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One winning ticket sold in $487 million Powerball drawing

One winning ticket sold in $487 million Powerball drawing

Postby smix » Sun Jul 31, 2016 3:17 pm

One winning ticket sold in $487 million Powerball drawing
Fox News

URL: http://www.foxnews.com/us/2016/07/31/on ... awing.html
Category: Business
Published: July 31, 2016

Description: Powerball officials announced Sunday one ticket sold in New Hampshire matched all six numbers in Saturday night's Powerball drawing worth $487 million. The winning numbers for the Powerball are 11-17-21-23-32 and the Powerball number is 5. It was the nation's eighth-largest lottery jackpot. There had not been a winner since May 7, when a family from New Jersey won a $429.6 million jackpot. Tickets are sold in 44 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Jackpot winners can choose between an annuity paid out over 29 years or a cash option. The big jackpot prize that gets most attention refers to the annuity, but most winners choose the cash option. To the lottery, the payout is the same. State and federal taxes vary by state, but in general, winners pay about half the cash amount. The difference is whether the winner takes the cash or agrees to have that money placed in a low-risk investment with a guaranteed payment made annually. Annuities have tax advantages and lessens the risk a winner will blow through the money, but many people think they can earn more money by investing the winning themselves. Last year, officials at the Multi-State Lottery Association, a group of state lotteries that oversees Powerball, changed the odds of winning from 1 in 175 million to 1 in 292.2 million. They wanted to generate bigger jackpots that would increase sales and produce even larger prizes. Thanks to the change, three of the largest Powerball prizes, including the current jackpot, have occurred in 2016 — a tally that could grow with five months left in the year. The drawing is held Wednesday and Saturday at 10:59 p.m. Eastern time, usually in Tallahassee, Florida. One tumbler contains 69 white balls and another holds 26 red balls. In about 30 seconds, the machines select five of the white numbered balls and one red ball.
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