Three Ticket Holders Share Record $1.6 Billion Powerball Jackpot
After the long awaited draw with a prize of $1.6 billion up for grabs it has been confirmed that there were three jackpot winners in this record breaking Powerball draw. The winning tickets were sold in California, Tennessee and Florida but it will be a while before the winners’ identity is known.
A tweet from California Lottery claimed that the winning ticket was sold at a 7-Eleven store in Chino Hills, a suburb east of Los Angeles. Television pictures then showed a cheering crowd gathering at the shop after the results were announced.
Prior to the draw thousands of people were queuing up outside shops across the US in order to buy tickets and try to beat the odds of 292.2 million to one.
The winners will share a prize of $1.586 billion and have the choice between collecting their winnings in annual payments over 29 years and sharing a lump-sum payment of $930 million.
However, ticket holders aren’t the only winners, the government will also receive a substantial sum of money. The winnings will be subject to 39.6% federal income tax and the payouts will also be subject to any taxes that the winners’ home states impose.
Prior to this draw the previous jackpot record was a March 2012 drawing of the Mega Millions which has a $656 million prize shared by three winners. In Europe the largest lottery prizes have been significantly lower than in the US but the jackpots are awarded as a lump sum and most countries do not tax the winnings. The largest European prize was won in July 2011 by a UK resident that won $260 million.