We’re now in the billion-dollar territory — with a “b.”
Wednesday night’s Powerball drawing gave America’s lottery players a chance at an estimated $1 billion prize, one of seven 10-digit jackpots in U.S. history, three of which have been Powerball drawings.
The winning numbers were 7-10-11-13-24, with the Powerball being 24.
The prize has topped a billion dollars because nobody has picked all six numbers since April 19. Coincidentally, Mega Millions was last won just the day before, and that game’s next drawing Friday will be worth $720 million.
Recent changes such as expanding to three drawings a week have encouraged, in Powerball’s words, “larger, faster-growing jackpots.”
If taken in a single lump sum of cash, as most recent big lottery winners have chosen to do, the $1 billion prize would be worth $521 million. The larger, advertised amount is what the other option — a 29-year annuity — would be worth over its lifetime.
Federal taxes would quickly take almost 40% of that amount, with state taxes a possibility on top of that.
The $2 Powerball tickets are sold in 45 states, along with the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
The odds of a winning Powerball ticket are 1 in 292.2 million.
• Victor Morton can be reached at vmorton@washingtontimes.com.
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