Powerball Jackpot Rises to $707 Million After No Winner in July 29 Drawing

Published Jul 30, 05:53 AM UTC

The Powerball jackpot has risen to $707 million after no tickets matched all six numbers in the July 29 drawing. This is the second lottery prize to cross $700 million this year, coming a day after a Florida ticket buyer won the $800 million Mega Millions jackpot. Winners can choose between 30 annual installments of $707 million or a lump-sum cash prize of $309.7 million. After mandatory 24% federal withholding and a potential 37% marginal tax rate, the cash prize would drop to approximately $195.1 million. State taxes vary, with New York taxing at 10.9% while Texas, Florida, and California have no state tax on lottery winnings. The jackpot has expanded to UK players, who can only receive 30 annual payments, with an advertised prize of £377 million ($503.5 million). The odds of winning are 1-in-292.2 million. The next drawing is Saturday night.