Lottery competitions are a popular method of gambling. It is one of the most widespread and acceptable forms of gambling. In the UK, for instance, the lottery fund is also used for charities. Surplus money from the fund supplies money to projects for a good cause. There are benefits to this type of business model as it is an extremely small stake for the potential of a huge jackpot win.
In America, you can enter the lottery PowerBall jackpot competition by purchasing a ticket for $2. However, tens of millions of dollars’ worth of tickets are sold for every draw.
The chance of winning millions of dollars off a $2 stake is astronomical, and the chances of scooping the biggest lottery PowerBall jackpot are even more unlikely. However, one lucky gambler this year walked away with a huge prize.
Sometimes, lottery PowerBall jackpots are split when more than one ticketholder matches all the numbers correctly. However, in this instance, the person with the winning ticket was the sole benefactor of the prize.
The competition consists of one of two options when it comes to collecting the jackpot. The winner can:
- Choose to receivethe full prize in one lump sum.
- Paid through an annuity over 29 years.
The PowerBall jackpot winners usually go for the larger amount in one lump sum. However, some opt for the annuity to be paid out over under three decades. It’s not the worst problem in the world to have, choosing between these two options.
So How Much Was The Prize?
The jackpot for the draw on Tuesday, 8th November 2022, was a multi-billion dollar jackpot. The total prize fund was $2.04 billion, which is by far and away the highest-ever jackpot in the competition’s history. This is a truly astonishing amount for one person to win. The lucky ticket holder was from California, purchasing their ticket in Altadena, and chose to remain anonymous. It was one of only four previous jackpots over $1 billion in history.
Although the amount is subject to tax, the winner will still walk away with a nice bit of change. It was estimated to be somewhere in the region of $990 million. This makes them one of the richest people in America, with a higher net worth than some marquee celebrities.
Not only was this the highest jackpot ever won in the United States, but it was also the highest amount won in a lottery in the history of gambling. The amount rolled over for a considerable time, and a record number of tickets were sold for this record-breaking jackpot.
The fact that one person scooped the entire prize is mesmerising, and I am sure they had to pinch themselves quite a few times when they realised just how much money they had won. I’m sure that none of their friends or family was jealous either!
This meant that overnight, the California resident became richer than Dr Dre, Madonna and Larry David, as well as a host of other celebrities who have spent decades in the limelight growing their investments and net worth.
We may not see such a huge jackpot prize again for several years. As we mentioned in the article, the jackpot prize has only ever exceeded $1 billion on less than five occasions. It will take many rollovers to get back into the billion-dollar territory. Never mind the multi-billion dollar territory. However, nowadays you can get other similar jackpots in online games, such as the one on this page.
One thing is for sure, though, people will be queuing up around the block to purchase a ticket if the jackpot reaches anywhere near this level again.