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Record-breaking Powerball jackpot soars to $725 million!

The Powerball jackpot has reached an estimated $725 million for the upcoming drawing on Wednesday, July 12. This establishes it as the seventh most substantial Powerball prize in the annals of history. The cash option for the jackpot is approximately $366.2 million.

In the previous drawing on Monday, July 10, no ticket matched all six numbers: 2, 24, 34, 53, 58 (white balls), and 13 (red Powerball).  The ticket in Iowa included the Power Play feature, increasing the prize to $2 million. In addition to the $1 billion jackpot, there were 28 tickets nationwide that won $50,000 prizes and 12 tickets that won $100,000 prizes. Furthermore, over 1.5 million tickets across the country won lower-tier cash prizes, amounting to a total of $14.1 million

The Powerball jackpot was last won on April 19, 2023, when a ticket in Ohio won $252.6 million.

In the upcoming drawing, if someone wins the jackpot, they will have two options: an annuitized prize or a lump sum payment. The annuitized prize is $725 million, which will be paid out over 30 years. The lump sum payment option is approximately $366.2 million. It’s important to note that both options are before taxes.

If the annuity option is chosen, the winner will receive one immediate payment, followed by 29 annual payments. The annual payments increase by 5�ch year.

Powerball tickets are available for purchase in 45 states across the United States, including the District of Columbia, Puerto Rico, and the U.S. territories. Each ticket is priced at $2 per play. Virgin Islands. The majority of the proceeds from ticket sales remain in the jurisdiction where the ticket was purchased.

Record-breaking Powerball jackpot soars to $725 million! 1
                               Image Credit – ABC Columbia

 

Powerball drawings take place live every Monday, Wednesday, and Saturday at 10:59 p.m. You can also watch the drawings live on Powerball.com.

The odds of winning a Powerball prize are 1 in 24.9, while the odds of winning the jackpot are 1 in 292.2 million.

Here is the updated list of the top 10 Powerball jackpots:

$2.04 Billion – Nov. 7, 2022 – CA

$1.586 Billion – Jan. 13, 2016 – CA, FL, TN

$768.4 Million – March 27, 2019 – WI

$758.7 Million – Aug. 23, 2017 – MA

$754.6 Million – Feb. 6, 2023 – WA

$731.1 Million – Jan. 20, 2021 – MD

$725 Million (est.) – July 12, 2023

$699.8 Million – Oct. 4, 2021 – CA

$687.8 Million – Oct. 27, 2018 – IA, NY

$632.6 Million – Jan. 5, 2022 – CA, WI

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