The Powerball and Mega Millions jackpots have reached a staggering combined value of nearly $2 billion as no tickets matched all six numbers in recent drawings. The Powerball prize has soared to $800 million, marking its sixth-largest jackpot ever, while the Mega Millions jackpot stands at $1.1 billion. In terms of cash, the lotteries offer $384.8 million and $525.8 million, respectively.
Winners of these massive jackpots have the option to receive the prize as a lump sum or choose annual payments over time. However, it's important to note that lottery winnings are considered regular income and are subject to both state and federal income taxes.
Powerball officials stated that this jackpot is rapidly climbing the ranks as one of the game's largest, now sitting at the sixth-largest prize draw in its history. The next Powerball draw is scheduled for Monday night, with odds of winning the jackpot at 1 in 292.9 million. Mega Millions will draw numbers again on Tuesday, with odds of winning at 1 in 302.6 million.
Georgia Lottery president, Gretchen Corbin, expressed that lottery fever is sweeping the nation, urging players to participate responsibly. The largest lottery jackpot ever won was a monumental $2.04 billion in November 2022.
While winning such a substantial sum overnight may seem like a dream come true, it's essential for the lucky recipient to approach it with caution. Some past winners have faced financial challenges, including debt or legal issues. Experts advise winners to view the windfall as a marathon rather than a sprint, learning to set boundaries and say no when necessary.
