8th-biggest lottery jackpot in US history
By Todd Northrop
Due to larger than expected sales volume, the Multi-State Lottery Association (MUSL) has raised the official Powerball lottery jackpot estimate for Saturday's drawing to $535 million.
The all-important lump-sum cash value of the jackpot has been raised to $338.8 million.
The newly-increased annuity and cash value jackpot amounts are both the 8th-largest ever recorded in United States lottery history. The top-25 annuity and cash value jackpots are listed below.
"With a jackpot above the half-billion dollar mark, Powerball tickets are selling like solar eclipse glasses — but tickets are much easier to find in stores," said Pennsylvania Lottery Executive Director Drew Svitko, who noted that this is the game's largest jackpot since the run-up to the world-record jackpot in early 2016. That historic prize totaled nearly $1.6 billion.
The Powerball drawing will be conducted Saturday night at 10:59 pm Eastern Time (7:59 pm Pacific). The mammoth grand prize started at $40 million on Jun. 14, 2017, and is the result of 19 drawings with no jackpot winner.
After the Wednesday evening Powerball drawing, when it was determined that there were no jackpot winners, the new jackpot estimate for Saturday was set at $510 million, with a cash value of $324.2 million. The lottery sets the initial estimates based on what they conservatively believe the ticket sales will be prior to the next drawing. When it becomes clear that actual ticket sales are vastly outstripping the initial projections, the lotteries raise the jackpot estimate accordingly — as they did today.
It is quite possible that by the time the drawing occurs tomorrow night, the jackpot will be further increased. The final jackpot tally is announced during the live drawing show.
Lottery players seeking to check the winning numbers Saturday night are urged to use USA Mega (www.usamega.com). State lottery websites are normally brought to a standstill during busy periods, while USA Mega normally remains responsive.
Powerball drawing results will be posted immediately after the 10:59 pm drawing at USA Mega. The number of winners and new jackpot will be announced after all participating Powerball states have reported their data, which normally occurs within a couple of hours after the drawing.
Players are advised not to wait until the last minute to buy tickets, as the ticket cutoff time varies between states.
The odds of winning the jackpot are approximately 1 in 292 million. The odds of winning any of the Powerball prizes are approximately 1 in 25.
Powerball tickets cost $2 each.
Lottery players can see an after-tax analysis of the current Powerball jackpot by visiting USA Mega's Jackpot Analysis page.
Powerball features nine different prize levels, ranging from $4 all the way up to the jackpot. Players can win even if they just match one number — the Powerball number.
All states except California also offer the Power Play option for an extra $1 per ticket purchased. The Power Play multiplies any non-jackpot prizes won by the Power Play number drawn that evening.
Players who purchase the Power Play and win second prize will automatically have their prize increased by 2x to $2 million.
Top 25 United States lottery jackpots of all time
Saturday's Powerball jackpot currently stands as the 8th-largest lottery jackpot of all time in the United States, and the 5th-largest Powerball jackpot ever. Brisk sales will almost certainly push the jackpot estimate higher by draw time.
- Powerball: $1.5864 billion, Jan. 13, 2016 - California, Florida, Tennessee
- Mega Millions: $656 million, Mar. 30, 2012 - Illinois, Kansas, Maryland
- Mega Millions: $636 million, Dec. 17, 2013 - California, Georgia
- Powerball: $590.5 million, May 18, 2013 - Florida
- Powerball: $587.5 million, Nov. 28, 2012 - Arizona, Missouri
- Powerball: $564.1 million, Feb. 11, 2015 - North Carolina, Puerto Rico, Texas
- Mega Millions: $536 million, Jul. 8, 2016 - Indiana
- Powerball: $535 million, Aug. 19, 2017 - Preliminary estimate, not won yet
- Powerball: $487 million, Jul. 30, 2016 - New Hampshire
- Powerball: $448.4 million, Aug. 7, 2013 - Minnesota, New Jersey (2)
- Powerball: $447.8 million, Jun. 10, 2017 - California
- Powerball: $435.3 million, Feb. 22, 2017 - Indiana
- Powerball: $429.6 million, May 7, 2016 - New Jersey
- Powerball: $425.3 million, Feb. 19, 2014 - California
- Powerball: $420.9 million, Nov. 26, 2016 - Tennessee
- Mega Millions: $414 million, Mar. 18, 2014 - Florida, Maryland
- Powerball: $399.4 million, Sep. 18, 2013 - South Carolina
- Mega Millions: $393 million, Aug. 11, 2017 - Illinois
- Mega Millions: $390 million, Mar. 6, 2007 - Georgia, New Jersey
- Mega Millions: $380 million, Jan. 4, 2011 - Idaho, Washington
- Powerball: $365 million, Feb. 18, 2006 - Nebraska
- The Big Game: $363 million, May 9, 2000 - Illinois, Michigan
- Powerball: $340 million, Oct. 19, 2005 - Oregon
- Powerball: $338.3 million, Mar. 23, 2013 - New Jersey
- Powerball: $337 million, Aug. 15, 2012 - Michigan
The number of jackpots in the top 25, by lottery game, are:
- Powerball: 17
- Mega Millions: 7
- The Big Game: 1
The Big Game is the original name of Mega Millions, from the game's first drawing on Sep. 6, 1996 through May 14, 2002. The name was changed to Mega Millions starting with the May 17, 2002 drawing.
Top 25 cash value jackpots
Since many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.
Looking at the cash value, the upcoming Powerball jackpot ranks as the 8th-largest cash value in U.S. history.
- Powerball: $983.5 million cash, Jan. 13, 2016 ($1.5864 billion annuity) - California, Florida, Tennessee
- Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
- Powerball: $384.7 million cash, Nov. 28, 2012 ($587.5 million annuity) - Arizona, Missouri
- Powerball: $381.1 million cash, Feb. 11, 2015 ($564.1 million annuity) - North Carolina, Puerto Rico, Texas
- Mega Millions: $378 million cash, Jul. 8, 2016 ($536 million annuity) - Indiana
- Powerball: $370.9 million cash, May 18, 2013 ($590.5 million annuity) - Florida
- Mega Millions: $347.6 million cash, Dec. 17, 2013 ($636 million annuity) - California, Georgia
- Powerball: $338.8 million cash, Aug. 19, 2017 ($535 million annuity) - Preliminary estimate, not won yet
- Powerball: $336.8 million cash, Jul. 30, 2016 ($487 million annuity) - New Hampshire
- Powerball: $284 million cash, May 7, 2016 ($429.6 million annuity) - New Jersey
- Powerball: $279.1 million cash, Jun. 10, 2017 ($447.8 million annuity) - California
- Powerball: $263.5 million cash, Feb. 22, 2017 ($435.3 million annuity) - Indiana
- Powerball: $258.2 million cash, Aug. 7, 2013 ($448.4 million annuity) - Minnesota, New Jersey (2)
- Powerball: $254.7 million cash, Nov. 26, 2016 ($420.9 million annuity) - Tennessee
- Mega Millions: $246.5 million cash, Aug. 11, 2017 ($393 million annuity) - Illinois
- Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
- Mega Millions: $233.1 million cash, Mar. 6, 2007 ($390 million annuity) - Georgia, New Jersey
- Mega Millions: $230.9 million cash, Mar. 18, 2014 ($414 million annuity) - Florida, Maryland
- Powerball: $227.8 million cash, Feb. 19, 2014 ($425.3 million annuity) - California
- Powerball: $224.7 million cash, Aug. 15, 2012 ($337 million annuity) - Michigan
- Powerball: $223.3 million cash, Sep. 18, 2013 ($399.4 million annuity) - South Carolina
- Mega Millions: $214 million cash, Aug. 28, 2009 ($336 million annuity) - California, New York
- Powerball: $211 million cash, Mar. 23, 2013 ($338.3 million annuity) - New Jersey
- Powerball: $210 million cash, Feb. 11, 2012 ($336.4 million annuity) - Rhode Island
- Mega Millions: $202.9 million cash, Mar. 25, 2011 ($319 million annuity) - New York
The number of jackpot cash values in the top 25, by lottery game, are:
- Powerball: 16
- Mega Millions: 9
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I love it.
Many will Play: Only One Will Win!
This will not be won until it gets around $800,000,000.
If you live in one state and play in another state .
More likely you will pay taxes in both states ?
The "many" includes those people that hardly ever play, don't understand the concept of filling out play slips, and see nothing wrong with shouting out numbers to store clerks. But than again what's so difficult about clerks just telling them to fill out a play slip so people standing in line behind them won't become an angry mob?
There will be a winner or two this weekend.
Good luck to everyone.
Everyone got their Jackpot Goggles.
Good Luck.
Ask the tax accountant. Too bad my dad is deceased because he would have known this answer in two seconds.
I'm ready to end the jackpot drought in Pennsylvania!
Let's go Powerball!
$$$$$$$$$$$$$$$
Still far short of the record $1,586 million annuity; nearly $1 billion cash. It's amazing to think back how it ever got that high. Will it happen again. Time will tell. Likely take 3 more roll-overs to break the record: next $900 million, then 1.5 billion, and then $2+ billion.
That's more than enough walking around money, to last beyond you & your kids casket time.
Risking $2 On The Powerball Lottery Game To Win $535 Million?
Heck I risk $2 on a lot less than that.
Thrifty....I wondered where you were. You disappear for a while?
Good to see you post.
I Was still Playing A Single Line On Mega Millions And Powerball, I Just Took A Break From Posting. How About You? Are You Still Buying A Single Line With Megaplier/Powerplay?
If it rolls tomorrow night it jumps to $650M/$411.7M on Sunday morning.
It looks like the cash value got nudged down to $338.8m?
The Powerball main site is showing $338.8m, but the California Lottery site still shows $340.1m.
I don't know if this situation is germaine to yours, but here goes:
I know someone that works at the Kings Bay Nuclear Submarine Base in Georgia, but he and a lot of his fellow workers at the base live across the state line in Florida because, he says, there is no state income tax in Florida and Georgia has a rather stiff income tax. Therefore, I assume your state of residence determines where you pay state income tax or none at all.
I don't know if the same laws apply to lottery winnings or not, but it seems that it would to me.
I expected it to be higher. Back in the billion dollar run, it was $500 M and rolled to $675 M and bumped to $700 M the same day. Of course, the higher it goes, the more tickets sold, and the higher odds there will be more than one winner, which is fine by me.
UPDATE: The story has been updated with a new cash value of $338.8 million. The original story contained a value of $340.1 million, which was the first number published by MUSL, but MUSL has now confirmed with me that the new value of $338.8 million is correct.
What are you LP Members going to do with all this money? For personal security reasons, you cannot answer this in depth.
The ATTH, After tax take home is close to $200 million. Will you fulfill all of your dreams?
Will you hire a Certified Financial Planner, a CFP and fiduciary,? How about an accountant to do your taxes? A Trust and Estate Attorney to create a living revocable trust for when you pass on.
The CFP will invest it the way you want to invest.
Or is real estate your chosen field?
Starting a small business?
Thanks Todd for the correct information. Good luck L.P. family
But what about the ticket I bought this morning stating the value at $340.1 mil (TX requires you to chose annuity or CO at purchase)? Has this ever happened before?
And if you bought your ticket yesterday it would have stated cash value of $324.2 million. Whatever amount is shown for the jackpot on the ticket doesn't matter, because they are estimates. The only number for sure is determined after all ticket sales are closed and they tally up the amount of cash actually collected from ticket sales.
You do not need to be an accountant to understand this. It is pretty simple.
After the lottery withholds 25% for federal taxes then...
You live in state A and buy your ticket from state A---You pay the state tax.
You live in State A (6% state tax) and buy your ticket in state B (8% tax rate).
The state where you purchased the ticket gets their 8% first and then you pay nothing for state A.
You buy a ticket in State A with a 6% tax rate and live in state B with a 8% rate. You pay 6% to
State A and owe state B 2%. It is an off setting credit.
It has. Back in 2013, Powerball advertised an estimated jackpot of $600 million annuity and yet the final tally at draw time was ~$590 million. I'm surprised the Powerball consortium didn't cover the difference like many states do with their in-state jackpot games. Doesn't inspire confidence to see a jackpot advertised at X amount and then see the final payout being noticeably less.
It wasn't a huge difference, relatively speaking, but deceptive advertising nevertheless. Many lotteries don't make clear the number is an estimate and not guaranteed. Often gloss over the "estimate" part (ie. super-fine print, not explained, etc) or leave out the word "estimate" entirely. I'd love to see an article about this.
The only number one can go by is the cash value at the time of the previous drawing, and then add some to that. Even when the cash value is the same, the annuity value can and does change, which can lead to situations in which a record jackpot may be ranked higher on the cash value list than the annuity value list or vice-versa.
Texas adjusted their estimate and also added a disclaimer.
http://www.txlottery.org/export/sites/lottery/Documents/jackpotestimates/pb20170819.pdf
I bought the winning ticket today at lunch. Thanks for your contribution everyone.
I think PB will go further up at least once and the PB will go to over $700 Million
watch out for shower of Fun, Hopes and expectations