Powerball's grand prize reached $1 billion less than a week after one lucky winner in New Jersey snagged a $1.13 billion Mega Millions jackpot on March 26.
The game's long odds of 1 in 292.2 million makes it a rare jackpot. By making the top prizes hard to hit,, paid over 30 years. Winners typically opt for the lump-sum cash option instead. The prizes would be subject to federal taxes, and many states also tax lottery winnings. Even with the smaller lump sum payout, federal taxes will eat into those winnings, and some states also tax big lottery prizes. Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
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