POWERBALL players have been urged to check their tickets as one lucky gambler is sitting on a slip that’s worth a whopping $1 million.
The shopper managed to turn $2 into the bumper amount after purchasing the ticket at a Publix store in Spring Hill, Florida – located around 50 miles from Tampa.
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They matched five numbers on the draw that took place on February 1.
And, they managed to defy the odds of around one in 11.6 million in the prize.
The gambler agonizingly missed out on the jackpot, meaning the prize pot has rolled over to a whopping $100 million.
And, it has an estimated cash value of around $45.3 million.
The Florida victory was the largest Powerball win on Saturday night as no one matched five balls and had the Power Play option.
In Florida, Powerball players have 180 days to come forward and claim their prize.
As the player won more than $5,000, they will have to pay 24% tax to the federal government.
But, they will enjoy a reprieve that not all Powerball or Mega Millions winners enjoy.
This is because they will not have to pay taxes at the state level.
Florida is not the only state that doesn’t tax lotto winners.
Gamblers in California and Texas enjoy the same privilege.
But, players in New York and New Jersey, for example, are not so lucky.
New York officials tax players very heavily at a rate of 10.9%.
Players that win big in New Jersey, over $500,000, are taxed at a rate of 8%.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
But, those in the Garden State that win between $10,001 and $500,000, they are taxed at a rate of 5%.
There has only been one Powerball victory in 2025.
A gambler in Oregon matched all six numbers to score land a whopping $328.5 million jackpot.
But, they will face a choice on how to receive their prize.
They can either walk away with a lump sum of $146.4 million or receive their prize in installments.
If they take the lump sum, they will lose a significant chunk of their winnings before they see a dime.
They risk having to pay at least $30 million in tax to the feds, but their deductions will not stop there.
That’s because Oregon taxes players at a rate of 8%.
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling online.
