Powerball jackpot at $454 million. What should you do if you win?
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With the multi-state Powerball jackpot estimated to be $454 million for the April 27 drawing, what should you do if you win?
Residents in 45 states across the U.S. will be participating in the April 27 drawing, which is approaching the top 20 Powerball jackpots of all time.
What to do if you win:
There are several steps someone should do if they win the lottery before heading to claim their prize. According to Forbes, the first step should be signing the back of the lotto ticket.
"Make sure that you sign your winning lottery ticket," the Forbes article reads. "It’s not as simple as picking the winning numbers. Why? You may lose your ticket between the time you bought the ticket, and there is no record that you purchased the winning ticket. A lottery ticket is considered a bearer instrument, which means that whoever signs the ticket can claim the lottery prize. So, don’t become the subject of a made-for-TV movie and forget to sign your winning lottery ticket."
Unfortunately, because of the next step, it might be necessary to wait before signing that ticket, and instead lock it away somewhere safe until you talk to an expert.
The next step is to make sure you remain anonymous, if possible.
While some states allow you to protect your identity, others do not. So it is important to research and determine what the law is, and if anonymity is allowed for a prize of that caliber. In some states, it is possible to claim the winnings through a limited liability company or a trust, which could provide further anonymity. The best way to evaluate this is to hire a lawyer or financial planner.
After determining the best way to claim the winnings, the winner (or winners) will need to decide if they will claim the lump-sum cash payment or the annual payments. With the Powerball, while the jackpot is estimated at $454 million, the lump-sum amount is $271.9 million before taxes. Meanwhile, an alternative is choosing the annual payment option, which spreads out the winnings and "nets" you the full jackpot amount. However, most experts suggest choosing the lump-sum option and investing your winnings, which ultimately should generate a larger return.
Next, if you haven't already, it is important to hire a reputable financial advisor. According to Forbes, hiring an advisor can help protect your newfound assets.
"With your lottery jackpot winnings, one of the best ways to protect against financial loss is to hire a team that can help preserve and grow your newfound wealth," the Forbes article reads. "A reputable team of experts can help you manage your investments, help guide your philanthropic interests, and help you achieve other financial life goals. Make sure you vet anyone you hire, as you’re likely to be approached by hordes of advisers looking to guide you. Most importantly, make sure you sign your own checks so that you know fully where your money is going."
Finally, after securing your future, it is a good idea to pay off your past, by settling up your debts. While it might be advantageous to use your money to earn higher returns on your investments, who really wants to deal with old debts and try to remember to make those payments?
How to play:
- Powerball® costs $2 per play.
- Select five numbers from 1 to 69 for the white balls; then select one number from 1 to 26 for the red Powerball.
- Choose your numbers on a play slip or let the lottery terminal randomly pick your numbers.
- The Powerball jackpot grows until it is won.
- Players win a prize by matching one of the 9 Ways to Win.
Where to play:
- Powerball is played in 45 states, Washington DC, Puerto Rico and the US Virgin Islands!
- Powerball drawings are held every Monday, Wednesday and Saturday at 10:59 p.m. ET.
- Sales cut-off times vary by one to two hours before the drawing, depending on the selling jurisdiction.
- To find out where to watch the drawings, click HERE.
According to the Powerball website, the odds of winning a prize are 1 in 24.9.
Here are a few more things to know:
- Did you know your odds of winning a prize are the same in every Powerball drawing?
- You have a 1 in 24.9 chance of winning a prize when the advertised jackpot is $40 million.
- You still have a 1 in 24.9 chance of winning a prize when the advertised jackpot is $1 billion.
- Even if there are more tickets sold in a particular drawing, your odds of winning a prize are the same.
Several state lottery websites have tools to help if you are looking to strategize. For example, the Michigan Lottery site offers a tool to look up previous drawing results, evaluate "hot" or "cold" numbers, or generate random "lucky" numbers.
Top 10 Powerball Jackpots
- $1.586 Billion – Jan. 13, 2016 – CA, FL, TN
- $768.4 Million – March 27, 2019 – WI
- $758.7 Million – Aug. 23, 2017 – MA
- $731.1 Million – Jan. 20, 2021 – MD
- $699.8 Million – Oct. 4, 2021 – CA
- $687.8 Million – Oct. 27, 2018 – IA, NY
- $632.6 Million – Jan. 5, 2022 – CA, WI
- $590.5 Million – May 18, 2013 – FL
- $587.5 Million – Nov. 28, 2012 – AZ, MO
- $564.1 Million – Feb. 11, 2015 – NC, PR, TX
If you find yourself in a position where you are betting more than you can afford to lose, remember there are resources and help available.
The National Council on Problem Gambling operates the National Problem Gambling Helpline Network (1-800-522-4700). The network is a single national access point to local resources for those seeking help for a gambling problem. The network consists of 28 call centers that provide resources and referrals for all 50 states, Canada and the US Virgin Islands. Help is available 24/7 and is 100% confidential.
The National Problem Gambling Helpline Network also includes text and chat services. These features enable those who are gambling online or on their mobile phone to access help the same way they play. One call, text, or chat will get you to problem gambling help anywhere in the U.S. 24/7/365.
Help is also available via an online peer support forum at www.gamtalk.org.
