You’ve seen headlines about Powerball winners, but see what happens when more than one person wins the Powerball jackpot.
Every week, thousands of Powerball players select their numbers, purchase their tickets, and wait with high anticipation that they’ll be the one in 292.2 million to win the Powerball jackpot. And while the odds might seem unfavorable for someone to win Powerball, there have been plenty of past drawings in which multiple winners come forward. You might recall the headlines of Powerball games in the past, in which more than one winning ticket was sold. So, what happens in those multi-winner scenarios?
Here's how it typically works when more than one Powerball player defies the odds in the same drawing.
Prize Calculations When Multiple Players Win
The total jackpot amount is calculated based on the advertised prize pool and the number of winning tickets sold. If multiple Powerball tickets match all the winning numbers drawn, the jackpot is then divided evenly among the verified winners.
Prize Distribution Among More Than One Winner
Each Powerball winner receives an equal share of the jackpot prize. For example, if the Powerball jackpot is $100 million and there are two winning tickets, each Powerball winner would receive $50 million before taxes.
Payment Options for Any Powerball Winners
Winners have the option to receive their share of the jackpot as a lump-sum cash payment or as an annuity paid out over a period of years. The choice between lump sum and annuity payments may vary depending on the lottery jurisdiction and the preferences of the winners. Most financial advisors can review your financial status and make recommendations for your individual situation.
Claiming Powerball Prizes Best Practices
Each winner should follow the standard procedures for claiming their Powerball prize. This often involves presenting the winning ticket to the lottery authorities, completing necessary paperwork, and undergoing verification processes to confirm their eligibility to win.
What Winners Need to Know About Taxes and Deductions
Winners are directly responsible for paying taxes on their share of the Powerball jackpot. These usually include federal income tax, state income tax, and additional taxes, depending on the jurisdiction. Taxes are typically withheld from the prize amount at the time of payment. However, winners may still owe additional taxes when filing their tax returns.
Be Mindful of Publicity and Media Attention
Jackpot winners may choose to remain anonymous or go public with their win, depending on their personal preferences and the rules of the Powerball jurisdiction. Going public may result in media attention and public scrutiny. It can also make winners potential targets of scams. Remaining anonymous offers privacy and protection from this kind of unwanted attention.
FAQs About Winning a Powerball Jackpot
What happens if a pool or collective group wins the Powerball jackpot?
Group winners of prizes under $1 million do not qualify for individual payments from the Lottery. Those winners must select a group representative to file a Lottery Claim Form and receive and distribute the prize to the other group members.
How long does it take to collect your Powerball prize money?
When you win a Powerball jackpot, expect a 15-day waiting period between the actual draw date and when the Powerball jackpot prize will be paid out to winners. Money from ticket sales needs to be collected first in order to pay out the jackpot.
Do Quick Pick tickets ever win jackpots?
Quick Pick allows players to use a random generator to select the numbers they wish to play. Those who use Quick Pick win at similar rates as those who choose their own numbers.
Overall, when multiple people win a Powerball jackpot, the prize payout is divided equally among the winners, and each winner has the option to receive their share of the prize as a lump sum or annuity payment, subject to taxes and other deductions.