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☆ There's a reason why these Powerball jackpots keep getting so massive. You're paying for it.
▼ + stars: | 2023-10-04 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The Powerball jackpot has surpassed the billion dollar mark for the second time this year. AdvertisementAdvertisementThe Powerball jackpot has surpassed the billion mark for the second time this year with a near-record $1.2 billion prize up for grabs in Wednesday night's drawing. It comes amid a recent wave of historic and increasingly large lottery prizes that have captured the nation's attention and spare change. In November 2022, a California winner scored the biggest lottery prize in history with a $2.04 billion Powerball ticket. Even though the odds of winning the Powerball jackpot are 1 in 292 million, Americans continue to throw their money at the game.

Persons: —, There's, Akshay Khanna, Khanna, there's Organizations: Service, Powerball, North American Association of State, Provincial Locations: California

DES MOINES, Iowa (AP) — An estimated $1.04 billion Powerball jackpot will be up for grabs Monday night, tempting players to spend a couple dollars on a longshot chance at instant riches. The prize is the world's ninth-largest lottery prize behind earlier drawings of Powerball and Mega Millions, the other nearly nationwide lottery game. That losing streak reflects the stunningly long odds of winning the jackpot, at 1 in 292.2 million. The $1.04 billion jackpot is for a sole winner who chooses to receive the winnings through an annuity, paid annually over 30 years. Powerball is played in 45 states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

Organizations: DES, Powerball, D.C, U.S . Locations: DES MOINES, Iowa, Washington, Puerto Rico, U.S, U.S . Virgin Islands

DES MOINES, Iowa (AP) — The numbers were drawn Saturday night for an estimated $960 million Powerball jackpot and players across the country are waiting to see if there’s a big winner. The $960 million jackpot is for a sole winner who opts for payment through an annuity, doled out over 30 years. The jackpot has grown so large because there have been 29 consecutive drawings without a big winner, dating back to July 19. The largest jackpot was a $2.04 billion Powerball prize hit by a player in California in November 2022. In most states, a Powerball ticket costs $2 and players can select their own numbers or leave the task to a computer.

Organizations: DES, Lottery, D.C, U.S . Locations: DES MOINES, Iowa, California, Washington, Puerto Rico, U.S, U.S . Virgin Islands

☆ Florida lottery winner claims $1.6 billion prize, but identity still secret
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The display in a store shows the Mega Millions lottery jackpot at $1.55-billion in New York City, U.S., August 8, 2023. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsSept 27 (Reuters) - The second-largest lottery winner in U.S. history has come forward to claim the $1.6 billion prize, but the person's identity may remain a secret for another 90 days, the Florida Lottery said on Wednesday. The Mega Millions jackpot was claimed on Monday, seven weeks after the Aug. 8 drawing, Florida Lottery said in a statement. Florida is one of 45 states plus Washington, D.C., and the U.S. Virgin Islands to participate in Mega Millions. The Florida Mega Millions winner will have the option of claiming the full amount paid in a 30-year annuity or taking a lump sum of $794.2 million cash, according to the Mega Millions website.

Persons: Shannon Stapleton, Daniel Trotta, Jamie Freed Organizations: Mega, REUTERS, Florida Lottery, Washington , D.C, U.S . Virgin, Thomson Locations: New York City, U.S, Florida, Washington ,, Neptune Beach, Jacksonville, South Carolina, California

DES MOINES, Iowa (AP) — The ninth-largest lottery jackpot will be on the line Monday night when numbers are drawn for a $785 million Powerball prize. That winless streak is due to the miserable odds of winning the Powerball jackpot, at 1 in 292.2 million. The biggest jackpot was a $2.04 billion Powerball prize won in November 2022 in California. Although the game highlights the $785 million prize, that is for a winner who is paid through an annuity over 30 years. Political Cartoons View All 1176 ImagesThe giant jackpot would also be subject to federal taxes, and some states also tax lottery winnings.

Persons: — Organizations: DES, D.C, U.S . Locations: DES MOINES, Iowa, California, Washington, Puerto Rico, U.S, U.S . Virgin Islands

☆ The biggest lottery win in every state
▼ + stars: | 2023-08-25 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

The biggest lottery jackpot ever won, a huge prize of $2.04 billion, was in California in 2022. A New Jersey man won $533 million in 2018 while playing the Mega Millions for the second time ever. In November 2022, another California resident won the biggest US lottery prize of all time — his lucky ticket earned him a whopping $2.04 billion. Jackpocket recently compiled a list of the biggest prizes won on a single lottery ticket in each state, with prizes ranging from the low millions to billion-dollar jackpots. Here's the biggest lottery win in every state.

Persons: —, he's, Jackpocket Organizations: Service Locations: California, New Jersey, North Carolina, Alabama, Alaska, Hawaii

☆ Winning Mega Millions ticket worth $1.58 bln sold in Florida
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - One lucky winner was in possession of a Mega Millions ticket worth a cool $1.58 billion, the largest prize in the game's history, on Wednesday after purchasing it in Florida and hitting all six numbers in the lottery drawing. They then beat the 1 in 302.6 million odds of winning the multistate game by matching all of the lottery numbers drawn on Tuesday of 13, 19, 20, 32, 33, and the Megaplier was 14. [1/5]The display in a store shows the Mega Millions lottery jackpot at $1.55-billion in New York City, U.S., August 8, 2023. The last Mega Millions jackpot was won by a player in New York in April, at $20 million. A $2.04 billion Powerball jackpot in November 2022 ranks as the record highest lottery prize, according to media reports.

Persons: Shannon Stapleton, Shivani Tanna, Brendan O'Brien, Stephen Coates, Doina Organizations: Jacksonville , Treasure Coast Newspapers, Mega, REUTERS, Thomson Locations: Florida, Neptune Beach, Jacksonville ,, New York City, U.S, New York, Bengaluru, Chicago

☆ Winner of record $1.6 billion-plus Mega Millions jackpot should watch out for these pitfalls, experts warn
▼ + stars: | 2023-08-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot grew to more than $1.6 billion on Aug. 9, 2023. Justin Sullivan | Getty ImagesThere's finally a winner for the massive Mega Millions jackpot — but the lucky ticketholder may face unexpected pitfalls, experts say. A single ticket sold in Florida matched all six numbers Tuesday night, marking the game's largest prize in history, according to Mega Millions. While Florida doesn't tax lottery winnings, there's an upfront 24% federal tax withholding that goes to the IRS. 'The curse of the lottery is real'In addition to taxes, the Mega Millions winner will likely encounter other obstacles, experts say.

Persons: Justin Sullivan, there's, they'll, Andrew Stoltmann, Let's, Stoltmann, Warren Racusin, Lowenstein Sandler, Sam Organizations: Mega, Stoltmann Law, Republicans Locations: Florida, Chicago

☆ Florida player wins U.S. Mega Millions jackpot worth $1.58 bln
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: 1 min

[1/5] The display in a store shows the Mega Millions lottery jackpot at $1.55-billion in New York City, U.S., August 8, 2023. REUTERS/Shannon StapletonAug 9 (Reuters) - A player in Florida won a $1.58 billion Mega Millions lottery jackpot on Tuesday, the lottery website showed. The winning numbers drawn were 13, 19, 20, 32, 33, and the Megaplier was 14, according to the Mega Millions website. The last Mega Millions jackpot was won by a player in New York in April, at $20 million. A $2.04 billion Powerball jackpot in November 2022 ranks as the record highest lottery prize, according to media reports.

Persons: Shannon Stapleton, Shivani Tanna, Stephen Coates Organizations: Mega, REUTERS, Thomson Locations: New York City, U.S, Florida, New York, Bengaluru

☆ The Mega Millions jackpot hits $1.55 billion. What's the best payout option? Experts weigh lump sum vs. annuity
▼ + stars: | 2023-08-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot hit a record $1.55 billion on Aug. 7, 2023. VIEW press | GettyThe Mega Millions jackpot has ballooned to an estimated $1.55 billion after months without a winner. If you pass away before collecting all 30 payments, Mega Millions will make the remaining payments on schedule to your designated beneficiary or your estate. Picking the lump sum payout is a 'big mistake'Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners, says 95% choose the lump sum option, which he describes as a "big mistake." Tuesday's Mega Millions drawing comes about three weeks after a single ticket sold in California won Powerball's $1.08 billion jackpot.

Persons: Andrew Stoltmann, Tommy Lucas, Moisand Fitzgerald Tamayo Locations: Chicago, Orlando , Florida, California

☆ Mega Millions jackpot lottery climbs to $1.55 billion and could end up being the largest in its history
▼ + stars: | 2023-08-05 | by ( Katie Balevic | ) www.businessinsider.com time to read: +2 min

The Mega Millions jackpot may be the game's largest prize ever at an estimated $1.55 billion. The burgeoning jackpot is estimated to top $1.55 billion, according to a Mega Millions press release. The Mega Millions company brags that it is the only lottery game to have awarded four jackpots surpassing $1 billion. "With enthusiastic players across the country, many of whom are newcomers to the game, it is indeed likely that there will be a record Mega Millions jackpot," the press release said. The Mega Millions hype comes weeks after someone snagged a luxurious $1.08 billion Powerball jackpot.

Organizations: Service Locations: Atlanta , Georgia, Wall, Silicon, South Carolina, Atlanta

☆ Mega Millions jackpot climbs to $1.35 billion–here are the 10 biggest lottery prizes of all time
▼ + stars: | 2023-08-04 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

It's been the summer of billion-dollar jackpots, first with Powerball in July and now Mega Millions, which has risen to an estimated $1.35 billion ahead of Friday's draw at 11 p.m. If a ticket holder matches all five white balls and the gold Mega Ball, they'll win the fourth-largest U.S. lottery jackpot of all time. Here's a look at the all-time highest jackpots, as well as the state where winning tickets were purchased, according to Powerball and Mega Millions data:$2.04 billion Powerball jackpot — Nov. 7, 2022 (California) $1.586 billion Powerball jackpot — Jan. 13, 2016 (California, Florida, Tennessee) $1.537 billion Mega Millions jackpot — Oct. 23, 2018 (South Carolina) $1.35 billion Mega Millions jackpot — Aug. 4, 2023 (no winner yet) $1.348 billion Mega Millions jackpot — Jan. 13, 2023 (Maine) $1.337 billion Mega Millions jackpot — July 29, 2022 (Illinois) $1.08 billion Powerball jackpot — July 19, 2023 (California) $1.05 billion Mega Millions jackpot — Jan. 22, 2021 (Michigan) $768.4 million Powerball jackpot — March 27, 2019 (Wisconsin) $758.7 million Powerball jackpot — Aug. 23, 2017 (Massachusetts)Billion-dollar jackpots are rare: There have only been eight since both lotteries were established in the 1990s. To watch the draw live, check out the Mega Millions YouTube channel. Winners are announced on Mega Millions' website on Wednesday and Saturday mornings after winning tickets have been verified.

Persons: It's, they'll, Jan, ticketholders, Warren Buffett Organizations: Powerball, U.S, Mega Locations: California, Florida , Tennessee, South Carolina, Maine, Illinois, Michigan, Wisconsin, Massachusetts

☆ Mega Millions jackpot hits $1.25 billion. Here’s how it benefits the government
▼ + stars: | 2023-08-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot grew to $1.25 billion on August 3, 2023. Justin Sullivan | Getty ImagesAfter months of no winners, the Mega Millions jackpot has grown to an estimated $1.25 billion this week, the fourth-largest prize in the game's history. The next Mega Millions drawing is Friday at 11 p.m. Lottery revenue isn't as consistent as income tax revenue, which may cause program funding shortfalls. Federal tax bill on a $1.25B Mega Millions jackpotThe federal government receives a sizable chunk of revenue after the lottery announces a winner because there's a mandatory 24% federal withholding.

Persons: Justin Sullivan, there's, Aravind Boddupalli, Boddupalli Organizations: Mega, Brookings Tax, North American Association of State, Provincial, Tax, Tax Foundation Locations: Federal

☆ Didn't win the Mega Millions $1.05 billion jackpot? You can get a free doughnut from Krispy Kreme
▼ + stars: | 2023-08-02 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Nobody won the Mega Millions $1.05 billion jackpot during Tuesday night's drawing. You're way more likely to be able to score your free doughnut than you were to win the jackpot, anyway. Your odds of hitting the Mega Millions jackpot? On Friday August 4, the Mega Millions jackpot is expected to be around $1.25 billion, the fourth-largest in the game's history. Mega Millions did already have a billion-dollar jackpot winner once this year, back in January.

Persons: Nobody, It's Organizations: Mega Locations: Krispy

☆ Retirement account balances have increased substantially for high-income households. These factors help explain why
▼ + stars: | 2023-08-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The median retirement account balance for high-income households was nine times that of middle-income households in 2019 — $605,000 compared with $64,300, respectively, the research found. That gap is "significantly greater" than it was in 2007, when high-income households had a median retirement account balance that was about four times higher than middle-income households — about $333,000 versus $86,800, respectively. White households also consistently had significantly higher median balances from 2007 to 2019. High-income households contributed about 8% of their pay — or a median of about $10,000 — while low-income households put in about 5% — or about $1,500. Employer contributions were also greater for high-income versus low-income households — with a median of $5,000 versus $1,300.

Organizations: Office, Finance

☆ More than $1 billion up for grabs in US Mega Millions lottery drawing
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

An electronic message board displays Powerball and Mega Millions lottery jackpots in New York City, New York, U.S., July 17, 2023. REUTERS/Mike Segar/File PhotoAug 1 (Reuters) - An estimated $1.1 billion jackpot is up for grabs in the multistate Mega Millions drawing on Tuesday night, one of the richest jackpots in the lottery's history. The drawing, set for 11 p.m. EDT, is the 30th since the last Mega Millions winner hit the jackpot in April. The odds of winning are minuscule: A buyer of a single Mega Millions lottery ticket has about a 1-in-300 million chance of containing all the correct numbers. Mega Millions tickets are available in 45 U.S. states along with Washington D.C. and the U.S. Virgin Islands.

Persons: Mike Segar, Rich McKay, Gerry Doyle Organizations: Mega, REUTERS, South Carolina, Washington D.C, U.S ., Thomson Locations: New York City , New York, U.S, South, California, U.S . Virgin Islands, Alabama, Alaska, Hawaii , Nevada, Utah, Atlanta

☆ Mega Millions jackpot hits $1.05 billion. Here's the possible tax bill for the winner
▼ + stars: | 2023-07-31 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot soared to $1.05 billion on July 31, 2023. Shannon Stapleton | ReutersThe Mega Millions jackpot has soared to more than $1 billion for the fifth time in the game's history. Currently, the 30-year annuitized payout is worth $1.05 billion, Mega Millions' fourth-largest prize to date. The chance of hitting the Mega Millions jackpot is roughly 1 in 302 million. watch nowHow federal tax brackets workThe Mega Millions jackpot easily pushes the winner into the top federal income tax bracket, which is currently 37%.

Persons: Shannon Stapleton, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, that's Organizations: Mega Locations: Orlando , Florida

☆ Mega Millions jackpot tops $1 billion, making it one of the largest lottery prizes in US history
▼ + stars: | 2023-07-29 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +2 min

The Mega Millions jackpot soared to over $1 billion after no big winner was declared in Friday's draw. The next estimated jackpot now stands at $1.05 billion, which would make it the fourth-largest Mega Millions prize ever offered, the lottery said in a press release on Saturday. According to the lottery, there are nine different ways to win a prize in the Mega Millions draw, ranging from $2 to the jackpot. The huge prize follows a $1.08 billion Powerball winner earlier this month, which was the sixth-largest lottery win ever and the third-largest Powerball win. The largest lottery win of all time belongs to Edwin Castro, who took home $2.04 billion after winning the Powerball jackpot in November 2022.

Persons: Sarai Palacios, Nabor Herrera, hadn't, I'm, Palacios, Edwin Castro Organizations: Service, Mega Locations: Friday's, Wall, Silicon, Pennsylvania, Arizona , California, New York

☆ The Mega Millions jackpot is up to $910 million—here are the odds you'll win
▼ + stars: | 2023-07-28 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot has grown to $910 million — the fifth largest ever — after 28 consecutive draws with no winner. To play Mega Millions, you pick six numbers from two different pools: five numbers from 1 to 70, and one number from 1 to 25, which is the gold Mega Ball. You win the jackpot by matching all six winning numbers in a drawing. Here's a look at the odds:1st Prize , five matching numbers with Mega Ball: 1 in 302,575,350, five matching numbers with Mega Ball: 2nd Prize , five matching numbers: 1 in 12,607,306, five matching numbers: 3rd Prize , four matching numbers with Mega Ball: 1 in 931,001, four matching numbers with Mega Ball: 4th Prize , four matching numbers: 1 in 38,792, four matching numbers: 5th Prize , three matching numbers with Mega Ball: 1 in 14,547, three matching numbers with Mega Ball: 6th Prize , three matching numbers: 1 in 606, three matching numbers: 7th Prize , two matching numbers with Mega Ball: 1 in 693, two matching numbers with Mega Ball: 8th Prize , one matching number with Mega Ball: 1 in 89, one matching number with Mega Ball: 9th Prize, just the Mega Ball: 1 in 37Mega Millions tickets cost $2 each. Updates about winners are posted on Mega Millions website on Wednesday and Saturday mornings after winning tickets have been verified.

Organizations: Mega

☆ Mega Millions jackpot hits $940 million. If you win, here's the tax bill
▼ + stars: | 2023-07-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot grew to $940 million on July 27, 2023. OLIVIER DOULIERY | GettyThe Mega Millions jackpot has ballooned to an estimated $940 million ahead of Friday's high-stakes drawing at 11:00 p.m. The chance of hitting the Mega Millions jackpot is roughly 1 in 302 million. About $113.4 million immediately goes to the IRSBefore collecting a dollar of the Mega Millions jackpot, there's a 24% federal withholding. watch nowHow to calculate federal taxesThe multimillion-dollar Mega Millions jackpot bumps the winner into the top federal income tax bracket, which is currently 37%.

Persons: OLIVIER DOULIERY, John Loyd, Loyd Organizations: IRS, Mega Locations: Fort Worth , Texas

☆ The 'difference between being frugal and cheap': 3 things an early retiree refuses to spend money on
▼ + stars: | 2023-07-28 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Here are three things Adcock refuses to spend money on. Lottery tickets and gamblingYou won't find Adcock daydreaming about the Mega Millions jackpot, because he won't be in the running. There are people who probably make money gambling, but I would never bet a dime," he says. Extended warrantiesAdcock won't allow himself to be upsold into an extended warranty — a common offer for household appliances and electronics sold at big box stores. "You can put a little money aside every month, and essentially you're building your own extended warranty," he says.

Persons: Steve Adcock, Courtney, Adcock, Adcock daydreaming, It's Organizations: Mega

☆ Mega Millions jackpot hits $910 million. Here's the tax bill if you win
▼ + stars: | 2023-07-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot grew to $910 million on July 26, 2023. Tayfun Coskun | Anadolu Agency | Getty ImagesThe Mega Millions jackpot has grown to an estimated $910 million, with the next high-stakes drawing on Friday at 11:00 p.m. The chance of hitting the Mega Millions jackpot is roughly 1 in 302 million. More than $111.4 million goes straight to IRSBefore collecting a dollar of the Mega Millions jackpot, there's a 24% federal withholding. watch nowHere's how federal taxes workThe multi-million dollar Mega Millions jackpot bumps the winner into the top federal income tax bracket, which is currently 37%.

Persons: Tayfun, John Loyd, Loyd Organizations: Anadolu Agency, Getty, Mega Locations: Fort Worth , Texas

☆ Mega Millions jackpot climbs to $820 million—here's how much you'd actually take home in every U.S. state
▼ + stars: | 2023-07-25 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

You may have missed out on Powerball's $1.08 billion jackpot prize, but there's still $820 million up for grabs with Mega Millions' next draw Tuesday night at 11 p.m. But then there's taxes. For either payout option, you'll pay an automatic 24% federal withholding tax on your winnings. That means you'd almost certainly pay another 13% in taxes when you file a 2023 tax return. Eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Organizations: Millions, D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ Powerball jackpot: A ticket sold in California has won the $1.08 billion grand prize
▼ + stars: | 2023-07-20 | by ( Nouran Salahieh | ) edition.cnn.com time to read: +2 min

CNN —A ticket sold in California has won the $1.08 billion Powerball jackpot in Wednesday night’s drawing – among the largest in the game’s history, according to Powerball’s website. The ticket was sold at Las Palmitas Mini Market in downtown Los Angeles, according to the California Lottery. Wednesday’s prize ranks as the seventh largest US lottery jackpot and third largest Powerball jackpot, behind the world record $2.04 billion Powerball jackpot won last year in California, and the $1.586 billion Powerball jackpot won in 2016, according to the lottery. Though a single ticket won the jackpot, players are being advised to check their tickets on the chance they won one of the other prizes. “Congratulations to our newest Powerball jackpot winner and the California Lottery!” said Drew Svitko, Powerball Product Group Chair and Pennsylvania Lottery Executive Director.

Persons: Wednesday’s, ”, Drew Svitko, –, California –, didn’t Organizations: CNN, Las, California Lottery, Pennsylvania, Powerball, ” Locations: California, Los Angeles, Ohio

☆ Billion-dollar US Powerball ticket sold in California
▼ + stars: | 2023-07-20 | by ( Rachel Nostrant | ) www.reuters.com time to read: +1 min

July 20 (Reuters) - A very lucky Powerball player in Southern California has won the multistate lottery's $1 billion jackpot prize, ending a streak of 38 consecutive drawings without a grand prize winner. It was just the third time the Powerball jackpot prize has reached $1 billion. The winning ticket holder has yet to come forward, the California Lottery said in a statement, but the ticket was sold at Las Palmitas Mini Market in Los Angeles. Thirty-six other tickets sold across the country won million-dollar prizes, while an additional three won $2 million prizes, according to the Powerball website. Now that a winning ticket has been drawn, the jackpot will be reset to $20 million.

Persons: Rachel Nostrant, Matthew Lewis Organizations: Wednesday, California Lottery, Las, Mega, Thomson Locations: Southern California, Los Angeles, New York

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