LANSING, Mich. (WZMQ) – The Powerball jackpot for the lottery has now reached $1.2 billion dollars, the 3rd largest in the games history. The Powerball prize has been building since July, at three drawings a week, the jackpot goes up each time a winner isn’t pulled.
To win Powerball, you have to match your ticket to the 5 white balls and one Powerball numbers drawn every Monday, Wednesday, and Friday. Jackpots start a $20 million and build depending on the number of tickets being sold.
6 of the top 10 largest jackpots have been won since a third drawing day was added in 2021. Jake Harris, spokesperson for the Michigan Powerball, said with the added drawing, the prize tends to increase faster.
“In the past what it would take about four months to get to $1 million.” Harris said. “Now we’re looking at about two months to get to $1 billion if it’s not won.”
Harris explained that Michigan was the first state to have its Lottery website Internet Compliance Assessment Program Certified (ICAP) through The Internet Responsible Gaming Compliance Assessment Program. Through its ICAP certification, The Michigan Lottery provides tools for player to set caps on spending and add a cool down period to promote healthy use of its digital lottery platform.
More on the ICAP certification and its features: www.michiganlottery.com/responsible-gaming
With the help of funds from ticket purchases, The Michigan Lottery provides funding for programs to help people who may have gambling addictions. Ticket funds also feed the prize pool, and public a school aid fund.
“When you’re buying a lottery ticket, you know that dollar is broken up with about $.61 going to players about $.25 or so going to the school about $.09 to the retailers that are selling those tickets” Harris said.
During the 2023 fiscal year, more than a billion dollars was raised for the school aid fund through The Michigan Lottery for the 5th year in a row. That money goes to help public schools across the state of Michigan with everyday expenses.
“If you win a lottery prize in Michigan, if more than $5000 were required with a 24%, federal tax and 4.25% state tax from that prize” Harris explained.
Lottery winnings are also awarded in two forms, one is an annuity option that pays out over 30 years, and if you want your your winnings upfront you can do that with a cash option which is currently $550 Million for the $1.2 billion jackpot.