The post Powerball Jackpot Hits $1.7 Billion—Third Biggest Lottery Prize Ever appeared on BitcoinEthereumNews.com. Topline The Powerball jackpot rose to $1.7 billion—the third biggest lottery prize of all time—after no tickets matched all six numbers drawn on Wednesday night, although the eventual winner will likely take home a much smaller payout after accounting for taxes and other cuts. The Powerball jackpot surged to $1.7 billion after Wednesday night’s drawing. Anadolu via Getty Images Key Facts The six numbers drawn on Monday night were 3, 16, 29, 61, 69 and red Powerball 22. If a winner emerges in the next draw, they will have to choose between taking the $1.7 billion prize spread over 30 annualized payments or a lump-sum cash prize of $770.3 million. If the lump sum payment is chosen, the winnings will drop to around $585.4 million after a mandatory federal withholding of 24% is applied. Depending on their taxable income, the winner could face a federal marginal rate as high as 37%, which would further reduce their winnings to $485.3 million. If the winner chooses the installment route, their annual payments of around $56.6 million would drop to $35.6 million if the 37% federal marginal rate is applied. The winner may also face additional taxes based on their state of residence, as some, such as New York, tax lottery winnings at a rate of 10.9%, while others, including Texas, Florida, and California, don’t. What To Watch For The next draw for the Powerball jackpot will take place on Saturday night, and if a winner fails to emerge once again, the jackpot prize will likely eclipse the biggest one of 2024. The next drawing for the Mega Millions lottery is scheduled for Friday, and the current jackpot amount stands at $336 million. Key Background The eventual winner of the Powerball will claim the biggest lottery prize since October 2023, when a single… The post Powerball Jackpot Hits $1.7 Billion—Third Biggest Lottery Prize Ever appeared on BitcoinEthereumNews.com. Topline The Powerball jackpot rose to $1.7 billion—the third biggest lottery prize of all time—after no tickets matched all six numbers drawn on Wednesday night, although the eventual winner will likely take home a much smaller payout after accounting for taxes and other cuts. The Powerball jackpot surged to $1.7 billion after Wednesday night’s drawing. Anadolu via Getty Images Key Facts The six numbers drawn on Monday night were 3, 16, 29, 61, 69 and red Powerball 22. If a winner emerges in the next draw, they will have to choose between taking the $1.7 billion prize spread over 30 annualized payments or a lump-sum cash prize of $770.3 million. If the lump sum payment is chosen, the winnings will drop to around $585.4 million after a mandatory federal withholding of 24% is applied. Depending on their taxable income, the winner could face a federal marginal rate as high as 37%, which would further reduce their winnings to $485.3 million. If the winner chooses the installment route, their annual payments of around $56.6 million would drop to $35.6 million if the 37% federal marginal rate is applied. The winner may also face additional taxes based on their state of residence, as some, such as New York, tax lottery winnings at a rate of 10.9%, while others, including Texas, Florida, and California, don’t. What To Watch For The next draw for the Powerball jackpot will take place on Saturday night, and if a winner fails to emerge once again, the jackpot prize will likely eclipse the biggest one of 2024. The next drawing for the Mega Millions lottery is scheduled for Friday, and the current jackpot amount stands at $336 million. Key Background The eventual winner of the Powerball will claim the biggest lottery prize since October 2023, when a single…