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Powerball Jackpot Soars to $400M; Odds Are 1 in 175.2 Million

Image: Powerball Jackpot Soars to $400M; Odds Are 1 in 175.2 Million

Monday, 05 Aug 2013 09:12 AM

By Michael Mullins

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The Powerball Jackpot is now $400 million and the chance of winning Wednesday night's Powerball Jackpot is 1 in 175.2 million,

Having had no Powerball Jackpot winners in Saturday's drawing – the winning numbers for which were 21, 24, 36, 42 and 45, with a Powerball number of 15 – the money will roll over and create a roughly $400 million prize for Wednesday's drawing, the Associated Press reported.

The lump sum payout for the $400 million prize would be $230.3 million. The winner would otherwise receive 30 annual payments of $13.3 million.

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The odds on the Powerball Jackpot were given by the Multi-State Lottery Association (MUSL), a non-profit, government-benefit association which facilitates the operation of multi-jurisdictional lottery games that in addition to Powerball include Mega Millions, Hot Lotto, video lottery, and numerous scratch-off tickets.

Powerball is presently played in 43 states, as well as Washington, D.C., and the U.S. Virgin Islands.

If there is a single winner in Wednesday's drawing, the lucky person must also have to fork over a considerable amount to Uncle Sam in taxes, the amount of which depends on where the individual resides.

In March, when the Powerball Lotto Jackpot reached $600 million, Forbes estimated that the winner would have to $149 million to the federal government for their winnings. Using the same figures, if there is a winner in Wednesday's drawing, the individual would pay approximately $100 million to Uncle Sam.

On the state level, if the winner is not lucky enough to reside in one of the seven states that participate in Powerball and have no state income taxes, be prepared to pay up.

Using the example of a New York City resident, Forbes reports that the "the Big Apple takes the biggest bite out of its own Powerball winners," at a combined city and state income tax rate of 12.7 percent.

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The $600 million Powerball Jackpot cited above was won in Florida by 84-year-old mother of four, Gloria Mackenzie, who upon learning that she had won the largest single Powerball jackpot in U.S. history headed straight to where else but Wal-Mart.

Related stories:

$338M Powerball Winner Owes $29,000 in Child Support

Woman wins $40M — Not $40K as She First Believed — in Canadian Lotto

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