Cash value powers to 11th-largest of all time
By Todd Northrop
This month it's not just the weather and backyard barbecue that've been hot — Lottery jackpots also continue to sizzle.
After a long string of Mega Millions rollovers that culminated in a $540 million Indiana winner, Powerball has taken center stage with a massive jackpot that rolled over again last night.
The new high-water mark of $333 million for the current Powerball jackpot was achieved after no winning tickets were sold for Wednesday night's $311 million grand prize.
The lump-sum cash payout value of Saturday's Powerball jackpot is $237 million — the 11th-largest ever recorded in United States lottery history. (See top 25 annuity and cash values below.)
Players looking to calculate what they would receive after the initial federal and state tax withholdings can find it all pre-calculated for each Powerball jurisdiction on the Jackpot Analysis page at USA Mega, a web site devoted to the Powerball and Mega Millions multi-state lottery games.
The mammoth prize up for grabs on Saturday is the result of 19 consecutive draws without a winner. The run-up started as a $40 million prize on May 11.
The last Powerball jackpot that was won was a $429.6 million grand prize drawn on May 7 and claimed less than a week later by a New Jersey family. (See NJ family of 8 claims $429.6 million Powerball lottery jackpot, Lottery Post, May 13, 2016.)
Players should note that jackpot amounts are conservative estimates provided by the lotteries, and are often somewhat higher by the time the drawing occurs.
The winning numbers for Wednesday, July 13, 2016, were 3, 15, 29, 54, and 57, with Powerball number 10. The Power Play number was 3.
Even though nobody won the jackpot Saturday, 2 lucky players matched the first 5 numbers for a $1,000,000 prize: 1 from Indiana and 1 from Michigan.
None of the second-prize winners purchased the Power Play option, which would have automatically doubled their payout to $2,000,000. Power Play is available in all Powerball jurisdictions except California for an extra $1 per play. The fixed nature of the prize increase offered in Power Play is not compatible with California's mandated pari-mutuel payouts. By law, California awards all prizes on a pari-mutuel basis, meaning the prizes will change each drawing based on the number of tickets sold and the number of tickets that won at each prize level.
35 tickets matched four white numbers plus the Powerball and won $50,000. Of those tickets, 6 were purchased with the Power Play option, increasing the prize to $150,000, and 6 of the tickets were sold in California, where the prize was worth $21,055 this drawing.
Following the Saturday drawing, the Powerball annuity jackpot estimate was raised $34 million from its previous amount of $314 million. The cash value was raised by $21.4 million from its previous amount of $204.7 million.
The next Powerball drawing will take place Saturday night at 10:59 pm Eastern Time.
When a Powerball ticket is purchased with the Power Play option for an extra $1 per ticket, the second prize amount doubles to $2,000,000, and all other non-jackpot prizes are multiplied by the Power Play number randomly drawn that evening.
A complete list of prizes available for matching various numbers can be found on the Powerball Drawing Detail page at USA Mega, as well as on the Powerball Prize Payouts page at Lottery Post.
Powerball is now played in 44 states, plus the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Drawings are Wednesdays and Saturdays at 10:59 p.m. Eastern Time. Tickets cost $2 each.
Powerball lottery results are published within minutes of the drawing at USA Mega (www.usamega.com). The USA Mega Web site provides lottery players in-depth information about the United States's two biggest multi-state lottery games, Mega Millions and Powerball.
Top 25 United States lottery jackpots of all time
Saturday's Powerball jackpot currently stands as the 22nd-largest lottery jackpot of all time in the United States. That position may rise before the drawing Saturday night, as lotteries are typically conservative in their initial estimates, and brisk sales may push the jackpot estimate higher by draw time.
- Powerball: $1.5864 billion, Jan. 13, 2016 - California, Florida, Tennessee
- Mega Millions: $656 million, Mar. 30, 2012 - Illinois, Kansas, Maryland
- Mega Millions: $636 million, Dec. 17, 2013 - California, Georgia
- Powerball: $590.5 million, May 18, 2013 - Florida
- Powerball: $587.5 million, Nov. 28, 2012 - Arizona, Missouri
- Powerball: $564.1 million, Feb. 11, 2015 - North Carolina, Puerto Rico, Texas
- Mega Millions: $540 million, Jul. 8, 2016 - Indiana
- Powerball: $448.4 million, Aug. 7, 2013 - Minnesota, New Jersey (2)
- Powerball: $429.6 million, May 7, 2016 - New Jersey
- Powerball: $425.3 million, Feb. 19, 2014 - California
- Mega Millions: $414 million, Mar. 18, 2014 - Florida, Maryland
- Powerball: $399.4 million, Sep. 18, 2013 - South Carolina
- Mega Millions: $390 million, Mar. 6, 2007 - Georgia, New Jersey
- Mega Millions: $380 million, Jan. 4, 2011 - Idaho, Washington
- Powerball: $365 million, Feb. 18, 2006 - Nebraska
- The Big Game: $363 million, May 9, 2000 - Illinois, Michigan
- Powerball: $340 million, Oct. 19, 2005 - Oregon
- Powerball: $338.3 million, Mar. 23, 2013 - New Jersey
- Powerball: $337 million, Aug. 15, 2012 - Michigan
- Powerball: $336.4 million, Feb. 11, 2012 - Rhode Island
- Mega Millions: $336 million, Aug. 28, 2009 - California, New York
- Powerball: $333 million, Jul. 16, 2016 - Preliminary estimate, not won yet
- The Big Game: $331 million, Apr. 16, 2002 - Georgia, Illinois, New Jersey
- Mega Millions: $330 million, Aug. 31, 2007 - Maryland, New Jersey, Texas, Virginia
- Mega Millions: $321 million, Nov. 4, 2014 - New York
The number of jackpots in the top 25, by lottery game, are:
- Powerball: 14
- Mega Millions: 9
- The Big Game: 2
The Big Game is the original name of Mega Millions, from the game's first drawing on Sep. 6, 1996 through May 14, 2002. The name was changed to Mega Millions starting with the May 17, 2002 drawing.
Top 25 cash value jackpots
Since many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.
Looking at the cash value, the upcoming Powerball jackpot ranks as the 11th-largest cash value in U.S. history.
- Powerball: $983.5 million cash, Jan. 13, 2016 ($1.5864 billion annuity) - California, Florida, Tennessee
- Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
- Powerball: $384.7 million cash, Nov. 28, 2012 ($587.5 million annuity) - Arizona, Missouri
- Powerball: $381.1 million cash, Feb. 11, 2015 ($564.1 million annuity) - North Carolina, Puerto Rico, Texas
- Mega Millions: $380 million cash, Jul. 8, 2016 ($540 million annuity) - Indiana
- Powerball: $370.9 million cash, May 18, 2013 ($590.5 million annuity) - Florida
- Mega Millions: $347.6 million cash, Dec. 17, 2013 ($636 million annuity) - California, Georgia
- Powerball: $284 million cash, May 7, 2016 ($429.6 million annuity) - New Jersey
- Powerball: $258.2 million cash, Aug. 7, 2013 ($448.4 million annuity) - Minnesota, New Jersey (2)
- Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
- Powerball: $237 million cash, Jul. 16, 2016 ($333 million annuity) - Preliminary estimate, not won yet
- Mega Millions: $233.1 million cash, Mar. 6, 2007 ($390 million annuity) - Georgia, New Jersey
- Mega Millions: $230.9 million cash, Mar. 18, 2014 ($414 million annuity) - Florida, Maryland
- Powerball: $227.8 million cash, Feb. 19, 2014 ($425.3 million annuity) - California
- Powerball: $224.7 million cash, Aug. 15, 2012 ($337 million annuity) - Michigan
- Powerball: $223.3 million cash, Sep. 18, 2013 ($399.4 million annuity) - South Carolina
- Mega Millions: $214 million cash, Aug. 28, 2009 ($336 million annuity) - California, New York
- Powerball: $211 million cash, Mar. 23, 2013 ($338.3 million annuity) - New Jersey
- Powerball: $210 million cash, Feb. 11, 2012 ($336.4 million annuity) - Rhode Island
- Mega Millions: $202.9 million cash, Mar. 25, 2011 ($319 million annuity) - New York
- Mega Millions: $197.5 million cash, Nov. 4, 2014 ($321 million annuity) - New York
- Powerball: $197.4 million cash, Sep. 30, 2015 ($310.5 million annuity) - Michigan
- Mega Millions: $194.4 million cash, Aug. 31, 2007 ($330 million annuity) - Maryland, New Jersey, Texas, Virginia
- Powerball: $191.9 million cash, Mar. 2, 2016 ($291.4 million annuity) - Florida
- Mega Millions: $185 million cash, Nov. 15, 2005 ($315 million annuity) - California
The number of jackpot cash values in the top 25, by lottery game, are:
- Powerball: 14
- Mega Millions: 11
Will be checking Indiana's lotto website to see where the winning ticket was sold.
Just Googled Cambridge City, IN; too far for me to drive from KY for a lottery ticket!
There was a second place winner from Michigan. Could it be Sully16?
The ratio of Annuity:Cash Value is .712 That pushes almost every player who wanted to take the Annuity into the Cash camp.
Californians can expect to keep about $143 million after all taxes and the deduction are taken out.
Even a million would change my life. I am looking at Treasury notes as my main investment vehicle.
I will place my Living Trust inside my LLC along with the T-notes. Asset protection is the name of this game.
There are hungry sharks prowling for victims. Lottery winners have a target on their backs.
Here in Cali I do not have to do the press availability or the grip and grin photo shoot. But my name will be released. I plan on giving the Press a statement which will include info. about Lottery Post. I will run it by Todd before then.
Just a $22 mil increase from the previous drawing of $311 mil. People must be tired of playing the lottery or annuity interest rates suck or both.
It is low interest rates due to the poor economy.
This is documented in several recent Powerball and Mega Millions articles I published recently. I did not include it in this article because I try to avoid repetition.
Do any of us "regular" players even look at the annuity amount? Most of us are taking the lump sum cash payout anyway.
You are correct TheMeatman2005. Most of us will take the Lump Sum. But for those just graduating from high school or college they might consider the Annuity. They have their whole lives ahead of them and no experience handling large sums of cash.
Haven't interest rates been this low or lower since 2001ish?
I am looking at Top 25 cash value jackpot. When the prize exceeds $381 million the future winners can expect to share. Just like your kindergartner teacher taught you. Share and share alike. "Did you bring enough to share with the rest of the class?"
That said.....the young and foolish also run the risk of over extending themselves because they have a check coming in a "few months".
There have been many such stories where people borrow money on their winnings because the get all JG Wentworth with their out of control spending habits
Rather set up a trust with a fraction of the winnings to pay out maybe $5000 every 2 weeks for maybe 15 years
If I'm lucky enough to win the jackpot, I don't want to share anything. Unless it's the work pool. Got a couple ladies in it that are fighting cancer and I really hope for our pool to win so they can pay off the med bills.
Your trust idea is good. I will discuss this with my future Trust & Estate attorney.
rcbbuckeye, Personally I agree. Lump Sum with no sharing with any other winners. Sharing will come later with family, friends, and charity. Cancer is no longer a death sentence like it was. Medicine is gaining on it everyday. I wish you and your pool the best and Good Luck winning.
That is always how I look at these jackpots, how easily can I set aside $2 million for over 15 years and just leave the rest aside as legacy money.
The lottery is a one time deal....you are not bill Gates or some hedge fund dude who rakes it in annually. Why buy the homes and cars as if you did. If you want that life, use the winnings to set yourself up to earn like they do. People talk about investing their money....pppffftttt, that is the quickest way to lose it. The markets are very fickle and only favour the few.
Rather, figure out a way to get a piece of the pie....there are more than a billion people out there with money to spend, go out and get it
I play every drawing it doesn't matter what the jackpot is. I always look at the cash value over the annuity. It makes more sense to me to take cash then the annuity anyways some people would call that foolish because I'm still relatively young... of course I would rather take the tax hit now and get it over with so I can properly invest in what I want to instead of having the lottery buy up bonds. Now is the time to win so you don't have a bloated annuity figure and a smaller cash option. However on a positive note less people are playing so the jackpot has a better chance of climbing higher before it is won... which means better chance for a single ticket winner... And a bigger and better cash jackpot