Powerball often makes headlines thanks to its amazing jackpots that can reach fascinating amounts! However, the jackpot is only one of the Powerball prizes that you can win every time! There are, overall, 9 Powerball prizes that make thousands of winners every drawing.
They are worth your attention because you have better odds with the smaller prizes when you play Powerball. Moreover, some of the secondary prizes are still quite large. For instance, you can still become a millionaire by winning the second prize. Learn more below.
Powerball’s Jackpot: the Biggest Powerball Prize You Can Win
Powerball offers a fascinating jackpot every drawing (every Monday, Wednesday and Saturday)! The Powerball jackpot starts at $20 Million and grows until someone wins it as the Powerball has no maximum jackpot! To scoop that amazing Powerball prize, you need to guess all six numbers right.
World record: to this date, the Powerball lottery holds the world record of the biggest lottery prize ever awarded! On November 7, 2022, a player with the name Edwin Castro won no less than $2.04 Billion. He had purchased his Powerball ticket in Altadena, California. Mr Castro, the lucky winner of this top Powerball jackpot therefore became the biggest lottery winner the world had ever seen!
Here is a quick overview of everything you should know about the Powerball jackpot:
| Prize Division | Prize | Odds |
|---|---|---|
| 1st Prize | Jackpot | 1 : 302,575,350 |
| 2nd Prize | $1,000,000 | 1 : 12,607,306 |
| 3rd Prize | $10,000 | 1 : 931,001 |
| 4th Prize | $500 | 1 : 38,792 |
| 5th Prize | $200 | 1 : 14,547 |
| 6th Prize | $10 | 1 : 693 |
| 7th Prize | $10 | 1 : 606 |
| 8th Prize | $4 | 1 : 89 |
| 9th Prize | $2 | 1 : 36 |
All Powerball Prizes
Aside from the jackpot, the Powerball lottery offers 8 secondary prizes. You can win the Powerball jackpot by guessing all the numbers, but you can also win the last Powerball prize by guessing only the Powerball number.
Here is an extensive table on the Powerball prizes structure.
| Prize Division | Prize | Odds |
|---|---|---|
| 1st Prize | Jackpot | 1 : 302,575,350 |
| 2nd Prize | $1,000,000 | 1 : 12,607,306 |
| 3rd Prize | $10,000 | 1 : 931,001 |
| 4th Prize | $500 | 1 : 38,792 |
| 5th Prize | $200 | 1 : 14,547 |
| 6th Prize | $10 | 1 : 693 |
| 7th Prize | $10 | 1 : 606 |
| 8th Prize | $4 | 1 : 89 |
| 9th Prize | $2 | 1 : 36 |
What Are Your Chances of Winning Each of the Powerball Prizes?
The Powerball jackpot has a 1 in 292,201,338 chance of being yours. It might sound like a hard challenge, but remember that the Powerball has had many big winners so far.
The chances of winning any Powerball prize are 1 in 24.87 and your chances of getting the lowest prize (9th division) are 1 in 38. Here are all the Powerball odds for each prize.
| Prize Division | Prize | Odds |
|---|---|---|
| 1st Prize | Jackpot | 1 : 302,575,350 |
| 2nd Prize | $1,000,000 | 1 : 12,607,306 |
| 3rd Prize | $10,000 | 1 : 931,001 |
| 4th Prize | $500 | 1 : 38,792 |
| 5th Prize | $200 | 1 : 14,547 |
| 6th Prize | $10 | 1 : 693 |
| 7th Prize | $10 | 1 : 606 |
| 8th Prize | $4 | 1 : 89 |
| 9th Prize | $2 | 1 : 36 |
How Are Powerball Prizes Boosted With the Power Play?
The Powerball lottery offers a quite unique multiplier feature called the Power Play. It can multiply secondary prize up to 10 times.
It is an optional feature.
- When the jackpot is less than $150 Million, the Power Play can be x1, x2, x3, x4, x5 or x10.
- When the jackpot exceeds $150 Million, the Power Play can be x1, x2, x3, x4 or x5.
The x10 option is only available when the Powerball first prize does not exceed $150 Million.
Also, there are 2 important things to keep in mind with this multiplier:
- The Power Play does not affect the jackpot, it only increases the other Powerball prizes.
- The second prize of the Powerball can only be doubled.
Payment Options When Claiming a Powerball Prize
The lucky ones that win the Powerball jackpot quickly realize that there are 2 possible ways of claiming their XXL Powerball prize:
Cash Option
The lump sum option gives you the entire jackpot amount at once (before taxes). This way you have more control over your money and you can invest it as you wish.
Annuity Option
The annuity option gives you 30 annual payments that increase by 5% each year, to account for inflation. This means you have a steady income for 3 decades & less temptation to splurge.
You may be wondering which is the best option to claim your Powerball jackpot, but the best option depends on your goals, needs, and personality. We advise you to consult a financial advisor and a tax professional before making any decision.
How Are Powerball Prizes Taxed?
Powerball prizes are taxed by the federal and state governments, based on where you purchased your winning entries. Powerball prizes over $5,000 have a 24% federal tax rate, and the state tax rate ranges from 0% to 8.82%. Some places may also charge local taxes.
How Are NJ Powerball Prizes Taxed?
NJ Powerball prizes over $5,000 are subject to a federal tax rate of 24% and a state tax rate of 5 to 8%*.
*This is not a taxation advice and readers are advised to seek independent professional advice when they win a large Powerball prize.
How Do You Claim Your Powerball Prize When You Play Online?
When you use a reliable online lottery service such as theLotter US, you should know that:
- Your theLotter US account will get the secondary Powerball prizes once the official lottery operator pays the prize. You can use your winnings to play more or take out some or all of the winnings.
- NJ Powerball winners may have to go to the official lottery operator to get their prize.
When you win a larger Powerball prize, you will receive information on how to collect it & theLotter US will stay by your side to help out until you receive your winnings.
Powerball Prizes FAQ
Here are the most common questions players and winners may have on Powerball prizes:
By guessing at least the Powerball number, you can win the 9th tier-prize. If you are aiming at the jackpot, you need to guess all 6 numbers (5 main ones between 1 and 69 and the Powerball between 1 and 26).
When you win a Powerball prize online, the process varies depending on the prize amount. On a reliable online lottery service like theLotter, smaller prizes will go straight to your account, while bigger prizes may need you to claim them in person. But you won’t be alone, a team of lottery experts will guide you through the whole process!