The US Powerball lottery is an incredibly successful millionaire maker. A Powerball winner is instantly a multi-millionaire. When you play a lottery with such enormous jackpots, many of them over $100 million, you’re bound to see people winning unbelievable prizes.
The biggest jackpot prize of all time, as of this writing, was the Powerball jackpot in January 2016, when it hit the inconceivable amount of $1.6 billion. No one expected it to reach that high so soon! The prize money was divided up between three winning tickets. After the cash option was selected, each ticket entitled its owner to a cool $327.8m.
Not everyone will win a prize that huge. Even so, the only way to win a lottery jackpot is by playing the game. If you’re in Canada, you can buy your Powerball tickets online right here at powerball-canada.com!
When you win Powerball jackpot, which could happen any day now, you can choose to be paid in one of two different ways. The first option is the lump sum, or cash option, which is paid in two installments. An advantage of this one-time payment is that if you invest the lump sum carefully, the money could actually turn out to be worth a lot more than the initial payout. Also, there are no risks of unknown factors that could affect your payout. In other words, you are guaranteed at least the lump sum amount. A disadvantage is that poor financial management, such as careless spending, could leave you back where you started before you won the lottery. Some lottery winners have actually lost all their prize money, so be careful!
The second option is the payout in yearly installments, so-called annuities, paid out over a period of 30 years. An advantage to the annuity option is that these annual payments guarantee long-term cash flow, which means it won’t be possible to go through all your winnings at once. A disadvantage is that you will lose the chance to invest the full amount and take advantage of ‘compound interest’.
Most of the biggest Powerball jackpot winners have chosen the cash option. Which option would you choose?
Record Powerball Jackpots
|January 13, 2016||$1.586 billion||$983.5 million||3|
|May 18, 2013||$590.5 million||$370.9 million||1|
|November 28, 2012||$587.5 million||$384.7 million||2|
|February 11, 2015||$564.1 million||$381.1 million||3|
|July 30, 2016||$487 million||$341.7 million||1|
|August 7, 2013||$448.4 million||$258.2 million||3|
|May 7, 2016||$429.6 million||$284.1 million||1|
|February 19, 2014||$425.3 million||$242.2 million||1|
|September 18, 2013||$399.4 million||$223.3 million||1|
|February 18, 2006||$365 million||$177.3 million||1|
Powerball jackpots are won by people, and every one of them has a story to tell. Some of the jackpot winners prefer to remain anonymous with hopes that privacy will allow them to lead the lives they choose to live. Others are obligated by regulations to come forward and reveal their identity.
The winners of the record $1.58 billion Powerball jackpot were:
** Lisa and John Robinson, of Munford, Tennessee
** Maureen Smith and David Kaltschmidt, of Melbourne Beach, Florida
** Marvin and Mae Acosta, of Eastvale, California
The winner of largest jackpot ever won by a single ticket holder was 84-year-old Gloria MacKenzie from Zephyrhills, Florida, who won the $590.5 million Powerball jackpot in May 2013. MacKenzie’s story is unique in that Mindy Crandell, a courteous customer at a supermarket, allowed the older woman to go ahead of her in line. MacKenzie took her spot and purchased the winning Powerball ticket. Sometimes, courtesy comes at a cost!
The Next Powerball Winner
The next big Powerball jackpot winner just might come from Canada. That would be an interesting story to tell, especially if the winner just happens to be you. All you have to do to make this dream come true is buy tickets for the American lottery online right here at powerball-canada.com.
What are you waiting for?