It has been three months since the last Powerball jackpot winner, who won an $842.4 million prize in Michigan on January 1. The Powerball drawing on Monday night has reached an astonishing $1 billion, making it only the fifth advertised Powerball jackpot to ever reach this amount. The deadline to purchase tickets for the drawing at 10:59 p.m. ET varies depending on the location where you buy the tickets, typically ranging from one to two hours before the drawing.
The winner of the billion-dollar prize can choose between receiving annuitized payments spread out over 29 years or taking a lump sum of $483.8 million, with taxes due on the prize in either scenario. If you are lucky enough to win the jackpot, it is important to plan wisely to ensure long-term financial stability. The odds of winning any Powerball prize are 1 in 24.9, while the odds of winning the jackpot are 1 in 292.2 million. It’s important for potential winners to understand their options carefully before making a decision about how they want to receive their winnings.
