A lucky player could walk away with the fourth-largest jackpot on record, as the $1.7 billion Powerball prize is up for grabs in Wednesday’s Christmas Eve drawing.
The drawing will mark the 47th consecutive drawing without a jackpot winner, extending an already record-setting streak. The previous record for the longest jackpot cycle was 42 drawings.
Lottery officials say the extended run is working exactly as designed. In 2015, the game’s odds were adjusted to allow jackpots to grow larger over time, while still making it easier to win smaller prizes.
A Powerball spokesperson said the Christmas holiday will not affect the drawing, and any winning ticket would be processed as usual.
The most recent jackpot win on Sept. 6 saw tickets in Missouri and Texas share a $1.787 billion grand prize, the second-largest in Powerball history.
The odds of hitting the jackpot are a minuscule 1 in 292.2 million.
If a ticket matches all five white balls plus the red Powerball drawn on Wednesday, the winner would be faced with two options. They could either claim the estimated $1.7 billion grand prize which is paid out through an annuity, with annual payments over 30 years. Or they could receive a one-time, lump-sum payment of an estimated $781.3 million.
But, regardless of which option a winner chooses, they wouldn’t take home the full prize amount. That’s because the winnings are subject to federal taxes and, in most jurisdictions, state taxes as well.
Attorney Andrew Stoltmann says some of the most vicious legal fights over the lottery come from office lotto pools gone wrong. Here’s what you need to know before you buy in.
Powerball is played in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. There are three drawings per week — Mondays, Wednesdays and Saturdays — and tickets cost $2 each. Adding the Power Play option, which can multiply winnings by two, three, four, five or 10 times, to a ticket costs an extra $1.
The largest Powerball jackpot ever awarded was in 2022 when a ticket in California won a $2.04 billion grand prize.
Attorney Andrew Stoltmann has represented 12 lottery winners, many of whom lost all their winnings through bad investments, reckless spending and greedy relatives. “Unfortunately, the people who win the lottery think at that point, the journey is over. And what they don’t realize is that the journey has really just begun,” says the Chicago-based Stoltmann.
Allison Craig is a passionate sports writer and analyst with a deep love for game strategies, player performances, and the latest trends in the sports world. With years of experience covering football, basketball, tennis, and more, she delivers insightful analysis and engaging content for sports enthusiasts.
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