Details Released On $429.6M Powerball Winning Ticket Sold In New Jersey

UPDATE: Read more: Store Location For $429.6M Powerball Winning Ticket Announced

The New Jersey Lottery announced early Sunday that the sole winning jackpot ticket of the Saturday Powerball drawing was purchased in the Garden State.

The $429.6 million jackpot winning ticket was sold in Mercer County and matched the 5 white balls and the Powerball in the Saturday drawing, according to New Jersey Lottery officials.

The retail location will not be disclosed until security procedures are completed. The name of the retail location likely will be disclosed by Monday, according to lottery officials.

The winning numbers for the Saturday, May 7 drawing were: 05, 25, 26, 44, 66. The red Powerball number was 09.

The Powerball jackpot resets to $40 million for the next drawing to be held Wednesday, May 11 at 11 p.m. Watch live drawings on the New Jersey Lottery’s website (NJLottery.net).

“Winning the Powerball jackpot is a life-changing event. Congratulations to the ticketholder(s) and to the retailer who sold it,” Carole Hedinger, New Jersey Lottery executive director, said in a release.

The winner and the retailer that sold the $429.6 million winning ticket will be added to the national lottery historical record. This is the seventh largest Powerball jackpot in history, Hedinger said.

“We expect that the winner or winners will take their time before claiming the prize, and consult with the appropriate professionals who can assist them in navigating these unchartered waters," she said. "Certainly, though, we will be anxiously awaiting the phone call.”

Earlier this year, the Powerball jackpot climbed up to $1.6 billion, the highest it's ever been. Three people from California, Tennessee and Florida ended up cashing in on the jackpot.

The Jan. 13 drawing captured the attention of millions around the country and made national news. When the winner was announced, a huge crowd flocked to the Chino Hills, Calif. 7-Eleven, where one of the winning tickets was sold.

So how does Powerball work?

Tickets are sold for $2 in 44 states, including New Jersey, Pennsylvania, plus the District of Columbia, Puerto Rico and the Virgin Islands. The jackpot starts at $40 million and increases after each drawing if there isn't a winner.

The record jackpot went from $355 million to $1.6 billion in three drawings.

Players pick five numbers from one to 69 and a sixth Powerball number, one through 26. (Most people just choose to get random numbers.) There are various levels of payouts, but to win the ultimate jackpot, you have to match all five numbers plus the Powerball.

The odds of that happening? Just 1 in 292,201,338. In other words, don't cash out your kids' college fund to buy tickets.

A winner can pick two ways to claim their prize. The first is an annuity that is paid out 30 times over 29 years. The second is an immediate cash payout that is available immediately but is significantly less money than the total jackpot.

Interesting in going in on some tickets with your co-workers or friends to increase the odds? It's a good idea, but if a group that isn't organized wins, chaos and betrayal can ensue. Make sure everyone in the group is on the same page by reading Patch's guide to playing Powerball with your co-workers.

Click here to find your nearest New Jersey Powerball retailer