Winner winner chicken dinner! You just won the lottery, but do you know what to do next? Here’s what to know before you cash out.
The Powerball jackpot continues to rise after no tickets hit the top lottery prize for Monday's Christmas Day drawing.
Historically, there have been only three Powerball jackpots won on Christmas. The last time this occurred was ten years ago, on Dec. 25, 2013, when a ticket in Missouri won the $71.5 million jackpot.
The prize is now $685 million for Wednesday's drawing. But that's only for winners who choose to take their riches through an annuity, paid annually over 29 years. Nearly all winners opt for cash, which is currently estimated at $344.7 million, before taxes.
This is the fourth Powerball jackpot to exceed half a billion dollars this calendar year. The Powerball jackpot was previously won on Oct. 11 when a ticket in California won a $1.765 billion grand prize. That winner has yet to come forward.
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Since then, there have been 32 consecutive drawings without a jackpot winner. The winless streak is due to the abysmal odds of winning: one in 292.2 million.
The longer the game goes without a grand prize winner, the larger the payout will grow. And with huge jackpots becoming increasingly common in lottery drawings — with eight grand prizes between Powerball and Mega Millions surpassing $1 billion since 2016 — this latest Powerball streak could very likely become the ninth.
The largest lottery jackpot in U.S. history stands at $2.04 billion and was won by a single Powerball ticket in California on Nov. 7, 2022. The winner, Edwin Castro, came forward earlier this year after months of speculation.
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Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Drawings are held every Monday, Wednesday and Friday.
