‘I’ve never seen any jackpots over a billion;’ Powerball reaches 4th largest jackpot with no winners
The Powerball jackpot has climbed to an estimated $1.2 billion after no winners were called in Monday’s drawing.
>> Powerball jackpot hits $1.2B after no one wins Monday’s top prize
News Center 7′s Kayla McDermott spoke with residents to get their opinions on the second largest jackpot in Powerball history, and fourth largest jackpot in U.S. history.
>> Powerball prize soars to $1.2B after no winners found Monday
“Jesus, I’ve never seen any jackpots over a billion,” Matt Donaldson, a University of Dayton student, stated.
“I don’t even need that much,” Bob Palofcy, an Oakwood resident, said.
McDermott questioned Donaldson and Palofcy about what they would do with their earnings.
“I’d buy a nice house. A nice 48 foot sailboat,” Palofcy informed.
“Probably a car first, and then trip after that,” Donaldson said.
The Powerball winner(s) will have two choices on how they will receive the jackpot.
They can either choose to receive the winnings in one lump sum or in 30 graduated payments over 29 years.
If the winner chooses to receive the earnings in one lump sum, the $1.2 billion will be subject to federal, state, and local income taxes. The tax is estimated to be over $514 million, leaving the winner with around half a billion dollars.
However, if the winner chooses to receive an immediate payment, followed by 29 annual payments, they would receive about $40 million per year.
The odds of winning the jackpot are one in 292.2 million.
No one from Ohio has won the Powerball yet.
The next drawing is scheduled for Wednesday, November 2nd.
