Single Powerball ticket sold in Illinois wins $1.04 billion jackpot, eighth-largest in US history
The winner can choose between a $450.5M lump sum or an annuity paid over 29 annual installments
Economist reveals the first moves lottery winners should make
Economist Jeffery Degner shares the first steps lottery winners should take to protect their privacy, manage their winnings and avoid costly mistakes.
A ticket sold in Illinois matched all six winning numbers in Wednesday's Powerball drawing to claim the $1.040 billion jackpot.
The grand prize has an estimated cash value of $450.5 million and ranks as the eighth-largest Powerball jackpot ever won, according to Powerball.
The largest lottery jackpot in U.S. history was won on Nov. 7, 2022, when a ticket sold in California claimed a $2.04 billion Powerball prize. A $1.817 billion Powerball jackpot won on Christmas Eve ranks as the second-largest prize in U.S. lottery history.
The white balls drawn Wednesday were 4, 26, 66, 67 and 69. The red Powerball was 9, and the Power Play multiplier was 2X.
ARKANSAS WINNER CLAIMS $1.8B POWERBALL JACKPOT, CHOOSES CASH OPTION
A single Powerball ticket sold in Illinois matched all six numbers in Wednesday's drawing to win the $1.04 billion jackpot. (CatLane / iStock)
"Congratulations to our newest Powerball jackpot winner in Illinois," said Stephen Durrell, chair of the Powerball Product Group and executive director of the Kansas Lottery.
"For more than three decades, Powerball has shown that a winning ticket can be sold anywhere the game is played, giving every $2 ticket the chance to change not only a winner's life, but generations to come," Durrell continued. "As participation continues to grow across markets, players are helping fuel larger jackpots and create even greater excitement for the game."
The winner will have the choice between an annuitized prize of $1.040 billion or a lump-sum payment of $450.5 million.
Both prize options are before taxes.
GEORGIA RESIDENT IDENTIFIED AS WINNER OF $983M MEGA MILLIONS JACKPOT, LARGEST EVER IN STATE
An Illinois Powerball ticket won the $1.04 billion jackpot, which carries an estimated cash value of $450.5 million before taxes. (Patrick T. Fallon/AFP via Getty Images / Getty Images)
If the winner selects the annuity option, they will receive one immediate payment followed by 29 annual payments that increase by 5% each year.
Four other tickets sold in Arizona, California, Florida and North Carolina matched all five white balls. The Match 5 prize is $1 million except in California, where payouts are determined on a pari-mutuel basis. A fifth ticket sold in Massachusetts also matched all five white balls and included the Power Play option for an additional $1, doubling the prize to $2 million, according to Powerball.
The Powerball jackpot was last won on May 2, when two tickets sold in Florida and Texas split a $20 million prize.
Wednesday's jackpot was the largest Powerball prize won so far this year. The drawing was the 44th in the current jackpot run and the first run to include players from the United Kingdom since Powerball ticket sales launched there July 21.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
A Powerball ticket sold in Illinois matched all six winning numbers to end a 44-drawing jackpot run. (Reuters)
The jackpot will now reset to $20 million for the next drawing Saturday.
The odds of winning the Powerball jackpot are 1 in 292.2 million.
FOX Business' Matthew Kazin contributed to this report.