Powerball Jackpot for June 7, 2017: $375 Million

This is getting to be big. Giant. Huge, even. The Powerball jackpot stands at $375 million for the next drawing, which takes on Wednesday, June 7. We've gone weeks without a grand-prize winner, and were talking a cash-value payout of $235.4 million

That amount might seem tiny when compared with the January 2016 record Powerball jackpot, which was worth nearly $1.6 billion, but it's nothing to sneeze at, is it? (The billion-dollar-plus prize won in the Jan. 13, 2016, drawing was the largest lotto jackpot awarded in U.S. history and was split by three winners. In the summer of 2016, a New Hampshire player won a $478 million prize.)

You have better odds of hitting the jackpot if you let the computer pick your numbers. The Multi-State Lottery Association, which operates the Powerball game, says about 75 percent of winning tickets are chosen by a computer.

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The lottery game is played in 44 states, plus the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Powerball draws can be seen on hundreds of TV stations nationwide. It may also be available on cable or your mobile device. The draws are also posted on YouTube and on our site.
Want to know where to get your lucky tickets? Click here for the Texas lottery retailer database. You've got to be in it to win it, as they say.

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.

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(Patch Editor Deb Belt contributed to this story.)

— Image: Powerball.com