Congratulations to our newest Powerball jackpot winner and the California Lottery!Powerball Product Group Chair and Pennsylvania Lottery Executive Director, Drew Svitko. The winning $1.08 billion Powerball jackpot ticket was purchased at Las Palmitas Mini Market in downtown Los Angeles, California.
Why It Matters: At an estimated $1.08 billion, it is only the third time ever that the Powerball jackpot has hit the billion dollar mark and above. The winning individual is currently unknown and as of Wednesday morning, has yet to claim their prize. The odds of buying the winning ticket are 1 in 292.2 million (which makes it more rare than getting struck by lightning or getting attacked by a shark!)
Did You Know? Powerball jackpot winners can receive their money in cash up front ($558.1 million after taxes in this case), or through annual payments over the course of 30 years with a 5% annual increase. Either way, “any lucky Powerball lottery winner will also be looking at significant tax bills” (Kiplinger).
by Jenna Lee,