The US PowerBall payout is one of the biggest lottery prizes globally with the previous win at $286 million. Learn how to play, the prize structure, and more.
Winning the lottery always sounds like a pipe dream, yet more and more people are walking away as multi-millionaires.
Winning is just one ticket away. In this article, you’ll learn about what PowerBall is, how the prize payout scheme works, and how to process a ticket that’s been won.
The PowerBall: Draw times, ticket prices, and the jackpot amount
Since 1992, the PowerBall has given everyone from all walks of life the chance to become a millionaire. The world record for winning tickets was an astounding $1.5 billion payout, and split with people from three different states.
The numbers are drawn live every week on Monday, Wednesday and Saturday at 10:59 p.m. Eastern Time. For 2 dollars per play, the PowerBall gives you the opportunity to win one of the highest cash prizes in the world.
A new hallmark was also added called the DoublePlay, which allows ticket-holders an opportunity to bank separate prizes up to $10 million.
The jackpot amount grows until a lucky ticket holder wins. To play, you choose five digits from 1 to 69, and one digit for PowerBall, from 1 to 26.
Named PowerPlay, for only an extra 1 dollar, you can also increase prize payouts outside the jackpot by: X2, 3, 4, 5, 10.
The current jackpot amount to be won is $670 million and may continue to grow. The higher the amount, the more people start playing, making it grow all the more.
How the sale of tickets increase the Power Ball jackpot
Every ticket bought has 50% set aside for:
- Cash payouts at 30%
- The jackpot lump-sum at 20%
The other 50 percent is used to cover the cost to retailers, operations, and even good causes that the lottery supports.
PowerBall Odds and Reward Structure
|Numbers Matched||Without PowerPlay||With PowerPlay|
|5 + 1||Jack pot||1 / 292,201,338||Jack pot||1 / 1.75||Jack pot||1 / 3.23||Jack pot||1 / 14||Jack pot||1 / 21||Jack pot||1 / 43|
|5||$1 million||1 / 11,688,054||$2 million||1 /1.75||$2 million||1 / 3.23||$2 million||1 / 14||$2 million||1 / 21||$2 million||1 / 43|
|4 + 1||$50,000||1 / 913,129||$100,000||1 / 1.75||$150,000||1 / 3.23||$200,000||1 / 14||$250,000||1 / 21||$500,000||1 / 43|
|4||$100||1 / 36,525||$200||1 / 1.75||$300||1 / 3.23||$400||1 / 14||$500||1 / 21||$1,000||1 / 43|
|3 + 1||$100||1 / 14,494||$200||1 / 1.75||$300||1 / 3.23||$400||1 / 14||$500||1 / 21||$1,000||1 / 43|
|3||$7||1 / 580||$14||1 / 1.75||$21||1 / 3.23||$28||1 / 14||$35||1 / 21||$70||1 / 43|
|2 + 1||$7||1 / 701||$14||1 / 1.75||$21||1 / 3.23||$28||1 / 14||$35||1 / 21||$70||1 / 43|
|1 + 1||$4||1 / 92||$8||1 / 1.75||$12||1 / 3.23||$16||1 / 14||$20||1 / 21||$40||1 / 43|
|Power Ball||$4||1 / 38||$8||1 /1.75||$12||1 / 3.23||$16||1 / 14||$20||1 / 21||$40||1 / 43|
Playing the PowerBall is simple: you simply select the numbers. You have nine different tiers to win from. The single Power Ball and one match with the Powerball will bank 4 dollars. The highest tier is 5 matches plus the Powerball, which is the grand bonanza.
See the table above for the different odds in each prize tier.
What is DoublePlay and how does it affect the probabilities and prizes?
DoublePlay is a separate draw that allows ticket-holders another opportunity to match their numbers, always drawn after the PowerBall. It has identical odds as PowerPlay. In one ticket, you can reap rewards from the two draws, or match both and win dual prize payouts.
- DoublePlay is selected from a set of digits: 1 through 69.
- The Powerball number is chosen from a set of figures: 1 through 26
- Players aim to get both sets to win Powerball and DoublePlay.
For only an extra $1, you stand the chance to win the ultimate prize of a $10 million payout.
DoublePlay Odds and Prizes
|5 + 1||$10,000,000||1 / 292,201,338.00|
|5||$500,000||1 / 11,688,053.52|
|4 + 1||$50,000||1 / 913,129.18|
|4||$500||1 / 36,525.17|
|3 + 1||$500||1 / 14,494.11|
|3||$20||1 / 579.76|
|2 + 1||$20||1 / 701.33|
|1 + 1||$10||1 / 91.98|
|Power Ball||$7||1 / 38.32|
How to secure your winnings and the timeframe
How PowerBall payouts function and claiming your winning ticket, depending on the cash prize amount:
- Under $599 – Payout to be claimed at an authorised lottery.
- Over $600 – Must be claimed from your local DO, lottery HQ, or your nearest centre for claims.
- Jackpot – Must be claimed in the flesh. Notify your state’s lottery headquarters and schedule when you want to claim your payout. This is when you’ll decide on a method of payment.
- The minimum days for claiming in most states: 180 days.
For the jackpot prize, you have two options for claiming the win of a lifetime:
- Cash option
- Annuity option
The most favoured choice for jackpot prize winners. The lump-sum option does end up getting less than the annuity option. This is due to the tax value for large sums of money and the investment the lottery makes in the annuity option.
Most people do not trust the economy enough to risk their jackpot payout, as anything can change over 30 years.
This option allows you to have scheduled 30 payments over a set of 29 years. You get an initial payout immediately, thereafter each instalment will increase by 5 percent.
The PowerBall annuity payout schedule allows you the security of having a steady income for the next 29 years.
Taxes on PowerBall payouts
Any win of 5000 dollars or more is taxed by the lottery and state. The lottery will take 25 percent from the winnings if the prize money exceeds the minimum, and the state will levy their percent depending on how the local withholdings are structured.
Many states, such as Florida and Texas, do not withhold, making the PowerBall payout after taxes more than states that do tax.
The PowerBall jackpot is still growing, so don’t regret missing out on the anticipation during live draws. As the saying goes, how can you expect to win if you never even play?