California Player Wins $700 Million Powerball Jackpot

California Player Wins $700 Million Powerball Jackpot

The multi million dollar powerball ticket from the draw on October 4, 2021 was sold in a small coastal town that is located in the state of California. This announcement was made by the Multi-State Lottery Association.

The winner of the powerball

The ticket that won all five numbers as well as the powerball number was sold at an Albertsons grocery store that is situated in Morro Bay. This is a small coastal town in the county of San Luis Obispo that s roughly equidistant from San Fransisco and Los Angeles. The extremely lucky winner won the $699.8 million powerball jackpot will be the recipient of the seventh largest lottery jackpot till date. The powerball award will be the fifth largest award till date. The ticket selling outlet that sold the lucky ticket will receive the maximum bonus amounting to $1 million. The winner of the jackpot from the small coastal town will not be able to remain anonymous since the law in California does not allow the winners to remain anonymous.

More on the jackpot

The accumulation of the record breaking amount on the jackpot can be traced back to June 5, 2021. There were forty consecutive draws without having a grand prize winner. The amount reached a comparable of the $731.1 million of the prize money that was won on January 20, 2021. Since August 23, 2021, draws are held three times every week. This has also had the effect of adding to the jackpot money.

Disbursement of lottery money

The lottery winner will have two options to receive the money. The money can be withdrawn in one lumpsum payment of $496 million or the money can withdrawn in twenty-nine annual instalments of after-tax payments. A federal tax of 37% is applicable in both scenarios. California is one of only nine states that do not charge a state tax on lottery winnings. Therefore, in case the money is withdrawn in a single installment, the amount of $312.5 million can be withdrawn. In case annual instalments of twenty-nine years are sought, $14.7 million would be able to be withdrawn each year and the total winnings would be a higher amount of $441.9 million. Delaware, New Hampshire, Florida, Texas, South Dakota, Wyoming, Tennessee, and Washington are the other states that do not subject lottery winnings to tax.

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About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.