The lucky player who won $1 billion Powerball jackpot was left devastated after learning that only a fraction of winnings can be taken home despite the historic win.
The winning ticket was sold at the Las Palmitas Mini Market in Southern California, with the organization taking to Twitter to announce: “California has a new Powerball BILLIONAIRE!”
“One lucky ticket sold at Las Palmitas Mini Market in Los Angeles was the only ticket across the country to match all 6 numbers in the July 19 #Powerball draw, winning the $1 Billion Powerball jackpot,” the California Lottery added.
According to the organization, seven other tickets matched five of the numbers. This means these lucky players will also receive a prize of $448,750 each.
The winning numbers were: 7, 10, 11, 13, 24, and red Powerball 24.
“The Golden State luck was in full force as California also sold SEVEN additional tickets that matched 5 numbers missing just the Powerball, winning $448,750 each, in Hayward, La Puente, Los Angeles, Northridge, San Francisco, Santa Clara, and South Lake Tahoe,” they announced.
It has been revealed that the $1.8 billion jackpot winner might not receive the entire winnings as it will be cut because of taxes.
Even though the golden ticket was bought in Los Angeles, the lucky player could be from a state outside of California and could face state lotto tax rates, which range from 2.9 percent in North Dakota to 8.82 percent in New York.
According to reports, the winner has the choice of taking cash installments spread across 30 annual payments or cashing in the lump sum.
If the winner decided to go for the full amount, they will take home $516.8 million and get automatically hit by a mandatory federal tax withholding of 24 percent, which means only $424.15 million will be left.
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