Hoping to win the $50 million Powerball jackpot on June 11? Check your ticket to see if you beat the odds, and matched all six winning numbers.
UPDATE: The winning Powerball numbers for July 11 are: 11, 39, 46, 52, 54 PB 3
This change will make the odds change from 1-in-175 million to 1-in-approximately-292.2 million. On a more positive note, you will have a better chance at winning that whopping $4 prize for matching just the Powerball, with the amount of numbers to pick from decreasing from 35 to 26.
Currently the odds of winning the Powerball jackpot are 1-in-175 million, but that’s all about to change. Starting October 7, WHOU reports that the multi-state lottery commission will increase the number of white balls (first set of five) from 59 to 69, and decrease the set of Powerball numbers from 35 to 26.
While the odds are tough to beat no matter what, there’s always the chance that you could win a non-jackpot prize worth as much as a million dollars. Non-jackpot prizes in the Powerball lottery game range from $4 for just matching the Powerball, to $1 million for matching all five white balls, but not the Powerball.
Tickets cost $2 each, but players can pay an extra $1 for the Powerplay feature to increase the value of any non-jackpot prize by as much as five times. There were more than 300,000 ticket holders who won non-jackpot prizes, including two people in Kentucky and New Hampshire who won $1 million each by matching five numbers, but not the Powerball.
If the odds end up being in your favor, and you win the July 11 $50 million Powerball jackpot, you will have to decide if you want your money in a single, lump sum payment or over the course of 30 years with an annuity.
A jackpot winner who chooses the annuity would receive approximately $1.25 million per year for 30 years after federal taxes are deducted from the $50 million prize. For winners who live in states that tax lottery winnings, the check will shrink some more, depending on the state’s tax rate.
Taking home a one-time lump sum payment is a popular option — the potential winner of the $50 million Powerball jackpot would receive a check, or direct deposit, for approximately $30.5 million before federal and state taxes.
[Image: Tim Boyle/Getty Images News]