Powerball Jackpot Climbs Again to $1.5 Billion

by Emily Morgan
Photo by: Tim Boyle / Staff

The Powerball jackpot is reaching new heights.

According to reports, no winner won all six numbers to get the massive payout on Wednesday, which is now expected to climb to $1.5 billion, holding a cash value of $745.9 million, Powerball recently announced.

The winning numbers for Wednesday night’s Powerball drawing were 22, 11, 60, 2, 35, and the Powerball is 23. The Power Play was also 2X.

Wednesday’s Powerball jackpot soared to an estimated $1.2 billion after none of the tickets sold matched all six of the winning numbers pulled on Monday.

While winners can receive their winnings through an annual payment plan over 29 years, most grand jackpot winners choose to take their earnings in cash. The biggest prize was a $1.586 billion Powerball jackpot in 2016 won by three ticket holders.

In addition, no one has won with all six numbers since August of this year. So what are your chances of winning big? According to experts, it doesn’t look good. The odds of winning the jackpot are 1 in 292.2 million.

Powerball is played in 45 states, in addition to Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.

Steve Azoury, the owner of Azoury Financial encourages lottery winners to work with a tax attorney, accountant, and financial advisor. Together they can help devise a plan that works for you about which payout to select.

In addition, Azoury says the plan also should include a “fall guy.” “That’s the person or adviser who keeps you from giving loans to anybody, who tells people all the money’s tied up in investments, not available. We have nothing available to help you out, and we’re not interested in your project,” he said.

Financial experts give advice to potential Powerball winner

The decision to choose which payout depends on your specific goals, your age, and what lottery rules are for beneficiaries to continue receiving payments or if you would likely abuse the lump sum.

Chief tax officer at Jackson Hewitt, Mark Steber, also recommends considering the size of the lottery winning. However, Powerball warns players to watch out for potential scams

For example, it’s a red flag if you receive contact from the lottery via email, telephone calls, or social media. The exception to this is if you specifically entered an official lottery promotion or contest, according to Powerball.

In addition, it’s important to remember that lotteries never make you pay a fee to collect your winnings.

“If you are asked to pay a fee to claim a prize, you are likely being scammed, and you should not share any personal or banking information with those entities,” Powerball said.

According to Michigan lottery officials, as interest rates continue to climb, which the Fed uses to lower inflation, the Powerball lump sum payout has also decreased.

For instance, the lump sum payout fell from about 59% of the jackpot on Aug. 3, the last time there was a winner, to about 48% of the most recent jackpot.