Powerball Jackpot Jumps To $229 Million

METRO DETROIT, MI — What would you do with $229 million? Powerball game players can dare to dream until Wednesday night’s drawing after nobody matched all six winning numbers on Saturday.

The winning Powerball numbers were: 25, 36, 37, 55, 60 with a Powerball of 6. Two players — one in Minnesota and another in Virginia — won $1 million by matching five numbers.

The Mega Millions jackpot also went unclaimed after Friday night’s drawing. The winning numbers were 6, 37, 46, 60, 70 and gold ball of 24. Tuesday’s jackpot will be $191 million with a cash payout of $120 million.

The odds of picking the correct Powerball grand prize numbers are one in 292,201,338. A total of 44 states, plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands, that participate in Powerball. Powerball drawings are held every Wednesday and Saturday at 10:59 p.m. Eastern time.

Each Powerball ticket costs $2. Find out where you can buy your Powerball tickets here. The Powerball game is played by matching all five white balls in any order and the red Powerball number.

Claiming, Safeguarding Winnings
So, what should you do if you win the big prize? Many lottery winners hire an attorney, financial planner or both, since most people don’t exactly know what to do when they suddenly come into so much money. Some even bring their lawyer with them to claim their prize. The lottery does not offer any counseling services or advice for winners.

You have two choices when you claim your prize: the full value paid in 30 installments over 29 years, or a one-time lump sum that is smaller than the actual total.

Then there are the taxes. The federal tax on lottery winnings is 25 percent. Then, any extra income taxes like state or city would apply. Financial experts say that if you can get more than a 3 or 4 percent return on an investment, the lump sum is actually the best way to go in the long-term.