The Powerball jackpot will rise again.
No winner matched all six numbers to hit Wednesday’s massive jackpot, which is now expected to rise to $1.5 billion, with a cash value of $745.9 million, Powerball announced. The winning numbers for Wednesday night’s draw were 22, 11, 60, 2, 35 and the Powerball is 23. The Power Play was 2x.
Wednesday’s Powerball jackpot climbed an estimated $1.2 billion after none of the tickets sold matched all six winning numbers drawn on Monday.
While winners can receive their winnings through an annual payment plan for 29 years, most major jackpot winners choose to receive the prize in cash. The biggest prize was a $1.586 billion Powerball jackpot won by three cardholders in 2016.
Since August 2022, no one has won with all six numbers. . According to Powerball, the odds of winning the jackpot are 1 in 292.2 million.
Powerball is played in 45 states and in Washington, DC, Puerto Rico and the US Virgin Islands.
BEWARE OF SCAMMERS: The second largest Powerball jackpot is up for grabs on Wednesday night. Here’s what to do when you win.
What should you do if you win the Powerball jackpot?
Steve Azoury, owner of Azoury Financial in Troy, Michigan, advised lottery winners to immediately work with a tax attorney, tax accountant and financial advisor to come up with a plan — including which payout to choose.
The plan should also include a “fall guy,” Azoury said. “That’s the person or advisor who stops you from lending to anyone, who tells people that all the money is tied up with investments, is not available. We have nothing available to help you and we are not interested in you project.”
The decision to choose which payout will depend on your goals, your age, and what lottery rules are for beneficiaries to continue receiving payments, or if it is likely that you would misuse a lump sum.
Mark Steber, Chief Tax Officer at Jackson Hewitt, also recommends that you consider the size of the lottery winnings and your current and project income.
How are Powerball players scammed?
Powerball has warned players about possible scams.
Lotteries will never contact you via email, phone call or social media to let you know you’ve won a prize unless you specifically entered an official lottery promotion or contest, according to Powerball.
Also remember that at lotteries you never have to pay a fee to collect a prize.
“If you are asked to pay a fee to claim a prize, you are likely being scammed and not be allowed to share personal or banking information with those entities,” Powerball said.
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How does inflation affect the price?
With interest rates rising — used by the Fed to lower inflation — Powerball’s lump sum payout has fallen, according to Michigan lottery officials.
For example, the lump sum payout dropped from about 59% of the jackpot on August 3, the last time there was a winner, to about 48% of the most recent jackpot.
Contributors: Medora Lee, USA TODAY; Chris Sims and Evan Frank, Indianapolis Star; Frank Witsil, Detroit Free Press; The Associated Press
This article originally appeared on USA TODAY: Powerball jackpot rises to $1.5 billion because no one is claiming Wednesday’s prize
