Powerball Jackpot Lottery numbers have soared over the 1.7 Billion dollars (Almost Rs 200 Cr) mark after the Monday Night Draw. Here’s what the winner of the second largest lottery in the world will get after the taxes..

New Delhi: Powerball Jackpot, the largest lottery till date is again in news as after 35 straight drawings without a big winner, Powerball players will have a shot Wednesday at a near-record jackpot worth an estimated $1.73 billion (almost Rs 200 Cr). It would be the second largest of any lottery prize ever, topped only by the $2.04 billion Powerball won by a player in California last November. The previous No. 2 was a $1.586 billion Powerball with three winners in California, Florida and Tennessee on Jan. 13, 2016. Powerball’s terrible odds of 1 in 292.2 million are designed to generate big jackpots, with prizes becoming ever larger as they repeatedly roll over when no one wins. And wins in recent months have been few and far between.

Powerball Jackpot Lottery Numbers Hit 1.7 Billion Dollar-Mark

The jackpot has grown so large because there have been 35 consecutive drawings without a big winner. The previous winning Powerball ticket was sold on July 19, and it was worth $1.08 billion after 39 drawings without a jackpot win. In most states, a Powerball ticket costs $2 and players can select their own numbers or leave that task to a computer. Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the US Virgin Islands.

Powerball Jackpot Lottery: What Does Winner Get?

The winner can receive their payout in two ways, either as an annuity which would be paid in thirty graduated payments for 29 years or in cash. The $1.73 billion jackpot is for a sole winner who opts for payment through an annuity, doled out over 30 years. Winners almost always take the cash option, which for Wednesday night’s drawing is estimated at $756.6 million. Winnings would be subject to federal taxes, and many states also tax lottery winnings.

Taxes Deducted From Winning Lottery Amount

As mentioned earlier, there is a mandatory tax deduction from the winning account. One tax will be from the federal government and one can be from the state government. The tax deduction will depend on the location where the winner lives, the payout option he/she chooses and the state tax rate applicable at that time. There are states who do not charge tax on lottery winnings and those who do, it ranges from 3-11%. The Powerball Drawing Days are Monday, Wednesday and Saturday at 10:59 PM ET (8:29 AM IST).