Powerball® Jackpot Climbs to $1.25 Billion for Wednesday's Drawing
With No Winner, Jackpot Increases Again for Wednesday's Drawing
Editor's Notes: To schedule an interview with Iowa Lottery CEO and Powerball Product Group Chair Matt Strawn, please contact Sam Martin at smartin@ialottery.com or 515-587-2521.
For continued jackpot estimates between drawings, please visit the Iowa Lottery's website at ialottery.com.
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If you can't open these links, visit ialottery.com and click on Press Room.
CLIVE, Iowa — The Powerball® jackpot rolls on.
After it wasn't hit on Monday, the prize has now swelled to an estimated $1.25 billion annuity, $572.1 million cash option for the next drawing on Wednesday. This is the sixth-largest jackpot in the game's history.
"Any time the Powerball jackpot climbs into rare territory like this, it naturally captures a lot of attention," said Iowa Lottery CEO Matt Strawn, who also serves as chair of the Powerball Product Group. "It's exciting to watch it grow, and we want players to enjoy the moment while keeping responsible play top of mind."
One Iowa Ticket Came Close
Iowa Lottery players won 12,121 prizes ranging from $4 to $50,000 in Monday's drawing.
The $50,000-winning ticket, which was purchased at Kwik Star, 1910 First Ave. E. in Newton, matched four of the first five numbers and the Powerball, and was just one number away from winning last night's jackpot. That prize can be claimed at any Iowa Lottery office.
Monday's winning numbers were: 23-35-59-63-68 and Powerball 2. The Power Play® multiplier was 4.
There are nine prize levels in Powerball ranging from $4 up to the jackpot, so the Iowa Lottery reminds its players to be sure to check their tickets for all the prizes they may have won.
Cash Option vs. Annuity
With so many occasional and first-time players buying tickets now, questions have come up regarding the cash vs. annuity amounts for a jackpot. The cash amount is not the annuity amount minus taxes, nor is it a specific percentage of the annuity total. Here are the actual details involved:
If a jackpot winner in Powerball chooses the annuity option, he or she would receive 30 payments over 29 years that add up to the annuity total.
In that instance, the cash on hand in the jackpot pool from the sale of tickets in the game is invested in securities. That initial amount invested plus all the interest generated through the years adds up to the annuity amount of the jackpot. State and federal withholdings would be applied to each payment that the winner receives.
If a winner were to pass away before receiving all their payments, the money would go into his or her estate. The lottery would make future payments as determined by the estate or a court.
If a jackpot winner chooses the cash option, he or she receives a one-time payment for the amount in the jackpot pool from the sale of tickets in the game. There is no additional interest income in that scenario because the money isn't invested. The winner receives the lump-sum amount in one payment, with withholdings applied to the entire amount.
Please Play Responsibly
As always, the Iowa Lottery reminds everyone that it only takes one $2 ticket to win. Please play responsibly. The mantra that applies: Playing smart is a lot more fun.
For more information, contact Sam Martin, Iowa Lottery External Relations,
at 515-587-2521 or smartin@ialottery.com.
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