10th-largest cash value in US history
By Todd Northrop
This week Powerball will be the hot ticket, currently featuring the largest lottery jackpot in the world.
The new high-water mark of $361 million for the current Powerball jackpot was achieved after no winning tickets were sold for Saturday night's $335.5 million grand prize.
The lump-sum cash payout value of Wednesday's Powerball jackpot is $250.3 million — the 10th-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.
Players should note that jackpot amounts are conservative estimates provided by the lotteries, and are often somewhat higher by the time the drawing occurs. For example, the original estimate for Saturday's drawing was $333 million, but by the time all the proceeds were counted just before draw-time, the jackpot had swelled to $335.5 million.
The mammoth prize is the result of 20 consecutive draws without a winner. The run-up started as a $40 million prize on May 11.
The winning numbers for Saturday, July 16, 2016 were 11, 17, 40, 50, and 62, with Powerball number 26. The Power Play number was 2.
Even though nobody won the jackpot Saturday, 4 lucky players matched the first 5 numbers for a $1,000,000 prize: 1 from Colorado, 1 from Iowa, 1 from Pennsylvania, and 1 from Virginia.
Only one of the second-prize winners purchased the Power Play option — the ticket sold in Iowa. Because that ticket was purchased with the Power Play option, their second-prize win is automatically doubled to $2 million.
Power Play is not available in California, because the fixed nature of the prize increase offered in Power Play is not compatible with California's 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.
21 tickets matched four white numbers plus the Powerball and won $50,000. Of those tickets, 4 were purchased with the Power Play option, increasing the prize to $100,000, and 2 of the tickets were sold in California, where the prize was worth $35,359 this drawing.
Following the Saturday drawing, the Powerball annuity jackpot estimate was raised $25.5 million from its previous amount of $335.5 million. The cash value was raised by $11.5 million from its previous amount of $238.8 million.
The next Powerball drawing will take place Wednesday night at 10:59 pm Eastern Time.
When a Powerball ticket is purchased with the Power Play option for an extra $1 per ticket, any non-jackpot prize is increased according to a fixed prize schedule, which 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
Wednesday's Powerball jackpot currently stands tied for the 17th-largest lottery jackpot of all time in the United States. That position may rise before the drawing Wednesday 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: $536 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: $361 million, Jul. 20, 2016 - Preliminary estimate, not won yet
- 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
- 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 10th-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: $378 million cash, Jul. 8, 2016 ($536 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)
- Powerball: $250.3 million cash, Jul. 20, 2016 ($361 million annuity) - Preliminary estimate, not won yet
- Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
- 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
You have to be in it to win it!
I'm going to get my ticket tomorrow.
Good time now for me to win
$151,225,921.05 after taxes cash sounds GREAT.
Good luck everyone!
Next stop VA for a Powerball winner....
Come on! Big money, big money, big money!
I'll have my ticket(s)
Good luck everyone
I'll take it! $$$$$
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I'll just take the one million minus the taxes. I'll be set with that.
Oh, and I didn't win anything from the tickets I bought last week.
Not 2 dollars, not one dollar, not a single luxury . . .
I have eight draws left on my advance play ticket. I am in it to win it. I am playing Quick Picks from the RNG here at Lottery Post.
Thank You, Todd, for the Top 25 lists. They bring back memories of past winners.
I hope that every LP member is prepared to win $151 million. A few will take the Annuity.
Getting my team together will take some time before I cash in. Legal, Financial, and a couple of other ducks to be lined up.
Instead of an LLC I may choose an FLP which is a Family Limited Partnership. Another LP Member has warned me about the IRS and its' view of using an LLC without a Company. I do not want to start off on a wrong foot where the IRS is involved.
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"Instead of an LLC . . . "
Music*,
Thank you for the insight.
Groppo
Thanks for the tip about LLC's. In KY you have to fill out some kind of form yearly, so I guess it can't be fictitious. Will have to investigate FLP. I'm curious about the many LLC winners on different lottery sites; perhaps they already owned some kind of business or company. We'll never know.
music*---$14 check from Mass. Lottery on Lucky 4 Life...something better than nothing. Still behind the 8 ball on that lottery. Not a single dollar from MM & PB so far and MM expires in less than five weeks. Just found the PB won and it goes to February 2017. One of these days...
Here is a website you may find useful. www.assetlawyer.com/what
I will definitely need professional advice when I decide on either LLC or FLP. Limited Liability Company or Family Limited Partnership.
If you got to www.treasurydirect.gov You can learn more about Treasury Bills, Notes, and Bonds. Their limits on how much you can invest per auction.
$151 million!! I hope all LP Members realize how much cash this will be. Sometimes you will lose rational thought after your discovery. Having a written plan will help you if that happens to you.
Past winners have become numb and speechless. Nausea might happen to you. Some of your friends may grab the ticket to look at it. Who will you contact and who will you not contact?
You may ask yourself,"Is this really happening to me?" Pinch yourself and prove that you are awake and not dreaming.
$366 million!!! I'm so excited I can't stop dancing!!!
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That's a heck of an idea, in case those things happen to me (the numbness, the loss of speech).
To write down a plan, ahead of time, in the unlikely event.
My list of things to do would be something like this:
It must be with one friend whom I know will benefit from my win.
But, I still just hope for the 1miilion prize.
This time i think i will get 5 Powerball tickets
Good Luck everyone $361 Million
$280 million cash option looks like the starting "buy in" point for tickets with the new matrixes.
Do you anticipate 'them' adding $5 million to the pot?
Good luck to all players!
The picture below is what $1,000,000 looks like.
It is 100 bundles of $100 bills or 10,000 $100 bills
Now, on the other hand, $151,000,000 would be that picture below multiplied 151 times.
Mind blowing!
Well I got my ticket so come on prize like $50,000 or a cool million.-weshar75
Hmmm, not sure Dog, I didn't give it any thought. Yes I will predict they will add another $5M to the pot by Wednesday's drawing. Your thoughts?
If it increases before the drawing at this medium level, I'll be shocked. It's next to impossible to increase before Wednesday.
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Yes, Mr. Meatman,
It certainly is mind-blowing.
Thank you for providing the visual aid.
I think with lottery fatigue set in, MUSL won't increase the jackpot. I'm thinking if not won tomorrow night it will go to $399 million.
Jack Whitaker found it difficult to say NO to all the requests for help. Billy Bob Harrell experienced the same.
I will be happy to have this challenge.
Where did I read you should say "I'll consult my financial adviser" or was it "Here's the number to my financial adviser"? I think it is the former, not the latter.
Good luck music*; always enjoy your posts.
With this jackpot, we can hire the best financial adviser.
I have used the Search box and there are posts about saying "NO" to beggars.
I love your plan Groppo! Hawaii and Disney are on my list too!
Picked up my tickets for the PB jackpot last night- should l win a piece or the whole Enchilada- l will be taking the Red Eye to Europe for an extended stay till the excitement dies down. The press is paying attention to Trump & Hillary so this week is the perfect time to win!
France, Germany and Belgium seem like peaceful, quaint countries to visit during this time.
Hey Music*:
Looks like your neighbors(?) in CA will have to say NO. Marvin & Mae Acosta are the third and final Powerball winners from that $1.6 Billion jackpot. They get $528.8 million. The article did not say if this was pre-tax!
It's pre-tax. If they choose cash, they'll walk about with 200+ Million.
Haha- point taken D, But l am thinking more along the lines of cozying up with relatives who live there. You not going to find me walking the streets of Belguim or France anytime soon. It's unfortunate because Europe is so beautiful & all it takes is hateful folks to destroy the lives of innocent people in order to make a name for themselves.
A few years ago we did a European delivery for an automobile that we had ordered and were given a 15 day tag to tour Europe. We spent time in Germany, Italy, Switzerland, France and Belgium. It was nice to tour all these countries and absorb all they had to offer while at the same time getting acclimated to our new vehicle. It will most likely be the next decade before we have have an opportunity to go back.
TY!
Is it true that you pay taxes twice? One this year and one next year?
Is this true Todd? And is the second tax the same amount as the first one?
Prize is taxed as ordinary income.
So, just like employers withholding for taxes from a paycheck, the lottery withholds 25% for Federal taxes (assuming you are citizen) when they award the prize. That would happen this year, assuming you claimed this year.
You will still owe the balance of income taxes next April when you file your annual tax return. For a prize this size you would fall into the highest bracket of 39.6%. For simplicity most people calculate the ~40% taxes off the top when discussing the takehome of the cash prize.
Our last Powerball Jackpot Winner in Pennsylvania was in 2012!
We are due for another big winner!
Very good point....we too, have a contingency plan in place on how we'd collect a big win and what we would not do. I'd imagine that there'd be a change in blood pressure the moment one realizes they won a big one and would collapse to the floor. Even involuntarly up-chucking. The human body does things without asking for permission.
Meanwhile someone won Mega Millions last night
"The human body does things without asking for permission". Remember when we were teenagers? Embarrassing moments then. LOL
The psychology of winning the lottery is amazing. Our brains are amazing and can do unexpected things when we win.
I will be sitting in a chair when I win. I plan on sharing with LP members what happened to me both physically and mentally during that time.
It's just like your paycheck: your company withholds a certain amount from your paycheck, and then on April 15 the following year you either owe more (because they didn't withhold enough) or you get a refund (if they withheld too much).
The lottery automatically withholds the amount shown on the Jackpot Analysis page at USA Mega, and then on April 15 you'll probably owe some more, because they don't usually withhold enough at the time you were initially paid out.
Thank you Todd & Lottometro
My prediction that the roll-over would not get to $400 million was correct; rolled on up to $390 million for Saturday...
I dunno , I look back at the roll in DEC and JAN and kinda hope we can get a good billion $ jackpot again. should only be a few weeks from now.
I am shocked
that Todd has not posted a new thread with the new jackpot
Perhaps he is waiting for a rollover more exciting than < $30 million.......
I am thinking that Todd is on 'Vacation'...
Or he hit a jackpot of his own...
hummmmmm
I hope the PB jackpot continues to until one winning ticket hits the largest jackpot in PB history worth $1.6 Billion dollars.
We'll die of old age before that happens.
On May 4, it rolled over from $361.5 million to $429.6 million
This time it rolled over from 335.5 million to only $361 million.
Actually it rolled from $361 million to $390 million, still very slow considering the tickets are double the price.
And back in January, it rolled all the way from 355.8 to 524.1 in one jump.
Or maybe he has identified a trend in the game he missed out on years ago and is tweaking his system to hit the big one tonight.
If Todd ever wins it would be the biggest story in lottery history. The brains behind the biggest lottery site wins himself...(They haven't made the emoticon yet)
And if it rolls tonight we'll see a whopping increase to $422 million (cash value of 291.8). Since the recent MM run only went from 390 to 415 I'm not even optimistic about the chances for the final tally to make it past 425.
I'm curious as to how you arrived at those rollover amounts. I do think that the recent decline in sales volume appears to be the new realty for these jackpot games.
05 07 23 35 39 *11
I'd be surprised if it gets that high. I'd say it'll follow MM and go to about 415 Million if it rolls.
Based on past posts KYFloyd is usually spot on and he just nailed it again
$422M
He said Cash would be 291.8 and it isn't so no he wasn't spot on. Cash is actually 291.0.
Uh ok, so he missed the cv by $800k and hit the the jp on the head but you were off on the jp by $7,000,000, so your point is?
WOOOOOOO HOOOOOOOOO
The credit for the accuracy of those numbers doesn't go to me. They're from the Texas Lottery, which publishes a breakdown of the jackpot. It's prepared the day before the drawing, but I'm not sure I've ever seen it earlier than the afternoon of the drawing date.
Interestingly, in addition to the advertised (annuity) jackpot they also list the "actual jackpot" with a bit more precision. In this case it's $422,477,582. That's some very precise forecasting considering that their sales estimates for the recent MM jackpot was off by several million tickets. The current report is here:
www.txlottery.org/export/sites/lottery/Documents/jackpotestimates/pb20160723.pdf
Cool, thanks for the link to that info.