Powerball lottery draws are held across 45 states plus Washington D.C. and Puerto Rico, with multiple prize tiers for matching just one number all the way up to an incredible jackpot worth more than $2 billion! Each drawing offers multiple prize tiers. Winnings range from $4 for matching one number up to over $2 billion!

Winners have the option of either choosing annual payments or taking out cash instead. Below is an approximate breakdown of annuity amounts and payout options.

How to play

Powerball lottery game provides players with an opportunity to win big prizes across several states. Drawings take place Monday, Wednesday and Saturday nights at 10:59 p.m. ET with each ticket costing $2 and offering an optional Power Play feature which multiplies non-jackpot wins up to 10x!

When purchasing tickets, ensure your numbers are marked clearly and correctly on the playslip. Make a heavy vertical mark through each number you select without using red ink or other forms of error correction; any discrepancies could lead to rejected playslips; once accepted by retailers, these tickets will show your selected numbers.

Powerball jackpot winners have the choice between receiving their prize either through an annuity or lump sum payment option, depending on which is right for them. Tickets for Powerball lottery are sold in 45 states, the District of Columbia, and Puerto Rico and can be found at gas stations or stores selling lottery tickets.

Odds of winning

Though many dream of winning the Powerball jackpot, its odds are exceedingly slim – currently one in 292.2 million! That’s only marginally better than being struck by lightning or being elected President – there are more likely things that could happen to you before winning your lottery jackpot than that happening!

Are You Wondering How to Win Powerball? Consider Purchasing Quick Pick Tickets If you want a greater chance at winning Powerball, quick pick tickets could be just what you need. Randomly generated by computer, these tickets take the guesswork out of choosing numbers – Mary Wanczyk of Illinois was the single largest lottery winner ever by selecting quick pick tickets when she won her record $758 Million Jackpot Prize!

There are various strategies you can employ to increase your odds of hitting the jackpot, beyond quick picking: lottery wheeling (selecting several numbers and playing every combination or permutation possible) and picking numbers that haven’t been picked lately (also called cold picking).

Prizes

Powerball offers various prize tiers: the top prize is a one-time lump sum payment of the jackpot amount; an annuity option provides annual payments that increase by 5% annually over 29 years; smaller prizes for matching fewer numbers exist, along with the special Power Play feature.

After 40 consecutive rollovers, the inaugural billion-dollar jackpot was won in 2022 by a ticket holder from California who chose the cash value prize of over $495 million – taxation was applied at 24% by both federal government and California state tax authorities.

In 2024, a Wisconsin man won the second billion-dollar jackpot by purchasing 10 tickets at a Speedway convenience store in New Berlin and screaming for five to ten minutes when he realized he won. Taxation on his winnings was divided as follows: 7% was paid to Wisconsin state government while 35% went towards federal treasury.

Taxes

As the Powerball jackpot nears $1.9 billion, people may begin dreaming about what they would do with such a vast fortune if they win it – only to discover that Uncle Sam will take an even larger share than expected! Actually, winning lottery can be highly taxing even for those opting for lump sum payouts.

A winner of the jackpot must pay both federal and state taxes; federal withholding will automatically take place, leaving just over $570 million after taxes have been taken out. They also must pay state income tax rates that differ by state.

New York boasts the highest state income tax rate at 10.9%; however, other states don’t levy any lottery winnings taxes at all. When selecting the annuity option instead of straight cashing the winnings must record annual payments in their tax return to count towards their gambling income for that year.