Powerball and Mega Millions lottery tickets are displayed on January 3, 2018 in San Anselmo, California. (Photo by Justin Sullivan/Getty Images)
As the Powerball jackpot continues to climb, three lucky Georgians have won themselves a nice prize after Monday's drawing.
Monday's winning numbers were: 16, 34, 46, 55, 67 and the Powerball 14.
There has been no winner for 35 consecutive drawings, since the last time someone won the top prize on July 19. That streak trails the record of 41 draws set in 2021 and 2022. The largest jackpot ever was a $2.04 billion Powerball prize hit by a player in California in November 2022.
The scarcity of Powerball jackpot winners reflects the game’s daunting odds of 1 in 292.2 million.
The $1.73 billion prize is for a sole winner who is paid through an annuity, with annual checks over 30 years. Most jackpot winners opt for cash, which for the next drawing Wednesday night would be an estimated $756.6 million.
In Georgia, lottery officials say three people matched four balls and the Powerball - which earns them each a prize of $50,000.
How is the Powerball jackpot determined?
The jackpot is based on revenue from ticket sales, so the more people who play the game, the faster the top prize grows. However, even though the current jackpot is advertised as $1.4 billion, the lottery has less than half that amount available for the top prize. That’s why the cash prize — which most winners take — would be $643.7 million.
Players also can choose an annuity, in which that $643.7 million would be paid to a company that would guarantee a return over 30 years of $1.4 billion. If a winner dies before collecting all their money, the remainder would go to the winner’s estate.
How much are you taxed in Georgia?
State lotteries will immediately deduct 24% of jackpot winnings for federal taxes, and additional federal taxes may be required when filing federal tax returns. In Georgia, the state income tax of 5.75% is withheld from prizes of $5,000 or more.
Players who buy winning grand prize tickets in a state different from where they live will pay taxes based on where they bought the ticket.
The Associated Press contributed to this report.