Powerball Jackpot Reaches $1.4 Billion Ahead of Wednesday’s Drawing

LOS ANGELES, California — The Powerball jackpot has soared to an estimated $1.4 billion after no winner was drawn in Monday night’s drawing. Players will have another chance to win on Wednesday at 10:59 p.m. ET.

This current jackpot marks the fifth-largest in Powerball history, with a cash option valued at $634.3 million. The record jackpot, which totaled $2.04 billion, was won on November 7, 2022.

According to CBS News, the odds of winning the jackpot are 1 in 292.2 million, while the chances of winning any prize stand at 1 in 24.9. Wednesday’s drawing will be the 41st since the last jackpot was claimed in California on May 31.

Winners can choose between an annuity option, which pays out in 30 graduated payments over 29 years, or a lump-sum payment. However, tax obligations significantly impact their take-home amounts. Federal law mandates a 24% withholding, followed by an additional 14.6% due at tax time, totaling about 37% in federal taxes.

Many states also impose individual income tax on lottery winnings. For instance, winners in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming face no state tax on lottery prizes. A winner in these states could take home around $820 million when paid in installments or $371 million as a lump sum after federal taxes.

On the other hand, players in states with higher tax rates may see significantly lower net winnings. For example, a winner in Minnesota could receive approximately $692 million, with similar figures for winners in Oregon and New Jersey.

Players select five numbers from 1 to 69, plus one Powerball number from 1 to 26. Recent data shows that the most frequently drawn Powerballs are 2, 5, 9, 20, and 25, while the notable white balls include 4, 23, 28, 40, and 52. Interestingly, Powerballs 16 and 26 have yet to appear in the last 100 draws.

Taylor Johnston, a visual data journalist with the CBS News and Stations data team, noted the ongoing interest in lottery statistics and player strategies.