Powerball Facts! – Are you A Millionaire Hopeful?

POWERBALL 425mil

As the tension and excitement builds every time the Powerball Jackpot swells over $300 Million many will day dream about what life would be like “On the other side of that winning ticket” so I thought this was a good time to share some fun lottery facts and stories for the Millionaire Hopefuls out there.

Some Lottery Fun Facts and Stories

  • The cash prize is worth $244.7 million for a $425 Million winning Ticket
  • The odds of winning the Powerball jackpot are 1 in 175,223,510.
  • The world’s highest lottery jackpot was a $656,000,000 Mega Millions ticket sold in March 2012.
  • It takes four to six weeks to process prize claim payments.
  • Number of Jurisdictions: 45 (43 states, District of Columbia, U.S. Virgin Islands)
  • #1 Powerball Jackpot: May 18, 2013 – $590.5 million jackpot (Florida winner)
  • Because the quoted jackpot amount is an annuity of 30 graduated annual payments, its cash value relative to the annuity fluctuates.

Other BIG Lottery Wins!

  • The largest Powerball prize (and American record) for cash value on one ticket is the $223.7 million cash ($337 million annuity) for the August 15, 2012 drawing. It was sold in Michigan.
  • August 8th 2013 2 winners won the $425 Million Dollar Prize, One from New Jersey and One from Minnesota
  • A jackpot of $365 million was won on February 18, 2006, by one ticket in Nebraska. It was shared by eight people who worked at a meatpacking plant. They chose the cash option, sharing $177,270,519.67 (before taxes).
  • On Oct 19, 2005, the West family of Oregon won $340 million; however, the cash value was lower than that of the $314.9 million annuity value jackpot from December 25, 2002. The Wests’ cash prize was $164,410,058.03. The family won shortly after a rule change took effect which was created to generate larger annuity values. If the rule was in effect for the December 2002 jackpot, the annuity value would have been $352.6 million.
  • On August 25, 2007, a jackpot worth $314.3 million was won by a retired auto worker from Ohio; that ticket was bought in Richmond, Indiana, a community that already had sold a jackpot-winning ticket of at least $200 million.
  • In November 2011, 3 Connecticut financial executives shared $254.2 million (annuity value), the largest prize on a Connecticut-bought ticket. Choosing the cash option, the men split nearly $104 million after withholdings. The jackpot, at the time, was the 12th largest in Powerball history.
  • At six wins, Florida has produced the most jackpot winners for Powerball.

 fortune

The Fortune Cookie Lottery Mystery

The Powerball drawing on March 30, 2005 produced 110 second-prize winners. The total payout to these winners was $19,400,000, with 89 winners each receiving $100,000. The other 21 winners received $500,000, as they were Power Play selections.

Officials initially suspected fraud or a reporting error. However, all 110 winners had played numbers from fortune cookies made by Wonton Food Inc. of New York. The factory had printed the numbers “22, 28, 32, 33, 39, 40” on thousands of fortunes. The “40” in the fortune did not match the Powerball number of “42”. None of the employees of Wonton Food played those numbers; at the time, the closest state with Powerball was Connecticut. Since the ticket holders had won as result of a coincidence rather than foul play, the payouts were made.

Had these 110 winners shared the then $25 million jackpot, each ticket would have been worth about $227,272 annuity or $122,727 cash.

The fortune on the inspiring fortune cookie read: “All the preparation you’ve done will finally be paying off.”

powerball tixOdds of Winning the Powerball and Prizes

Payouts (on a $2 play) are:

Matches

Prize

Prize With Power Play

Odds of winning

Powerball only $4 $12 1 in 55.41
1 number plus PB $4 $12 1 in 110.81
2 numbers plus PB $7 $14 1 in 706.43
3 numbers; no PB $7 $14 1 in 360.14
3 numbers plus PB $100 $200 1 in 12,244.83
4 numbers; no PB $100 $200 1 in 19,087.53
4 numbers plus PB $10,000 $40,000 1 in 648,975.96
5 numbers; no PB $1,000,000 $2,000,000 1 in 5,153,632.65
5 numbers plus PB Jackpot Power Play does not apply to jackpot 1 in 175,223,510.00

Good Luck!

Now what would be the first 3 things you would do if you had the winning lottery ticket?

2 thoughts on “Powerball Facts! – Are you A Millionaire Hopeful?

  1. Setting up my retirement plan so I can live comfortably, not live the life of a millionaire just be comfortable, Set up trusts for my children and grand children, buy a new home and yes a new car, yes I would quit my job but I would probably simply work my own personal business, doing nothing would not be an option. Lastly I would invest wisely to be able to support my charities.

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