All eyes on one colossal prize
Jumbo jackpot is a record at $700M
Someone’s 2016 is going to get off to a great start.
Make that a fantabulous-beyond-imagination start.
Yes, after Wednesday’s $500-millionplus Powerball prize went unwon, the next chance for the almost-nationwide jackpot moves to Saturday. At least $700 million, an all-time U.S. record, is expected to be handed over should the balls fall in the right way. With that inmind, here are a few questions about Powerball:
How does this prize stack up against previous winning amounts?
If the jackpot reaches $700 million — which lottery officials were predicting Thursday morning — it will be the biggestever lottery prize in U.S. history. The previous record was a $656 million Mega Millions payout in 2012 handed over to three lucky winners in Kansas, Illinois and Maryland.
What are the odds of winning?
According to Multi- State Lottery Association, which runs the game, the odds of having the winning Powerball ticket are 1 in 292.2million. In other words, you might as well wave goodbye to the $2 you hand over for each set of numbers. Of course, as the New York Lottery says, you must be in it to win it.
What states participate in Powerball?
The shortest way to answer this is to say what states are NOT in Powerball. Fortyfour states (plus Washington, D.C.; Puerto Rico; and the U.S. Virgin Islands) participate. The ones that do not are Nevada, Utah, Mississippi, Alabama, Alaska and Hawaii.
Do you have to live in one of the participating states towin?
No. You can even be a tourist from To- ronto. Or Timbuktu.
How does your $700 million win measure up?
Well, it’s more than the gross domestic product of at least nine nations. According to 2014 figures from the World Bank, that means you would have more money — before taxes (and maybe after) than:
Comoros ($624 million GDP)
Dominica ($524 million GDP)
Tonga ($434 million GDP)
Sao Tome and Principe ($337 million GDP)
Micronesia ($318 million GDP)
Palau ($251 million GDP)
Marshall Islands ($187 million GDP)
Kiribati ($167 million GDP)
Tuvalu ($38 million GDP)
Howmuch tax youwill you pay?
That depends on where you live. The federal government will get its cut in all cases (and automatically creams off 25% before you even file your tax return). Needless to say, you will be taxed at the highest rate. If you live in a state without income taxes, there’s nothing more to pay.
Where and when is the draw done?
Tallahassee, Fla., though sometimes, according the Powerball folks, the lottery drawings go on the road and are done at special events around the nation. Drawings are at 10:59 p.m. ET on Wednesdays and Saturdays.
Who’s watching to make sure there aren’t any shenanigans?
It could be you. The numbers are drawn in the presence of Multi- State Lottery officials, an independent auditor, a security official and members of the public. According to the Powerball people, the draw equipment — that plastic-tube thing — is kept in a double-locked alarmed vault and the balls are sealed by the auditors. Meanwhile, all events are audio- and video-recorded when the vault is opened. The equipment, lottery officials assure us, is tested regularly (measurements, X-ray and statistical tests for non-random behavior). You can also watch draws on hundreds of TV stations nationwide and on YouTube and the Powerball website.