Powerball jackpot rises to $633 million after no winner Saturday

Topline

The Powerball jackpot has climbed to $633 million after no winning tickets were drawn on Saturday night. However, any eventual winner will take home significantly less after taxes.

Key Facts

• No tickets matched all six numbers drawn on Saturday night (3, 4, 24, 36, 47 and Powerball number 17), meaning the jackpot will increase again before the next drawing on Monday night.
• If a winning ticket is drawn on Monday, the winner can choose to receive the $633 million jackpot in 30 annual payments or take a lump sum immediately worth approximately $277.3 million—the far more popular option.
• If the winner selects the lump sum, a 24% federal withholding tax will reduce their winnings to $210.7 million.
• The prize would likely push the winner into the highest income tax bracket, triggering a 37% federal marginal rate, which would bring the final take-home pay to about $174.7 million.
• If the winner chooses the annuity, they would receive 30 annual payments that grow by 5% each year, totaling approximately $400 million after the same federal taxes over 29 years.
• Winners may also face state taxes on their winnings, which can reach as high as New York’s 10.9%. States such as Texas, California, and Florida do not tax lottery winnings.

What to Watch For

The next drawing takes place on Monday night at 10:59 PM EDT. Players can watch a livestream of the drawing on Powerball’s website or YouTube channel.

Tangent

Saturday’s drawing was the second to include players from the U.K., following the lottery’s expansion into the country last week. The larger pool of possible players means Powerball jackpots could start growing even faster, while the odds of winning the grand prize remain unchanged.

Big Number

1 in 292.2 million — Those are the odds of winning Powerball’s grand prize jackpot, which requires matching all five white ball numbers and the red Powerball number. Players can still win a $1 million prize by matching all five white numbers, though this feat also faces steep odds—about 1 in 11.6 million, according to Powerball organizers. Despite those odds, six players won this prize on Saturday night, with winning tickets sold in Michigan, Mississippi, North Carolina, Pennsylvania, Texas, and Washington.

Further Reading

Powerball Jackpots Are About To Grow Faster—Here’s Why — By Conor Murray, Forbes