Powerball Climbs to $522 Million: Here’s the Actual Cash Value

by Shelby Scott
powerball-climbs-to-522-million-heres-actual-cash-value

While many Outsiders were celebrating the holidays, some of those same individuals also kept their eye on the Powerball. Over Christmas, the total jackpot reached an impressive $400 million. Unfortunately, though, it saw no takers and, therefore, continued to climb. New Year’s Day then saw a second drawing, again with no overall winners. Now, as the Powerball has climbed to more than half a million at an impressive sum of $522 million, we have the actual cash value here for you.

First of all, with the growing amount, yahoo!news states ticket sales have continued to climb. That said, with the overall total reaching more than half a million, the cash total equates to about $372 million.

Nevertheless, while no one claimed the Powerball jackpot, 2.7 million winning tickets saw prizes ranging from $4 to $2 million. Of those wins, the news outlet reported three were Match 5 tickets equating to $1 million each. The three Match 5’s came out of Arizona, California, and Florida. Other winners were also recorded in Maryland.

Additionally, while we continue to see no overall jackpot winner, there have actually been 38 consecutive Powerball drawings with no one to claim the grand prize. According to organizers, the odds of actually winning the Powerball jackpot are around one in 292.2 million.

So, as we continue to lack a jackpot winner, Outsiders can head out and grab a ticket of their own for only $2, accessible within the states, D.C., Puerto Rico, and the U.S. Virgin Islands.

When is the Next Powerball Drawing?

As you head out and grab your latest Powerball ticket, be sure to keep your eye on the next drawing date. With the jackpot sure to climb again, players should have their eyes on the numbers on Monday at 10:59 p.m. EST.

Hopefully, some lucky soul will get to bring home that massive total. And if that happens to be you, there are some things you should know before you take your newly-wealthy butt down to the claiming office.

The first thing to remember is that the total you see currently climbing on billboards across the United States will not be the total you get to bring home. As nice as that might have been. As stated above, the current cash total equates to $372 million, despite the $500+ million drawing making headlines.

After that come taxes and, trust us, they will not leave you unscathed. As you would expect, the federal government takes 24% off the top. Next, depending on what state you live in will determine how much of your earnings go to state taxes. And finally, as you’ve now joined our nation’s top tax bracket, you can expect to lose up to 37% of your winnings to taxes.

Nevertheless, it still leaves you with quite an impressive sum with which to work and/or play. That said, keep in mind that, ahead of Monday night’s drawing, we may very well see the overall jackpot increase.

Outsider.com