The big winner’s name has not been announced, but someone just won a record lottery amount. It comes to over 2 billion dollars if they take the Powerball® annuity, or the lump sum would be $997.6 million, according to Powerball®.
Then there are the taxes. If someone in Arkansas won it, they would pay 5.5% in state taxes – or $112.2 million. But the big winner was in California, which happens to be one of the 14 states that do not collect taxes on lottery winnings (regardless of how many potholes you could fill with that amount). I’m sure they will still pay federal income taxes on those winnings.
Back to Arkansas – two players in this state each won $100,000, so if that same tax rate applies, they will each take home $94,500.
See MySaline’s November 8th General Election Coverage at www.mysaline.com/2022-elections.
It was a single ticket sold in California that won the Tuesday, November 8, 2022 Powerball® jackpot. That means they won’t have to share with another party, but if they went in together as a group on a ticket purchase, they will still share. The big win comes after matching all six numbers drawn in Monday’s delayed drawing – white balls 10, 33, 41, 47, 56 and red Powerball 10. The Power Play® multiplier was 2X.
Due to a technical issue, the Powerball drawing was delayed Monday night and performed Tuesday morning at 7:57 a.m. CST at the Florida Lottery draw studio in Tallahassee. Final ticket sales pushed the jackpot beyond its earlier estimate to $2.04 billion at the time of the drawing, making it the world’s largest lottery prize ever won.
The lucky two Arkansas players are not named so far but the Arkansas Lottery Commission reports that they live in Forrest City and Hot Springs. They each won $50,000 by matching four white balls and the Powerball. But because they purchased the Power Play option for an additional $1, they each multiplied their prize by 2X to win $100,000.
A total of 56,241 Arkansas players have winning tickets worth a total $588,160 cash prizes – 30,885 of those winners bought the Power Play and multiplied their prizes.
“I would like to thank our players who joined us on this historic jackpot run,” said Arkansas Scholarship Lottery Executive Director Eric Hagler. “A portion of every Powerball ticket purchased increases proceeds to scholarships.”
More than 92 cents of every dollar of ASL revenue goes to prizes, scholarships, retailer commissions and other expenses in Arkansas. Since 2009, the lottery has raised more than $1.2 billion in proceeds for scholarships. More than 675,000 college scholarships have been awarded to Arkansans. The lottery has awarded more than $4 billion in prizes to players, about $363 million in retailer commissions and provided more than $158 million in state and federal tax revenue.
See MySaline’s November 8th General Election Coverage at www.mysaline.com/2022-elections.