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What are the odds you win the lottery?
What are the odds you win the lottery? You're more likely to be struck by lightning.
LOS ANGELES - The winning numbers for the Powerball $800 million jackpot were drawn on Monday after no one claimed the grand prize in Saturday's drawing.
Monday's $800 million jackpot is the sixth largest in the game's history, with an estimated cash value of $384.8 million before taxes.
The winning numbers were white balls 7, 11, 19, 53, 68 and red Powerball 23. The Power Play® multiplier was 2X.
Most winners favor the cash payout over the annuity option, which consists of one immediate payment followed by 29 annual installments.
How much tax would you owe if you won the lottery?
Given the substantial size of the jackpot, it's reasonable to anticipate that even after accounting for taxes, you'd find yourself comfortably nestled atop a considerable sum of money.
When dealing with Powerball winnings, your payout can fluctuate based on several factors, such as whether state taxes apply to your winnings.
It's worth noting that the precision of online calculators might not perfectly align with your actual payout. Therefore, should you find yourself fortunate enough to win, experts recommend seeking guidance from a financial advisor.
AfterLotto.com allows you to select your state, input the estimated jackpot value, and view the payout amounts for both the lump sum and annuity options.
Another website, LotteryUSA.com, enables you to select your filing status and state to attempt to ascertain the final take-home amount.
What are the odds of winning the lottery?
Why haven't we seen a jackpot winner in months? The odds of scoring those mega prizes are about as good as finding a unicorn in your backyard.
Mega Millions offers a slim chance of 1 in 302.6 million, while Powerball's odds are slightly better at 1 in 292.2 million. Simply put, it's like finding a needle in a haystack the size of Mount Everest.
To give you an idea of how slim your chances are, think about this: after a jackpot win, when the prize resets to a mere $20 million, the total number of tickets sold usually covers less than 10% of all the possible combinations.
But when talking about those mind-boggling billion-dollar jackpots, ticket sales shoot up like fireworks on the Fourth of July. Yet, they only cover about half of all the possible combinations.