Powerball: 5 things to know about tonight’s $700 million jackpot

Credit: DaytonDailyNews

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5 Fast Facts about the Powerball Lottery

Credit: DaytonDailyNews

Tonight’s Powerball jackpot has climbed to an estimated $700 million, making it the second-largest in U.S. history.

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Here are 5 things to know about the Powerball jackpot:

1. Odds of winning

The odds of winning the big prize are 1 in 292.2 million with a single $2 ticket, according to Ohio Lottery officials.

2. Powerball played in 44 states

Ohio is one of 44 states, as well as the District of Columbia, U.S. Virgin Islands and Puerto Rico, that participate in Powerball.

Alaska, Hawaii, Alabama, Mississippi, Utah and Nevada do not participate.

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3. The drawing

The Powerball drawing is held on Wednesdays and Saturdays at 10:59 p.m. in a lottery studio in Tallahassee, Fla.

4. Find a good accountant

Federal taxes will take 25 percent of the winnings, according to lottery officials. During tax season, another 14.6 percent will be deducted. This makes a grand total of 39.6 percent — the amount the IRS taxes the top income bracket.

The state will grab another 4 percent, while local taxes will also apply.

California and Texas don’t assess state taxes on lottery prizes, so winners in those states would hold on to more money.

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5. Biggest jackpot ever?

A $1.6 billion Powerball jackpot was claimed by three winning tickets after the drawing on Jan. 13, 2016. It was the biggest in the Powerball jackpot’s history.

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