the amount to $193.5 million.
The winner could face further deductions, but this depends on where the ticket was bought.
Should a Florida-based player win the jackpot, they will not pay any state tax on the prize.
California, New Hampshire, South Dakota, Tennessee, and Texas winners also do not have to pay taxes on their lottery prizes. This also applies to Washington and Wyoming gamblers.
New York, however, taxes prizes at 10.9% – the highest rate in the country — and should the winner come from New York City, then they will have to pay an extra 3.876% tax.
The deductions are less steep for winners who take the installments. The winner’s annual payment would drop from $23.9 million to approximately $15 million after tax.
Monday’s winning numbers were 18, 26, 49, 50, 54, and 1 – and the Power Play was 3x.
No one scooped the $691 million jackpot — but a Florida and Georgia ticket holder landed a $1 million prize.
Powerball is open to UK lotto players, but jackpot winners are unable to take home the lump sum.
The jackpot has rolled over to £379 million — an estimated $505.2 million — ahead of Wednesday’s draw and winners are paid out over 30 years.
The UK prize pot appears smaller because the post-tax value is advertised.
The Powerball jackpot has not been won since a player bought a ticket worth $1.04 billion from a Hy-Vee Fast and Fresh store in Quincy, Illinois, ahead of the Aug. 12 draw.
The prize was claimed in September and the player, who opted to stay anonymous, took home the lump sum – an estimated $450.5 million.