When is the drawing time for tonight′s Powerball lottery? The big event happens at 10:59pm Eastern! The Powerball jackpot was last reported to be at a record breaking $1.5 BILLION dollars! The biggest payout ever! If you take the one-time cash payment, you are looking at some $960 Million. Not bad for the $2 cost of a Powerball ticket. My guess is that it will go higher than that by the time of the drawing. What are your odds of winning Powerball? About one chance in 292 Million. So it doesn′t matter how many tickets you buy. One set of Powerball winning numbers is as good as any other. In fact, a large number of those people who do win a Powerball lottery drawing usually do so with a computer-generated ′Easy Pick′ number. But all of this means nothing if you don′t buy a ticket, and the deadline for that is at 10pm Eastern. So what would you do if you won the Powerball jackpot?
Experts say the first thing you should do, after bouncing off the walls and jumping for joy, is to call a lawyer! Yep, you Better Call Saul! I′m sure he would be the perfect attorney to help you set up a tax shelter. Many of the 44 states, along with the District of Columbia and other US territories that participate in Powerball, will make the name of the winner, or winners, public. That could be an issue for some people. Your phones will be a ringin′ from folks who want to sell you stuff, invest your cash, or claim a share as a long-lost, family member.
Your first, big decision will be whether or not to take the one-time cash payment or do the annual installments which go on for 29 years. As mentioned earlier, the one-time payment on $1.5 Billion will be about $960 Million dollars. Otherwise, by going the 29-year route, you′ll get a check every year for about $52 Million before taxes. But you are not the only one who benefits.
Only half of the money spent on Powerball lottery tickets goes to the jackpot. The rest, after all of the smaller prize money, is split among state and territorial governments. Retailers who sell Powerball tickets also get a slice, about 5%, and administrative costs are about 10%, which includes advertising. The last Powerball jackpot was won on November 4, 2015 when the jackpot was ONLY $142 million dollars. Then the cycle began again starting off with a jackpot of $40 Million. Usually between 12 to 16 million tickets are sold for each drawing, and there are two every week, on Wednesdays and Saturdays. For this past Saturday′s drawing, some 440 million tickets were purchased at $2 a pop. That′s a lot of green!
So what will you do if you win tonight′s Powerball jackpot? Buy an island? You can pretty much buy anything you wanted to. Legal or not! There′s plenty of dough to bribe with. The odds are that several people will split the jackpot once it is won. So you may have to economize. Downsize your ambitions from your own Boeing 757 to a Gulfstream 5. Or from a 150 foot Fedship to 115 foot. But that is life in the Big City.