Only a couple of days have passed since the $131.5 million Powerball jackpot was won by a Philadelphia resident, and lottery officials are still waiting for him to claim the prize. Little is known about his identity and with the winner having up to one year to step forward, there is a good chance for lottery enthusiasts to be kept in the dark for a while. Meanwhile, Gary Patel who owns the Federal Beer in Point Breeze, South Philadelphia where the lucky ticket was sold enjoys the $100,000 bonus offered by Powerball officials.
A $77.4 million lump payment
Powerball jackpot winners frequently take their time and contemplate all the alternatives, including one of the most important decisions. They need to decide whether they will settle for the lump payment which incurs additional expenses or opt in for the annuity. In this case, if the winner decides to receive a one-time payment right away, he will receive $77.4 million but this amount is also subject to taxation.
A federal withholding of 25% applies to both annuities and lump payments, so the final amount will be significantly lower. Assuming the winner decides to cash in the lump payment he will eventually receive less than half of the amount. Some might say that a Powerball jackpot of $60 million is still more than enough but seeing so many millions going down the drain is frustrating nevertheless. The winning numbers were 13, 19, 23, 33 and 57 with the Powerball number being 28 and lottery officials have confirmed that there is a single winner who bought the ticket in Pennsylvania.
Powerball jackpot beats estimations
This is not the first time when the initial estimations are contradicted by the actual value of the Powerball jackpot with the original value being about 127 million. The difference is the result of more people buying tickets than usual, perhaps attracted by the prospect of winning a record amount. Those who sell Powerball tickets are particularly motivated to put in extra hours when major draws are approaching because winning tickets have a two-pronged effect. The owner will cash in the millions but the vendor will not leave empty-handed and in this case Patel ended up with $100,000 bonus.
This is one of the largest Powerball jackpot ever to be won in Pennsylvania but it still represents less than a quarter of the highest price ever awarded. Gloria MacKenzie holds the record with a prize of $590 million and it might take a while until someone will break this record. Now that the Powerball jackpot will reset to a value of $40 million, the prize will have to be rolled over twice to reenter the triple digit area. The costs for a ticket are the same and players must pay two dollars per ticket.
Check out the Powerball jackpot finally won by New Jersey player as well.