A staggering $1 billion jackpot has been reached in Monday night’s Powerball drawing, making it one of only five lotteries to ever advertise a prize of this size. The deadline to purchase tickets for this drawing varies depending on location, with most places closing ticket sales one to two hours before the 10:59 p.m. ET drawing time.
If a lucky winner manages to snag the billion-dollar prize, they have the option to choose between receiving payments spread out over 29 years or taking a lump-sum payment of $483.8 million. Regardless of the option chosen, taxes will need to be paid on the winnings.
The last time someone won a Powerball jackpot was three months ago in Michigan, where a lucky player took home an $842.4 million prize on January 1st. The odds of winning any Powerball prize are 1 in 24.9, while the odds of winning the jackpot stand at 1 in 292.2 million. Winning such a substantial prize can be overwhelming, so it is important for winners to engage in smart financial planning to ensure they make the most of their newfound wealth.
