WEDNESDAY night's Powerball jackpot has been raised to an estimated cash value of $448.4million, the seventh-largest jackpot in the history of the game.
The winning Powerball numbers for Wednesday, January 5 were 06, 14, 25, 33 and 46.
The Powerball was 17 and the Power Play 2X.
Meanwhile, there was no grand prize winner at the Mega Millions lottery Tuesday night, but four players brought home $1million.
Mega Millions draws take place on Tuesdays and Fridays at 11pm ET and the next drawing is on Tuesday, January 4.
Powerball lottery numbers are drawn three times a week: Mondays, Wednesdays, and Saturdays at 11pm ET.
Please read our lottery live blog for the latest winning numbers and updates
When is the next lottery drawing?
Mega Millions drawings happen Tuesday and Friday nights.
Powerball numbers are drawn every Monday, Wednesday, and Saturday.
Both drawings are held at 11pm EST.
Remember: Your winnings can and will be taxed
The IRS can take up to 40 percent of lottery winnings.
The winnings can be further taxed, depending on the state the winner is in.
When do I have to tell the IRS about my lottery winnings?
The state you won your prize in will be required to notify the Internal Revenue Service (IRS) if you won over $600.
Payments after a winner’s death
Mega Millions winners who choose the annuity option receive an immediate payment followed by 29 annual payments.
If a winner dies before receiving all of their payments, the remaining installments will be paid to the winner’s designated beneficiary or to the winner’s estate, according to the lottery website.
Mega Millions drawings, continued
Steps to prepare for a Mega Millions drawing include:
Where do Mega Millions drawings take place?
Mega Millions drawings are held at WSB-TV studio in Atlanta, Georgia, every Tuesday and Friday at 11pm ET.
Many things go into a successful Mega Millions drawing, including three hours of preparation despite the drawing taking less than 60 seconds.
Financial advice for winners
Lottery officials strongly encourage winners of large prizes to get professional financial advice.
Mega Millions said on its website that the American Institute of Certified Public Accountants offers a variety of financial planning tools and can help find a personal financial specialist
Does every state have a lottery?
Six states in the US do not have state lotteries.
They also do not sell Mega Millions or Powerball tickets.
Those states are Alabama, Alaska, Hawaii, Mississippi, Nevada and Utah.
First Mega Millions drawing participants
Georgia, Illinois, Maryland, Massachusetts, Michigan and Virginia were the six states to participate in the first-ever Mega Millions drawing.
The game was called the Big Game at the time.
How is the Mega Millions jackpot estimated?
Lottery officials say members of the Mega Millions group meet every Tuesday and Friday morning to determine estimated jackpots for the next two drawings.
Lottery representatives share their state’s sales forecasts to estimate total sales projected for the drawings.
Sales estimates are then used to determine the estimated cash value of the jackpots and the advertised annuity values, with the annuity value based on that day’s 30-year US Treasuries rate, which can change day to day.
What is 2by2? continued
“Each play costs $1,” the site adds.
“Purchase a multi-draw ticket for seven consecutive draws and qualify for the 2by2 Tuesday feature in which all prizes won on Tuesday automatically double in value!”
What is 2by2?
The Powerball website describes another way to win called 2by2.
“It’s easy to play. Pick two red numbers between 1 and 26 and two white numbers between 1 and 26, or let the lottery terminal randomly choose your numbers.”
Americans spend a lot on the lottery
It has been reported that Americans spend more money on lottery tickets than they do on video games, movies, music, sports teams, and music combined.
Per year, Americans spend over $70billion on lottery tickets, according to The Atlantic.
Facebook post warning
Lottery officials warned that Facebook users reported posts in the past that indicated Powerball was giving away prize money on the social media platform.
“These notices are false and fraudulent. Lotteries do not contact prize winners through Facebook, unless you specifically entered an official lottery promotion or contest,” the lottery website says.
What is ‘Just the Jackpot’?
Mega Millions offers the “Just the Jackpot” option in some states.
It allows players to get two chances at winning the jackpot for $3.
Players can see if the lottery in their jurisdiction offers the option by visiting their state’s lottery website.
Sign your winning lottery ticket
Anyone who signs a winning ticket and presents photo ID can claim their prize.
Signing your ticket will prevent anyone from falsely claiming your ticket as theirs.
Reporting lottery scams, continued
The Federal Trade Commission has more information on fake lottery and other scams at http://www.consumer.ftc.gov/articles/0086-international-lottery-scams.
To file a complaint or get free information call toll-free, 1-877-FTC-HELP (1-877-382-4357).
If you have been the victim of a scam, you should contact your local police or sheriff’s office, or your state police.
Reporting lottery scams
If you are told that you can “verify” the prize by calling a certain number, that number may be part of a lottery scam.
Instead of calling it, you should look up the name of the lottery or organization on your own to find out its real contact information.
If you think someone on the phone is trying to scam you, hang up immediately because if you engage them in conversation, your name and contact information could end up on a list that’s shared with other scammers.
Avoiding scams, part three
Finally, be wary that someone may be using the lottery’s name without permission or the lottery’s knowledge.
Avoiding scams, part two
The lottery went on to say if you have caller-ID, check the area code when someone calls to tell you you’ve won.
If the call is from a foreign country, that is a red flag, among others:
Tips to avoid being scammed
The lottery provides a series of pointers that aim to help players avoid getting scammed.
Be wary of lottery scams
If you are told that you can “verify” the prize by calling a certain number, that number may be part of a lottery scam.
Instead of calling it, you should look up the name of the lottery or organization on your own to find out its real contact information.
If you think someone on the phone is trying to scam you, hang up immediately because if you engage them in conversation, your name and contact information could end up on a list that’s shared with other scammers.
When did Powerball drawings begin?
Powerball was launched in America in 1992.
It set a world record jackpot of $1.586billion in January 2016.
The record prize was shared by winners in California, Florida, and Tennessee.
Minimum Powerball jackpot amount
Powerball jackpots begin at $20million.
For every drawing with no winner, the jackpot will increase based on the estimated ticket sales that will occur before the next drawing.
After a jackpot is won, the prize money resets to $20million.
Can non-US citizens play?
According to Powerball’s website, the lottery is also open to non-US citizens.
Residents of states where Powerball is not offered can purchase a ticket in a state where it is available.
Two big December money changes including direct payments up to $914
One-time automatic lump payment from $3billion pot rolling out Americans
Final check worth $841 going out to millions of Americans today
Just hours until urgent deadline to get $841 check – are you eligible?
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