WASHINGTON — One person is starting off 2024 with hundreds of millions of dollars, after winning the Powerball on New Year's Day.
A winning combination of numbers for the fifth-largest jackpot in the game's history was drawn Monday, ending a streak of two months without a winner.
The prize? $842.4 million before taxes, paid out over 30 years. The winner could also take the cash option, a lump sum of $425.2 million.
The winning ticket was sold in Grand Blanc, Michigan, at the Food Castle. But it could be a while before we know who bought the ticket. Under Michigan law, they will have up to one year to come forward publicly to claim their prize. That one-year timeframe begins the moment the numbers are drawn.
But most money advisers tell new winners to wait and consult with financial experts before coming forward, to avoid poor money management choices and the influx of acquaintances asking for a piece.
Alongside the Jackpot winning ticket, tickets sold in California, Connecticut, Florida and Maryland all matched the five white balls, netting their owners $1 million. Two tickets, from Florida and Texas, did the same and chose the Power Play option, increasing their payout to $2 million.
The lottery game hasn't seen a jackpot winner since Oct. 11, when a single ticket in California took home the $1.76 billion prize.
What were the winning Powerball numbers for Monday, January 1?
The winning numbers were 12-21-42-44-49, Powerball 1.
If a winner matches all five numbers and the Powerball, they have the option to take the full jackpot paid out over 30 years, or a smaller cash payout. Winners almost always take the cash option, which for Monday was $408.9 million.
The streak without a jackpot winner is due to the game's long odds, 1 in 292.2 million, that are designed to make winning rare so grand prizes can grow large.
Even with the smaller lump sum payout, federal taxes will eat into those winnings, and some states also tax big lottery prizes. Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
When is the Powerball drawing?
The Powerball drawing takes place live at 10:59 p.m. Eastern every Monday, Wednesday and Saturday. Tickets, which cost $2 per play, are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
What are my chances of winning the Powerball?
The odds of winning the Powerball jackpot are one in 292.2 million.
Over the past few years, huge lottery jackpots have become more common as lottery officials have changed the rules and ticket prices to boost top prizes.
Powerball's biggest change came in 2021 when officials decided to add a Monday drawing to its weekly lineup of Wednesday and Saturday evening drawings. At the time of the announcement, Powerball proclaimed the addition of the Monday drawing would lead to "larger, faster-growing jackpots."
What are the largest Powerball jackpots?
- $2.04 billion – Nov. 7, 2022 – CA
- $1.76 billion – Oct. 11, 2023
- $1.586 billion – Jan. 13, 2016 – CA, FL, TN
- $1.08 billion – July 19, 2023 – CA
- $810 million (est.) – Jan. 1, 2024
- $768.4 million – March 27, 2019 – WI
- $758.7 million – Aug. 23, 2017 – MA
- $754.6 million – Feb. 6, 2023 - WA
- $731.1 million – Jan. 20, 2021 – MD
- $687.8 million – Oct. 27, 2018 – IA, NY
What are the largest US lottery jackpots ever won?
- $2.04 billion: Powerball - Nov. 7, 2022 – CA
- $1.76 Billion – Oct. 11, 2023
- $1.586 billion: Powerball – Jan. 13, 2016 – CA, FL, TN
- $1.58 billion: Mega Millions – Aug. 8, 2023 – FL
- $1.537 billion: Mega Millions – Oct. 23, 2018 - SC
- $1.35 billion: Mega Millions - Jan. 13, 2023 - ME
- $1.337 billion: Mega Millions - July 29, 2022 - IL
- $1.08 billion: Powerball – July 19, 2023 – CA
- $1.05 billion: Mega Millions - Jan. 22, 2021 - MI
- $768.4 million – March 27, 2019 – WI