Tonight’s Powerball drawing has reached an unprecedented $1 billion, marking only the fifth time in history that a Powerball jackpot has hit this milestone. The deadline to purchase tickets for tonight’s drawing varies depending on the location where you buy them, but typically closes one to two hours before the drawing at 10:59 p.m. ET.
For the winner of this billion-dollar prize, there are two options available: they can choose to receive annual payments spread out over 29 years or take a lump sum of $483.8 million. However, regardless of the choice, taxes will need to be paid. It has been three months since the last Powerball jackpot winner who claimed an $842.4 million prize on January 1st.
If you are lucky enough to win, it is crucial to have a smart plan in place to manage your newfound wealth and stay grounded amidst the excitement. The odds of winning any Powerball prize are 1 in 24.9 with a chance of hitting the jackpot at 1 in 292.2 million – making it clear that luck plays a significant role in winning such a massive amount of money.