Wednesday’s Powerball Jackpot Soars to $550 Million

Published: September 12, 2023, 12:45h. 

Last updated on: September 12, 2023, 12:45h.

The Powerball jackpot has not been won since July 19th when a fortunate player in California claimed a $1.08 billion prize, making it the third-largest jackpot ever won in the lottery game.

Powerball jackpot lottery winnings
Powerball players are filling out their tickets ahead of the game’s Sept. 13, 2023, drawing. The jackpot for the Wednesday night drawing is an estimated $550 million. (Image: Powerball)

Powerball has gone 23 consecutive drawings without a ticket matching the six drawn numbers. The jackpot rolled over again Monday night after no slips matched the five white balls of 9, 25, 27, 53, 66, and the red Powerball 5.

The estimated jackpot for tomorrow night’s drawing is $550 million, with a one-time lump sum cash option of approximately $266 million. Both amounts are subject to federal and possibly state taxes.

At $550 million, the current jackpot is approaching one of the top 10 richest jackpots in Powerball history. Powerball was launched in April 1992 and is managed by the Multi-State Lottery Association (MUSL), headquartered at the Florida Lottery.

Powerball drawings take place three times a week at 10:59 pm ET from the Florida Lottery’s studio in Tallahassee. The draws are held on Monday, Wednesday, and Saturday nights.

The Powerball jackpot has been won four times so far this year. The first win occurred on February 6th when a player in Washington won $754.6 million.

The second jackpot win occurred on March 4th when a ticket in Virginia won $162.6 million. The third win was on April 19th when a player in Ohio won $252.6 million. The fourth — and most recent to date — was the $1.08 billion prize won in California near Skid Row in Los Angeles.

Tax Breakdown

Lottery winnings are considered personal income by the federal government. Since winning a Powerball jackpot would immediately place the winner in the highest tax bracket, the prize money would be subject to an effective tax rate of 37%.

There are nine states that do not tax lottery winnings as personal income: California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

New York imposes the highest tax on lottery earnings with an effective rate of 10.9%. On a cash option prize of $266 million, New York’s share would be approximately $28.9 million.

Other jurisdictions and states with high lottery taxes include Washington, D.C., and New Jersey at 10.75%, Oregon at 9.9%, Minnesota at 9.85%, Massachusetts at 9%, Maryland at 8.95%, and Vermont at 8.75%.

For tax details on all other states that participate in Powerball, click here.

Sept. 11 Winners

The Monday night Powerball drawing did not produce a jackpot winner, but it did result in over 745,000 winning tickets, according to MUSL officials.

The top prize was won in Michigan, where a lucky ticket matched all five white balls but not the red Powerball, earning the player the game’s second-best prize of $1 million. The player could have won $2 million if they had purchased the optional $1 add-on Megaplier, which was set to 2x on Monday night.

Nine other players had tickets that matched four white balls and the red Powerball, winning the game’s third-tier prize of $50,000. Three of those tickets purchased the Megaplier, doubling their payouts to $100,000.

Nearly 400 tickets matched four out of the five white balls for $100 wins, with 83 of them having the Megaplier to claim $200. Over 1,000 tickets matched three white balls and the red Powerball for $100 prizes, with 302 purchasing the Megaplier.

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