Powerball’s Oct. 9 drawing grows to $1.55billion – now the fourth-largest jackpot of all time
The Powerball jackpot jumped to $1.55 billion after no one took home the big prize Saturday night.
The growing amount has now become the fourth largest US lottery jackpot of all time after Saturday’s drawing was the 34th consecutive drawing without a winner.
The numbers drawn on Saturday night were: 47, 54, 57, 60, 65 and red Powerball 19. The current streak is not too far behind the record of 41 draws set in 2021 and 2022.
The next drawing for this sizable jackpot is set for October 9 and has a lump sum cash value of $679.8 million.
Ahead of the weekend drawing, Powerball Product Group Chairman and Pennsylvania Lottery Executive Director Drew Svitko said, “This has become another popular jackpot in the Powerball game, and we had several factors aligning at the right time to to be able to support back-to-back billion-dollar jackpots in a matter of months.’
The growing sum of $1.55 billion has now become the fourth largest US lottery jackpot of all time after Saturday marked the 34th consecutive drawing without a winner.
The numbers drawn on Saturday night were: 47, 54, 57, 60, 65 and red Powerball 19
While the new $1.55 billion jackpot will likely attract a few more people to play, the odds of winning remain infinitesimally small.
The odds of winning the top prize are a staggering 1 in 292.2 million.
Even taking home ANY prize seems small, at just a 1 in 24.9 chance.
A Powerball ticket costs $2 in most states and players can pick their own numbers or have a computer pick them.
Powerball is played in 45 states, as well as Washington, DC, Puerto Rico and the US Virgin Islands. Drawings are held every Monday, Wednesday and Saturday.
The next draw for this substantial jackpot will be held on Monday and has a lump sum cash value of $679.8 million
The latest prize will rank among the biggest jackpots ever, but still has a ways to go before it becomes the highest of all time. That honor occurred in November 2022 when California resident Edwin Castro won a $2.04 billion Powerball ticket.
At the time of his winnings, Castro took full advantage of his new fortune, buying a $47 million mansion in Los Angeles after opting to take the $997.6 million lump sum.
Castro has been living large since his winnings and is now buying three separate California mansions for a total of $76 million. He was also seen driving away from a bank in a vintage Porsche.
His latest home purchases come with DJ turntables, a champagne tasting room and a hanging glass walkway.
But has faced controversy since the day he emerged.
Castro was seen entering his lawyer’s office in September in the wake of a lawsuit from another man claiming to be the rightful owner of the winning ticket.
Edwin Castro has been living large since his winnings and is now buying three separate California mansions for a total of $76 million. He was also seen driving away from a bank in a vintage Porsche
The next highest point occurred in 2016 when Powerball reached $1.586 billion.
On January 13, 2016, Lisa Robinson of Tennessee, Maureen Smith and David Kaltschmidt of Florida, and Marvin and Mae Acosta of California all got their hands on the winning prize.
All three couples came away with $327.8 million each after they all decided to opt for a lump sum payment.
The third-highest jackpot ever took place just a month ago when a winning MegaMillions ticket worth $1.58 billion was sold at a Florida Publix grocery store.
By mid-September, this winner had not yet emerged.
Oct. 7 was the last day for someone in Florida to claim the top prize and receive the lump sum, according to the Palm Beach Post. The winner has until February to claim the ticket and receive the annual payments.
If the ticket is not claimed, the winnings are carried over into future draws.
They bought their winning ticket at a Publix supermarket (pictured above) in Neptune Beach, a coastal town near Jacksonville, for the August 8 drawing
For the pending Powerball winner, after federal withholding tax of 24 percent and federal income tax of 37 percent at the top level, the prize money would come to just $551.7 million on a one-time, lump-sum basis
Taxes play a big role in determining how much money one can walk away with after winning the lottery.
For the pending Powerball winner, after federal withholding tax of 24 percent and federal income tax of 37 percent at the top level, the prize money would come to just $551.7 million on a one-time, lump-sum basis.
The Internal Revenue Service currently taxes income above $578,125 for singles and $693,750 for married couples, according to Fox News.
Additionally, only nine states have refused to levy a state income tax on lottery winnings.
Unless you live in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, the state government will likely take another cut.
California technically has a state income tax, but does not apply those rates to lottery winnings.