Powerball jackpot, already at record $500M, could grow - New York News

Powerball jackpot, already at record $500M, could grow

Posted: Updated:
A billboard shows the Powerball jackpot stands at $500 million  (Credit: Fox 2 News) A billboard shows the Powerball jackpot stands at $500 million (Credit: Fox 2 News)

By Maurielle Lue
Fox 2 News


SOUTHFIELD, Mich. (WJBK) -- The Powerball jackpot currently stands at $500 million.  That number is expected to go up before the big drawing on Wednesday night.

It's already the biggest jackpot in Powerball history.  Your chances to win are about one in 175 million.    

This lottery has also defied the odds, rolling over a whopping 16 times without anyone hitting the jackpot.

Lottery hopefuls on Tuesday were feeling generous with their potential earnings.  The lump sum payout is $327 million.

"10 percent to the church, tithes and offering, all of that, and everybody would be happy," one said.

"Give a lot to charity, my temple," another remarked.

"There would be no more working.  I know that's number one," another person told us.

The big rush of people buying tickets is expected on Wednesday, which means the jackpot could get even bigger.

Of the $2 cost of a Powerball ticket, $1 goes to the prizes and the other dollar is kept by the state lottery organization, said Norm Lingle, chairman of the Powerball Game Group. After administrative overhead is paid, the remaining amount goes to that state's beneficiary programs.

Some states designate specific expenditures such as education, while others deposit the money in their general fund to help supplement tax revenue.

The federal government keeps 25 percent of the jackpot for federal taxes.

Most states withhold between 5 percent and 7 percent. There's no withholding in states without a state income tax such as Delaware, Pennsylvania, South Dakota, and Texas. A New York City winner would pay more than 12 percent since the state takes 8.97 percent and the city keeps 3.6 percent.

Powerball and Mega Millions games are seeing jackpots grow faster and higher in part because the states that play both games agreed in 2010 to sell to one another.

Both games are now played in 42 states, Washington, D.C., and the Virgin Islands. The larger pool of players means jackpots roll over to higher numbers faster, which tends to increase the buzz about the jackpots which increases sales. It all can result in higher jackpots sooner.

- The Associated Press contributed to this story

  • Local NewsLocal NewsMore>>

  • Startups flock to NY TechDay

    Startups flock to NY TechDay

    Thursday, April 24 2014 6:40 PM EDT2014-04-24 22:40:26 GMT
    NY TechDay is where the hottest new startups come every year. More than 400 of them from all different countries come to check out the NYC tech scene. Our first stop at Pier 92 was Rent Hackr, a website with renter generated data to help apartment hunters. Then we checked out Karma, a portable Wi-Fi device that lets you share hot spots with friends.
    NY TechDay is where the hottest new startups come every year. More than 400 of them from all different countries come to check out the NYC tech scene. Our first stop at Pier 92 was Rent Hackr, a website with renter generated data to help apartment hunters. Then we checked out Karma, a portable Wi-Fi device that lets you share hot spots with friends.
  • PETA protests Central Park horse-drawn carriages

    PETA protests Central Park horse-drawn carriages

    Thursday, April 24 2014 6:08 PM EDT2014-04-24 22:08:12 GMT
    Chanting the mayor's name in appreciation, some 50 demonstrators protested horse-drawn carriages in the city on Thursday. The protest was organized by PETA and NYCLASS after a horse fell on the corner of 5th Avenue and 59th Street Wednesday. The protestors said the horse was spooked by a bus and cited witness accounts who shot some video. The horse that fell is 15-year-old Spartacus.
    Chanting the mayor's name in appreciation, some 50 demonstrators protested horse-drawn carriages in the city on Thursday. The protest was organized by PETA and NYCLASS after a horse fell on the corner of 5th Avenue and 59th Street Wednesday. The protestors said the horse was spooked by a bus and cited witness accounts who shot some video. The horse that fell is 15-year-old Spartacus.
  • Superstorm Sandy

    NYU Langone unveils rebuilt emergency room

    NYU Langone unveils rebuilt emergency room

    Thursday, April 24 2014 5:54 PM EDT2014-04-24 21:54:40 GMT
    A year and a half after Superstorm Sandy hit New York, a major city emergency facility that was destroyed finally fully reopened Thursday — with waterproof walls. Gov. Andrew Cuomo joined Mayor Bill de Blasio and other dignitaries to celebrate the emergency complex at the NYU Langone Medical Center, which is now triple the size of the old one and equipped with the latest technology.
    A year and a half after Superstorm Sandy hit New York, a major city emergency facility that was destroyed finally fully reopened Thursday — with waterproof walls. Gov. Andrew Cuomo joined Mayor Bill de Blasio and other dignitaries to celebrate the emergency complex at the NYU Langone Medical Center, which is now triple the size of the old one and equipped with the latest technology.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices