Here's How Much The $700 Powerball Jackpot Is Really Worth To A Long Islander

The number is mind-boggling: $700 million. That's Wednesday night's Powerball jackpot, the second-largest lottery jackpot in U.S. history. It's why Powerball sales just in New York topped $1 million-an-hour by Wednesday afternoon.

But how much would a Long Islander walk away with if they beat the 1 in 292 million odds and hit the big one? The folks over at www.usamega.com have crunched the numbers and one thing is clear: you'd be better off winning the jackpot in any other state.

New York State imposes an 8.82 percent tax on lottery winnings over $5,000. That's the highest state lottery tax in the nation.

Here's how the numbers look: if you choose the lump-sum jackpot option, it's worth $443.3 million before taxes. Tack on a federal tax of 25 percent and New York's tax and you walk away with $293.4 million. Not too shabby, but certainly nowhere close to $700 million. If you elect to be paid the jackpot in 30 annuity payments, you would wind up with $463.3 million by the time 2047 rolls around.

The best states to buy a winning Powerball ticket? The states with no tax on lottery prizes, of course. Those are California, Delaware, Florida, New Hampshire, South Dakota, Texas, Washington or Wyoming.

Since New York joined Powerball in 2010, New York has sold 6 jackpot-winning tickets for the game:

• Dece. 25, 2010 - $48.8 million – Jeffrey & Christine Pintuff of Gansevoort
• Jan. 22, 2011 - $122.1 million – Stephen Kirwan of Purling
• June 1, 2011 - $201.9 million – 1937 Flatbush Avenue Dodgers Group of Jericho
• Feb. 25, 2012 - $70 million – Case Park, LLC of Hartsdale
• Nov. 16, 2013 - $130.3 million – Maksim Nikolayev of Brooklyn
• March 14, 2015 - $136.0 million – Perosi of Manhattan

Looking to buy a ticket? Find your nearest lottery retailer here.