A LUCKY Powerball player has scooped up a whopping $478 million jackpot – but risks losing more than half the cash.
The winner from Georgia won the mega prize on Wednesday night, breaking the state’s 10-year dry spell of no jackpots at all.
A lucky Powerball player has won a whopping $478 million cash prize – but could lose more than half if they opt for the lump sum option[/caption]
They now have the option to take home the $478 million over the course of 29 years or the one-time lump sum estimated to be $230.6 million.
It means they could lose more than half the prize if they take the latter option.
The winning numbers on Wednesday were 2, 15, 27, 29, 39 and red Powerball 20.
The winner, who has not been named, matched all six.
Meanwhile, two ticketholders in Pennsylvania and Texas matched all five white balls to win $1 million.
Wednesday night’s win broke a two-month period of no Powerball winners at all.
It was also a huge win for Georgia, which hadn’t scooped a Powerball jackpot in a decade.
The latest jackpot winner was a California lottery player, who won a $44.3 million on August 19, 2024.
Powerball drawings are held three times a week – Monday, Wednesday and Saturday at 10:59 p.m.
The latest jackpot will now reset to $20 million for Saturday night’s drawing.
The deadline for buying a ticket varies per state.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
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