The $1.6 billion Powerball jackpot is now the largest ever

The $1.6 billion Powerball jackpot is now the largest ever

Once again, the lottery jackpot has been passed a billion dollars threshold — the fifth time in the past five years — and this is a world record.

Saturday’s Powerball drawing now has a jackpot of 1.6 billion dollarsthe biggest yet, after no winners were announced for Wednesday night’s $1.2 billion drawing.

The reward has been growing for more than three months. The odds of winning are currently about one in 292.2 million, it said Powerball.

The last Powerball jackpot winner came away with $206.9 million August 3 drawing — nothing to sneeze at, but just a fraction of the current jackpot, which would top the previous US jackpot record set in January 2016. It was also a Powerball drawing that reached $1.586 billion and was split between three winning tickets.

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Lottery winners choose between receiving their winnings in an annuity — with payouts over 30 years — or the more popular option, a one-time payment of a smaller amount. (It’s a “Shark Tank” star option Kevin O’Leary says you have to choose.) The lump sum payout for Saturday’s Powerball player would be $782.4 million.

Here’s a look at the biggest lottery prizes ever won to date.

1. $1.59 billion (Powerball)

This January 13, 2016 Powerball drawing for which three winning tickets were sold, remains the biggest lottery prize in history — but not for long. As soon as the current Powerball jackpot finds a winner or winners, the one from five years ago will fall to the second largest slot.

Winners — John and Lisa Robinson in Tennessee, Maureen Smith and David Kaltschmidt in Florida and Marvin and Mae Acosta in California — split the full award, giving them the option of roughly $533 million before taxes as an annuity or $327.8 million as a lump sum.

The Robinsons’ winning ticket was one of four they bought at the store, they told NBC TODAY show. They decided to take a lump sum. “We’re not guaranteed tomorrow,” says John.

Based in Florida Smith and Kaltschmidt also chose a lump sum. At a time when they planned to get massages, upgrade their truck and retire with newfound wealth, according to NBC.

The Acostas remained anonymous for months after their win, but released a statement saying they were grateful for the “rare gift placed in our care.”

2. 1.54 billion dollars (Mega million)

The winner of this huge draw in October 2018 also had time to surface. South Carolina is one of the few states that allows lottery winners to claim their prize anonymouslyand finally the owner of the ticket — who did not answer took their winnings in March of the following year, just a little over a month before deadline to get in touch or risk losing the prize.

What we do know is that the winner chose the cash option for their prize, with a one-time payout of approximately $878 million. That’s not a record jackpot, that number still represents the largest payout to a single lottery winner in US history.

Based on the expected tax bill, the total haul for that jackpot was likely about $491.7 million, after both federal and state taxes — South Carolina’s 7 percent income tax, plus the federal rate of 37 percent. Other taxes may have been applied.

3. 1.34 billion dollars (Mega million)

As mentioned above, the record Powerball drawing is already the second billion dollar jackpot in 2022. The first exceeded 1.3 billion dollars before him in July he found a winner. All we know about the winning player, or players, is that they bought a lucky ticket at the Speedway store in Des Plaines, Illinois and opted for a lump sum payment of more than $780 million. according to Mega Millions. Illinois allows lottery winners to remain anonymous, and whoever won this huge prize chose to remain unknown to the public.

4. 1.05 billion dollars (Mega million)

The fourth largest US lottery ticket ever was won in the Mega Millions drawing in January 2021. But because the winning ticket was purchased in Michigan, another state that allows winners to remain anonymous, it took several months for the public to learn anything about the winners.

The map was allegedly purchased four members of a lottery club in the Detroit suburb of Novi. A lawyer representing the club collected the award for them in March 2021.

“A club member saw a sign that said the jackpot was up to $1 billion and remembered they hadn’t bought their tickets yet, so they went into Kroger,” Kurt Panousesa real estate lawyer and club representative told reporters on behalf of last year’s winners.

“When you play, of course you dream of winning, but the reality of it is unbelievable,” he said. “Money like this will impact the families of our club members for generations to come. We plan to stay humble and pay it forward through charitable giving in Southeast Michigan.”

5. $768.4 million (Powerball)

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