There are some interesting Powerball stats you might find shocking. The recent July 19, 2023 Powerball winning ticket sold in California tipped $1.08 Billion, but the winner may only take home $351.6 Million. Where will all that cash go? In short, Uncle Sam. Check out more shocking Powerball statistics.
Powerball Winners
The $1 Billion July 19th Powerball jackpot has been won in California. A single ticket matched all six numbers drawn. The Powerball winning numbers were 7, 10, 11, 13, and 24, and the Powerball was 24. The Power Play multiplier was 2X.
Though bittersweet, there were plenty of other winners Wednesday night. There were thirty-six $1 million-winning tickets and three $2 million-winning tickets.
Additionally, 195 tickets won $50,000 prizes, and 62 tickets won $100,000 prizes. In total, there were 4.8 million winning tickets, with players winning lower-tier cash prizes worth a combined $85.1 million.[1] So check your ticket to see if you won!
Shocking Powerball Stats
How Does $1 Billion Reduce to $351 Million?
The lucky winner in California can receive a $1.08 billion annuity or a lump sum payment of $558.1 million.
An annuity spreads the payments over 30 years, increasing by five percent yearly.
For example, if the winner chose an annuity, they would receive $16.2 million upfront. After Uncle Sam extracts $5.9 million in federal taxes, they would be left with $10.3 million in the first year in the state of California.[2]
By the 29th year (or 30th payment), the winner would receive $66.8 million gross and pay federal taxes of approximately $24.7, which leaves around $42.1 million.[2] That averages $22.7 million per year in net payments.[5]
In the last ten years, 78 winners chose the lump sum, while only 1 winner chose the annuity option.[3] Statistically, the winner will likely select the cash lump sum.
The winner receives 52% of the advertised winnings. Choosing the cash option lump sum would yield $558.1 million.[4]
Uncle Sam takes 24% federal taxes off the top. Plus, winners are subject to additional federal taxes (37% final rate.)[5]
So, how much is 1 billion lottery after taxes? As much as $351.6 million if you live in California or $290.8 million if you live in New York.[5] Luckily for the winner in California, there is no state tax on lottery prizes. New York imposes the highest taxes on lottery winnings- even more if you live in New York City.[5]
How Does $2 Billion Reduce to $628 Million?
How much did the $2 billion Powerball winner take home? Edwin Castro of California netted $628.5 million from his single-winning Powerball ticket![8]
Taxes, Taxes & More Taxes
Although Washington D.C. has the highest tax rate (10.75%), New York City and Yorkers residents pay the highest tax rates on lottery winnings. New Yorkers are subject to an 8.82% state tax plus an additional 10.9% final rate. NYC residents receive an additional 3.876% and Yonkers residents 1.477%.[5]
Nine states have no state taxes on lottery winnings: California, Florida, New Hampshire, Puerto Rico, South Dakota, Tennessee, Texas, Washington, and Wyoming.[5]
Five states deem the lottery illegal; Alabama, Alaska, Hawaii, Nevada, and Utah.[5]
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Powerball Odds
The chance of winning the Powerball is 1 in 292.2 million.[3] You are more like to have these happen to you than winning the Powerball:[7]
1 in 164,968 chances of being struck by lightning.
1 in 200,000 chances of having conjoined twins.
1 in 11.5 million chances of being attacked by a shark.
Americans spend more than $70 billion on the lottery each year.
60-70% is spent on instant scratch, and the rest on big games like Powerball and Mega Millions.
On the brighter side, you have a 1 in 24.9 chance of winning any prize. But hefty odds of winning $1 million, which is 1 in 11.7 million.[3]
Most Winning Powerball States
Ever wonder why your state rarely wins the Powerball? Maybe you need to move to these top 10 winning Powerball states:
- Indiana has 39 winners.
- Missouri has 31 winners.
- Minnesota has 22 winners.
- Kentucky has 18 winners.
- Pennsylvania has 18 winners.
- Wisconsin has 18 winners.
- Louisiana has 17 winners.
- Florida has 14 winners.
- Arizona has 13 winners.
- Kansas has 11 winners.
Indiana has won the most Powerballs thus far. However, states like Missouri and Pennsylvania average one jackpot per year.[7]
Most Powerball Winnings
The July 19th Powerball was the third largest in the game’s history and the sixth largest in U.S. history.[7]
Top 10 Powerball Jackpots
- $2.04 Billion – Nov. 7, 2022 – CA
- $1.586 Billion – Jan. 13, 2016 – CA, FL, TN
- $1.08 Billion – July 19, 2023 – CA
- $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
- $699.8 Million – Oct. 4, 2021 – CA
- $687.8 Million – Oct. 27, 2018 – IA, NY
- $632.6 Million – Jan. 5, 2022 – CA, WI
References
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- Ticket in California Wins $1.08 Billion Powerball Jackpot
- California Powerball Jackpot Annuity Payout Schedule for Jul 19, 2023
- Powerball Media Center
- Powerball Calculator
- Powerball Jackpot Analysis for Wed, Jul 19, 2023
- The winning numbers for the $1 billion Powerball jackpot have been drawn
- Lottery Statistics 2023 – Reveal Shocking Facts About Lotto Winners
- Powerball Jackpot Analysis for Mon, Nov 7, 2022
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