If you are a lottery games player then there is one particular Lottery game you want to pay attention to this weekend. We are of course talking about the PowerBall Lottery game.
The jackpot prize on the popular USA Lottery game is about the size of the annual budget of a small country. The prize is worth a staggering $289,000,000. That is a lot of zeroes right.
Even though the Powerball jackpot is worth $289 Million this is not the full amount payable. Powerball is, of course, an annuity lottery game.
That means that if a winning lottery player selects a cash value, a part of the total sum will be lost. The current cash value for winning Powerball would be $198,400,000.
99% of winners do tend to select the cash payment option. With that kind of money, it does make sense to select a cash option and invest and not an annuity option.
We know that a lot of our Win a Million subscribers would struggle to get by on a win of that size. There is also another deduction to take into account.
We are of course talking about Federal Taxes and in some cases dependant on where a player lives State Taxes. All USA Lottery game winners have to pay taxes.
That is in direct contrast to the EuroMillion Lottery game which in the majority of countries is tax-free. The notable exceptions to that list are Portugal and Switzerland who demand a chunk of the win.
The last draw on Powerball Lottery saw 4 winning tickets of $1 Million. This, of course, is the Match 5 result in which players are rewarded with $1 Million for matching 5 numbers.
None of these players elected to take up the Powerball option for a few extra dollars which would have at least doubled their payout.
The Powerball Option can, of course, multiply a win by five times. For further details about this huge jackpot prize, visit our PowerBall Lottery page here.