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POWERBALL players have been urged to check their numbers as a prize worth $1 million remains up for grabs.
The ticket holder, of North Carolina, agonizingly missed out on the life-changing jackpot by just one number.
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They had matched five numbers but just missed out on the Powerball digit, as reported by The Charlotte Observer.
North Carolina lotto chiefs revealed the ticket was bought ahead of the September 21 draw at a Jack B Quick convenience store in Granite Falls – located around 65 miles from Charlotte.
No one won the jackpot on September 21 and the prize rolled over once again after last night’s draw.
The prize pot now stands at a whopping $223 million and has a cash value of $112.2 million.
It costs just $2 to play the game of chance and players must defy odds of one in 292.2 million to scoop the prize.
The odds of matching five numbers are incredibly steep at one in 11.68 million.
But, the overall odds of winning a prize appear to be more manageable at one in 24.87.
Prizes on Powerball range between $4 and the jackpot, but in some states, players can get less even though they match the same numbers.
For example in California, prizes are allocated based on the tickets that are bought.
This is why one player took home $300,000 following a recent Mega Millions draw when they matched five numbers.
Lottery winners who end up scooping large amounts of money are hit by taxes before they take home one dime.
On a federal level, Internal Revenue Service chiefs must take 24% on winnings over $5,000.
Then players might be taxed on the state level, but the rate is not uniform across the country.
In New York State, gamblers are hit with a 10.9% tax on their winnings, but in California, the tax rate is 0%.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
Eight states do not tax lottery winnings.
Among those are Florida, New Hampshire, Tennessee and Texas.
Jackpot winners are encouraged to take this fact into consideration when deciding how to claim their prize.
Lawyer Andrew Stoltmann believes players that are taking the lump sum are making an error.
“Virtually everybody who wins the lottery picks the lump sum distribution,” he told CNBC.
“And I think that’s a mistake.”
Businessman and former Shark Tank star Mark Cuban encouraged players to take the annuity.
“Don’t take the lump sum,” he told The Dallas Morning News in 2016.
He warned about the risks of blowing the huge prize in one go.
Cuban also recommended jackpot winners hire a tax specialist who can help map out a plan that allows them to best manage their newfound wealth.
Top lottery winners in the US
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.
- Edwin Castro – $2.04 billion, Powerball, Nov. 8, 2022, in California.
- Theodorus Struyck – $1.765 billion, Powerball, Oct. 11, 2023, in California.
- Unknown winner – $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
- Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida – $1.586 billion, Powerball, Jan. 13, 2016.
- Unknown winner – $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
- Unknown winner – he sued the mother of his child to keep his identity hidden – $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
- Unknown winner – $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
- Cheng and Duanpen Saephan, and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon.
- Yanira Alvarez – $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club – $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
- Unknown winner – $842.4 million Powerball, Jan. 1, 2024, from Michigan.
