Powerball Winner Revealed: What to Know About the New Billionaire and How Much Money He'll Make

Powerball Winner Revealed: What to Know About the New Billionaire and How Much Money He'll Make
Powerball Lottery jackpot identified at 7-Eleven on Friday, April 5, 2024 in Portland, Oregon. (AP Photo/Jenny Kane)

A man in Oregon has claimed the jackpot Powerball Last weekend, $1.3 billion was won, making it the eighth largest lottery prize in US history.

If the winner of Sunday's drawing waives the rarely-requested payment option over 30 years, the pre-tax total would be $621 million. Federal and state taxes will further reduce your burden.

Here's what we know about the win so far:

Oregon Lottery officials say a person claimed the prize Monday and they are working on verification. The ticket that matched six numbers was sold at a Floyd's Pantry store in Northeast PortlandOrdinary houses, the city's main airport and golf course.

Some states allow lottery winners to remain anonymous, which can help them avoid demands for money from friends, strangers and creditors. But Oregon isn't one of them, and winners must come forward within a year to claim their prizes.

In CaliforniaLast month the lottery revealed the name of one of the winners of the second-biggest Powerball jackpot: the $1.8 billion prize won last fall.

Oregon has had five previous Powerball jackpot winners, including two families who shared the $340 million prize in 2005.

The odds of winning the Powerball drawing are 1 in 292 million, and no one has won since January 1. The 41 consecutive drawings without a winner through Sunday tied the two longest droughts in the game's history, set in 2021 and 2022, according to the lottery.

Powerball tickets are found in a liquor store in Washington, USA. REUTERS/Nathan Howard/File photo

The drawing was supposed to take place on Saturday, but didn't happen until early Sunday because Powerball needed more time for the jurisdiction to complete pre-drawing computer verification of each ticket sold.

Because the odds of winning are so small, one is more likely to be struck by lightning at some point than to win Powerball or the Mega Millions jackpot. However, as many invest money for the chance of life-changing wealth, one wins in the end.

This is the eighth lottery jackpot and the fourth Powerball jackpot in United States history; Four other prizes Mega millions. The biggest jackpot is the $2 billion Powerball prize sold to a ticket holder in California in 2022.

All states except Alabama, Alaska, Hawaii, Nevada, and Utah, Washington, D.C., Puerto Rico, and the U.S. The Virgin Islands participates in two lotteries, which are administered by the Multistate Lottery Association.

If the winner takes home the entire jackpot in one payment and doesn't have to pay taxes, he'll still be a far cry from the $227 billion net worth mega-millionaires. Elon Musk. But that would put the winner among just under 800 billionaires in America.

A Powerball lottery ticket seen at a grocery store in Kennesaw, Georgia on April 1, 2024. (AP Photo/Mike Stewart, File)

This would be more than the combined GDP of the Caribbean countries of Dominica, Grenada and St. Kitts and Nevis. It would be enough to buy a few professional hockey teams and more than Taylor Swift raised on her recent record-breaking journey.

They are as inevitable as winning the Powerball jackpot.

Even after taxes (24% federal and 8% Oregon), the winner's total will exceed $400 million, or the minimum cost of rebuilding the recently destroyed Francis Scott Key Bridge in Baltimore.

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For one, last weekend's victory was a bridge to a new life.

(With information from AP)

Arzu Daniel

"Extreme pop culture lover. Twitter enthusiast. Music ninja. Booze. Communicator. Bacon nerd in general."

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