Millions of Americans have attempted to win life-changing money through the most recent Powerball jackpot, but no grand prize winner has ben determined.
Wednesday night’s drawing had a jackpot of $1.44 billion, but no player around the nation had the perfect combination of numbers to collect the ultimate prize. The game will continue before the next major drawing on Saturday night, but the jackpot could potentially reach historic levels.
As of Sept. 4, the current Powerball jackpot sits at $1.7 billion with an estimated cash payout of $770.3 million. That’s the third-highest number in the game’s history, passing the $1.58 billion jackpot contestants tried their luck to win in 2016.
What’s the Powerball Jackpot Record?
The jackpot is quickly approaching the all-time record, which was set in 2022 when a winner in California took home an incredible $2.04 billion prize.
A man named Edwin Castro had the lucky ticket and proceed to buy several homes with his winnings. One of those homes, a $3.85 million ocean-side two-bedroom home in Malibu, California, was unfortunately lost in the wildfires that affected the region last year.
Castro also owns a $25.5 million mansion in the Hollywood Hills, and Fortune estimates the monthly upkeep for the residence to cost between $255,000 and over $1 million annually. Castro was able to turn his winnings into liquid assets after taking $1 billion in cash, which came to around $628 million after taxes.
He had the option to collect the full $2.04 billion prize through an annuity over 29 years, a move that some financial experts believe is a smarter decision.
Experts Advise Winners to Take Caution
Lottery winners are often advised to seek financial assistance when they win, as many people will have more money than they’ve ever fathomed.
When winners take the annuity payment, they’ll receive a one-time cash reward and 29 annual payments that increase by 5% each year. This continues until the winner is paid the full amount they won. The cash payment is lower because it is the amount of money game officials have determined is needed to fund the annuity.
More taxes are also withheld from the lump sum cash option. All 50 states are required to take 25% of federal lottery tax, and the number for state taxes removed from the payout depends on where a person buys the winning ticket.
Powerball tickets cost $2 and can be purchased in 45 states, as well as the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Drawings are held on Mondays, Wednesdays and Saturdays at 10:59 PM ET, and the next drawing could be truly historic.
