Powerball Could Reach $900 Million, Lotto Officials Say

By MARC TORRENCE (Patch National Staff)

The Powerball jackpot for Saturday’s drawing is now up to $800 million, a $100 million increase in just 24 hours, as the record largest lottery payout in U.S. history continues to grow.

The cash payout alone is an estimated $496 million.

“This is a really exciting time for everyone,” California Lottery spokesman Alex Traverso said. “This jackpot has become a nationwide phenomenon. Folks who don’t ordinarily play are buying tickets.”

What’s more, Traverso says the jackpot likely isn’t done growing. In fact, he estimates it could reach as high as $900 million by Saturday’s drawing.

Traverso encourages those playing to have fun.

Saturday’s Powerball drawing time is scheduled for 7:59 p.m. local time.

Related:

• Powerball Jackpot: Everything You Need To Know To Claim Your $700M
• Powerball Numbers: Union City Has $1 Million Winner

So what should you do if you win the lottery? Alexa Von Tobel, CEO of the online investment website LearnVest, offered a few tips to Patch from a financial planning standpoint.

Sign the ticket: The most important step ensures you claim the ticket as your own.

Maintain anonymity: In many states, Von Tobel says, you have a whole year to claim the prize. (However, if a California resident wins, they do not have a choice. Lottery officials say winners’ names are public record.)

“If you let your name be released to the public record, a swarm of people will almost immediately descend on you, legitimate and not, trying to make a grab for your business,” she said.

“Some past lottery winners have even felt the need for police escorts, have received threats and have been tempted to run away or leave their hometowns because of the sheer number of people who “want a piece of them.”

Assemble a financial planning team: “You must decide whether including whether to take a lump sum or an annuity,” she said. “There are many pros and cons to weigh: including estate taxes, how much money you’ll ultimately make whether you’ll be able to handle it all at once, etc.”

Wait six months before making any major decisions: “It’s all too easy to blow through those millions,” Van Tobel said. “In fact, according to a 2015 study by the Camelot Group, 44 percent of winners spend their entire winnings within five years.”

Click here to search for California Lottery retailers. Click on ‘lucky retailers’ if you want to buy your ticket from a spot that paid out large amounts of prizes to players in the last calendar year.

Find out how to play Powerball here.

See Also:

• How Far Does $100 Go In California?

Patch editor Autumn Johnson contributed to this report.

Photo courtesy Shutterstock