$1M Winning Powerball Ticket Sold in NY, Jackpot At $550M

While we're waiting for the snow to stop, now is a good time to check your Powerball tickets from last night. No one won the jackpot, which means the Saturday, Jan. 6, 2018 drawing will be for $550 million, with an estimated cash payout of $347.9 million, according to the New York Lottery. Numbers are drawn every Wednesday and Saturday at 10:59 p.m. Eastern time.

While nobody had the top winning ticket last night, there were 242,049 "winning" tickets sold in New York, including one ticket worth $1 million. That winning ticket was sold at 325 Washington Enterprise Inc., 325 Washington Ave. in Brentwood, Suffolk County. The lucky owner of that ticket choose five out of five numbers.

The winning Powerball numbers for Wednesday, Jan. 3, are: 2, 18, 37, 39, 42 and the Powerball of 12. The Powerplay is 3.

Powerball tickets cost $2 each. In most states, ticket sales cut off at least an hour before the drawing. Check with your state lottery for your cut-off time.

The Powerball game is played by matching all five white balls in any order and the red Powerball number. The odds of picking the correct Powerball grand prize numbers are one in 292,201,338.

The record in the game was a $1.6 billion drawing in January 2016, which was shared by three winners in Florida, Tennessee and California; that was followed by the Aug. 23, 2017, win of $758 million, the second largest Powerball jackpot in the game's history.

The largest three Powerball jackpots ever are:

• $1.6 Billion — January 2016
• $758 Million — August 2017
• $590.5 Million — February 2013

The January 2016 record Powerball jackpot was worth nearly $1.6 billion. But Americans will still drop by the nearest convenience store with dreams of cash and buy a ticket. The billion dollar-plus prize won in the Jan. 13, 2016, drawing was the largest lotto jackpot awarded in U.S. history and was split by three winners. In the summer of 2016, a New Hampshire player won a $478 million prize; the June 10 win of $447 million was the eighth largest jackpot in the game's history.

If you still want to take a chance — someone has to win, right? — you have a better chance of hitting the jackpot if you let the computer pick your numbers. The Multi-State Lottery Association, which operates the Powerball game, says about 75 percent of winning tickets are selected when the numbers are chosen by a computer.

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The lottery game is played in 44 states plus the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Powerball draws can be seen on 125 TV stations nationwide. It may also be available on cable or your mobile device. Where to watch the Powerball drawing on TV. Drawing shows are also posted to Powerball.com under the video section and to YouTube.

Claiming, Safeguarding Winnings

So, what should you do if you win the big prize? 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. The lottery does not offer any counseling services or advice for winners.

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

Then there are the taxes. The federal tax on lottery winnings is 25 percent. 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.

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Patch file photo courtesy of Powerball