Powerball Jackpot Starts to Climb Ahead of May 4 Drawing

ANNAPOLIS, MD — The jackpot for the multi-state Powerball lottery is starting to climb into the territory that makes folks start dreaming about how they’d spend their loot.

On Jan. 13, a world-record $1.5 billion Powerball jackpot drawing was split by players in California, Tennessee and Florida.

Currently, the estimated value of Wednesday’s jackpot is $348 million, but that could climb if more players buy tickets. That’s what happened in January when several record jackpots were reached and went unclaimed, before the ultimate prize was won.

Wednesday’s cash value of the jackpot stands at $226.1 million.

The odds of winning the Powerball jackpot are 1 in 292,201,338, lottery officials say.

Players pick five numbers between 1 and 69 then a sixth Powerball number between 1 and 26.

So, how do you get your money?

“Most importantly, sign the back of the ticket,” Christy Calicchia, a New York lottery spokeswoman, told Patch previously.

That claims the ticket as your own. Then, keep it in a safe place.

“Often people will put it in their safety deposit box or a safe in their own home,” Calicchia said.

After that, state laws vary about when you can claim your prize. In New York, you can wait up to a year to claim it at any of the five lottery customer service centers in the state, Calicchia said.

Then what?

Many lottery winners hire an attorney, financial planner or both, since most people don’t exactly know what to do when they suddenly come into so much money.

Some even bring their lawyer with them to claim their prize, Calicchia said, adding that is in no way required.

The lottery itself does not offer any counseling services or advice for winners.

How much do you actually win?

You have two choices when you claim your prize: the full value paid in 30 installments over 29 years or the one-time lump sum that is smaller than the actual total.

Then there’s the taxes. The federal tax on lottery winnings is 25 percent, Calicchia said. Then, any extra income taxes like state or city would apply.

Financial experts say that if you can get more than a 3 or 4 percent return on an investment, the lump sum is actually the best way to go in the long-term.

When is the next Powerball drawing?

The next Powerball drawing is scheduled for Wednesday night, May 4, at 10:59 p.m. ET.

Good luck. And if you win, be sure to send some our way.