The Powerball lottery has a new winner who won $1.765 million on October 11, 2023. The winning ticket was purchased in California, but with the discounts, what exact amount will he win?
Before we tell you that, this is the fourth time that this state is home to a new millionaire from the most famous lottery in the United States who wins a prize of more than one billion dollars. We remind you that the winning numbers were: 22, 24, 40, 52, 64 (the white balls) and 10 (Powerball network).
THE AMOUNT THAT THE WINNER OF THE 1,765 MILLION POWERBALL DOLLARS WILL RECEIVE
In the Powerball drawing on October 11, 2023, the jackpot was announced to be $1.765 million. Now that there is a winner in California, he will have two options: choose an annual payment or all in one fell swoop. “If you select the annuity option, you will receive an immediate payment followed by 29 annual payments that increase 5% each year”said the lottery.
Taking into account that Only the payment of federal taxes applies to both options.the amount of money that the lucky person would take is:
- Cash amount: 487.7 million dollars.
- Annual amount: 1.1 billion dollars in 29 years.
THEY SPECIFY THAT CALIFORNIA WILL ALSO RECEIVE PART OF THE PRIZE
Since the winning ticket was purchased at Midway Market & Liquor in Frazier Park, California, a percentage of the money will stay in this state for “to make it a better place to live”mentions the lottery website.
It is necessary to indicate that the prize of 1,765 million dollars is the second largest in history, only behind the 2 billion dollars that Edwin Castro won in November 2022.
HOW IS THE POWERBALL JACKPOT DETERMINED?
Although there can be several factors in determining the Powerball jackpot, the two most important are: game sales and annuity factor.
“Traditionally, game sales are stronger for a Saturday drawing than a Wednesday drawing. (…) The annuity factor is made up of the interest rates of the securities acquired to finance the prize payments. The higher the interest rates, the larger the announced Grand Prize.”reads the popular lottery’s website.