What You Need To Know About The Huge Powerball Jackpot

Saturday’s Powerball jackpot has soared to a stunning $510 million ahead of Saturday night’s draw, following a run of 19 rollovers since it was last won on 10th June by Californian ticket holder Jeff Lindsay. It is one of the largest prizes in world lottery history, and here’s what players should know before they take part.

What You Need To Know About The Huge Powerball Jackpot

How does this jackpot rank?

The estimated top prize of $510 million slots in at No.5 in the all-time list of top Powerball jackpots. It is the largest jackpot of 2017 and the biggest since the record-breaking amount of $1.58 billion was split three ways on Wednesday 13th January 2016.

How much would you take home if you won?

While the advertised jackpot is $510 million, any winner would be given the choice over whether to take the full amount in annual instalments over 29 years or accept a one-off cash payment. The cash option for Saturday’s draw is expected to be $324.2 million.

What about tax?

Big lottery wins in the U.S are subject to both federal and state tax. A federal withholding of 25% would knock off around $81 million from a cash sum of $324.2 million, while state tax laws are different across the country. Some jurisdictions do not tax lottery prizes, but the majority do and New York is the worst offender with an 8.82% withholding.

How can you play Powerball?

You can give yourself a chance of winning Powerball by visiting an authorised retailer in any of the participating jurisdictions. The game is played in 44 states, plus Washington D.C., Puerto Rico and the U.S. Virgin Islands. Find out more about the rules of the game at the Powerball page.

How do you claim prizes?

Prizes in the lower tiers can usually be claimed from authorised retailers, while for prizes of $600 or over you would need to visit a dedicated lottery centre. Jackpot winners need to contact the lottery headquarters for their jurisdiction.

Prizes must be claimed in the state where you bought your ticket. Each state has a fixed amount of time until prizes expire, ranging from 90 days in New Mexico to one year in many jurisdictions.

Can you win without being an American citizen?

Yes. You can buy a Powerball ticket from a participating jurisdiction regardless of your nationality, and regardless of whether you live in the U.S or are just visiting.  Alternatively, you can choose numbers online to try and win all the same prizes even if you are located outside the country. Anyone who uses an online service will be paid out automatically or guided through the claims process for larger amounts.

When is the draw?

The draw will take place at 22.59 EST in Tallahassee, Florida, and players can get involved now by visiting authorised retailers or choosing numbers online.

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Article Last Modified: Tuesday, 6 November 2018 15:54:43+01:00
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