Monday, June 24, 2024

Lottery player wins $1 billion in US Powerball draw | news

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A California lottery player has won a $1 billion Powerball jackpot, according to lottery organizers.

“California (Powerball) has a new millionaire,” the state’s lottery announced on Twitter.

The ticket sold at the Los Angeles store was “the only ticket in the country where all six numbers of the winner in the July 19 drawing matched, and he won the $1 billion jackpot,” the authority said.

The Washington Post reported The jackpot is the biggest since last November, and it’s the third time it’s topped a billion.

The newspaper said the winner could receive a lump sum of $558.1 million in cash or $1.08 billion in annual payments that increase by 5% each year for 30 years.

Most winners choose to claim the prize at once.

Yesterday’s lottery winner had to pay a 37% tax on most winnings, the Washington Post reported that the IRS treats lottery prizes as ordinary income and places the value of this income in the highest tax bracket if it wins the jackpot.

Powerball players pick 6 numbers for 5 white balls and one red ball, and the network numbers must match six numbers in the draw to win the grand prize, and the probability of winning each network is one in 292.2 million.

In November last year, a ticket sold in California won a $2 billion jackpot.

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Rolf Colon
Rolf Colon
"Creator. Award-winning problem solver. Music evangelist. Incurable introvert."

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