June 11, 2024 2 min read

likes:

Fact-checked by Velimir Velichkov

New Jersey Player Wins $223M Powerball Jackpot on Monday Draw

Despite the slim odds of 1 in 292.2 million to win the jackpot, the lucky player won the grand prize of the popular game

Monday night marked an unforgettable moment for one Powerball player from New Jersey. The lucky person, whose identity remains concealed, secured the grand prize from the popular lottery game. Guessing correctly the winning numbers from yesterday’s drawing, the person secured the mind-blowing $223 million jackpot.

To win the grand prize from Powerball, the player from New Jersey guessed correctly the winning white balls 3, 10, 33, 58, and 59 along with the red Powerball number 9.

Although the grand prize isn’t among the biggest Powerball jackpots, $223 million is undoubtedly a life-changing sum. To bank $223 million, the lucky winner needs to select annual installment payments. While that’s an option, many jackpot winners prefer a lump cash sum which in this case would be the staggering $104.7 million.

A Completely Life-changing Jackpot Even after Taxes

Currently, lottery winners are subject to tax in New Jersey for prizes of $10,000 or more, according to the New Jersey Treasury’s Division of Taxation.

Winners pay a tax of 5% on lottery payouts between $10,001 and $500,000, while wins above $500,000 are subject to 8% tax. The same 8% tax applies for payouts of more than $10,000 in cases where the player doesn’t provide a valid Taxpayer Identification Number.

If the lucky winner selects the cash option, they will pay nearly $8.4 million in taxes. This would leave them with more than $96 million.

With such high jackpots, it is not uncommon for companies to collect the winnings on behalf of the winners as a method to conceal the identity of the winner. Still, New Jersey offers an option to keep the identity of the winner anonymous.

Nobody Won a Million-Dollar Second-Tier Prize

While one winner won the grand prize from Powerball, nobody matched five numbers to win $1 million or a $2 million Power Play prize. On the bright side, five lucky lottery players matched four white balls along with the red Powerball to secure $50,000 each, while four winners took home a $100,000 Power Play prize each.

Nearly 800 lottery players won $100 each, while 263 lottery aficionados won a $200 Power Play prize each.

Considering the latest Powerball jackpot win, the grand prize was reset to $20 million or a $9.4 million cash value. The next drawing of the popular lottery game is scheduled for Wednesday, June 12, 2024.

Journalist

Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.

Leave a Reply

Your email address will not be published. Required fields are marked *