Want $403 Million? Powerball Jackpot Soars, Creating Frenzy in Houston

It's happening again.

The Powerball jackpot is nearing the half-billion dollar mark, and the nationwide frenzy that occurs when this happens is upon us.

The lottery line at a Houston grocery store on Tuesday afternoon snaked through the hair care aisle as wanna-be millionaires waited for what would be their lucky tickets.

No one matched all six numbers in Saturday's draw, so the jackpot increased from $349 million to its current cash-value amount of $403 million.

Powerball drawings are held every Wednesday and Saturday at 10:59 p.m. Eastern time. The multi-state Powerball jackpot had climbed to $421 million last fall, one of the highest jackpot prizes since the $1.6 billion drawing in January 2016, when it was won by a group of Tennessee workers.

Each ticket costs $2, and you can find out where you can buy your Powerball tickets here. The game is played by matching all five white balls in any order and the red Powerball number. The odds of picking the correct Powerball grand prize numbers are one in 292,201,338.

Wednesday's jackpot is tiny when compared with the January 2016 record Powerball jackpot, which was worth nearly $1.6 billion. But Americans will still drop by the nearest convenience store with dreams of cash and buy a ticket. 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.

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. Where to watch the Powerball drawing on TV.

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 program 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 such as state or city would apply.

Financial experts advise 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.

Patch Editors Deb Belt and Brian McCready contributed to this story.

— Image courtesy powerball.com