The $214 million Powerball jackpot has been claimed after more than a month of rollovers.
A lucky player from Pennsylvania became a multimillionaire overnight after matching all six balls in Monday’s drawing.
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The following numbers were drawn on Monday – 9 – 22 – 57 – 67 – 68 and Powerball 14.
There was also a 3x Powerplay for those who won non-jackpot prizes, which would triple the amount received.
The latest jackpot is the 20th time the Powerball jackpot has been won in the state.
Now the pot of money has been reset to $20 million in time for the next drawing on Wednesday.
read more about lottery winnings
The Powerball jackpot was last claimed on July 3 in Huber Heights, Ohio, with a Walmart buyer netting a whopping $139.3 million.
Despite the huge windfalls made on Monday, the winner could immediately lose more than half of their winnings with an important decision.
When big lottery winnings are claimed, players have to choose between two options.
They may receive a lump sum of a smaller amount or receive the full amount, minus state and federal taxes, in annual installments.
In this case, the cash option is $106.4 million.
If this is chosen by the most recent jackpot winner, he will immediately sacrifice 50.3% of his winnings.
Despite the huge immediate loss, it is the most common decision made by winners.
At least “90 percent of all lottery winners accept the lump sum distribution,” lottery lawyer Andrew Stoltmann previously told The US Sun.
The lawyer revealed how he represented “lottery losers,” those who lost most or all of their winnings.
After seeing several jackpot winners come into his office in despair, Stoltmann said choosing the lump sum is “a big mistake.”
This is because most people who earn such large sums do not have behind-the-scenes support to deal with it.
Lottery winnings: lump sum or annual fee?
Players who win big on lottery tickets typically have a choice to make: lump sum or annual fee?
Both payment methods can affect how much money you receive from your prize.
Annuities are paid slowly in increments, usually over 30 years.
Lump sums are paid all at once, but in smaller amounts since taxes are withheld all at once. This means 24% of your prize goes to Uncle Sam immediately. Many states also tax earnings.
Annuities can give winners time to establish the financial infrastructure necessary to receive a life-changing amount of money, but lump sums have the advantage of being taxed only once.
It’s also worth considering inflation when making a choice, as payments don’t adjust to the value of a dollar. This means you will likely receive less valuable money at the end of an annuity.
Each state and game pays 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 differing opinions on the possibility of take the fixed amount or take the annual fee.
“They tend to be from lower socioeconomic backgrounds,” Stoltmann said.
“So they take this huge amount of money and they just don’t know what to do with it.”
The US Sun previously wrote about a lottery winner who won a $4 million jackpot.
However, the North Carolina player was left with just $1.7 million after taxes.
After she gave some money to her grandchildren, there was very little left of her earnings.
Meanwhile, lottery officials are urging players to check their tickets as a jackpot worth $278,000 will expire within weeks.
Top US Lottery Winners
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, November 8, 2022, in California.
- Theodorus Struyck – $1.765 billion, Powerball, October 11, 2023, California.
- Unknown Winner – $1.602 Billion, Mega Millions, August 8, 2023, Florida.
- Marvin and Mae Acosta of Los Angeles, California, John and Lisa Robinson of Munford, Tennessee, and Maureen Smith and David Kaltschmidt of Melbourne Beach, Florida – $1.586 billion, Powerball, January 13, 2016.
- Unknown Winner – $1.537 Billion, Mega Millions, October 23, 2018, from South Carolina.
- Winner unknown – he sued his child’s mother to keep his identity hidden – $1.348 billion, Mega Millions, January 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 Álvarez – $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club – $1.05 Billion, Mega Millions, January 22, 2021, from Michigan.
- Winner unknown – $842.4 million Powerball, January 1, 2024, from Michigan.
This story originally appeared on The-sun.com read the full story
