Powerball won as player hits $214m jackpot – but they’re set to lose more than half if they select most popular option

THE Powerball jackpot of $214 million has been claimed after more than a month of rollovers.

A lucky player in Pennsylvania became a multi-millionaire overnight after matching all six balls in Monday’s draw .

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The following numbers were pulled on Monday – 9 – 22 – 57 – 67 – 68 and Powerball 14.

There was also a Powerplay of 3x for those who won non-jackpot prizes, which would triple the amount they received.

The latest jackpot is the 20th time the top Powerball prize has been won in the state.

Now, the money pot has been reset to $20 million in time for the next draw on Wednesday

The Powerball jackpot was last claimed on July 3 in Huber Heights, Ohio, with a Walmart shopper scooping a whopping $139.3 million .

Despite the huge windfall that was scooped on Monday, the winner could immediately lose over half of their winnings with one key decision.

When large lottery winnings are claimed, players have to choose between two options.

They can either take a lump sum of a lower amount or get the full amount, minus state and federal taxes in annual installments.

In this case, the cash option is $106.4 million.

If this is chosen by the most recent jackpot winner, they will immediately sacrifice 50.3% of their winnings.

Despite the huge immediate loss, it is the most common decision made by winners.

At least “90 percent of all lottery winners take the lump sum distribution,” Lottery lawyer Andrew Stoltmann previously told The U.S. Sun.

The lawyer revealed how he has represented “lottery losers,” those who lost most or all of their winnings.

After seeing numerous jackpot winners walk into his office in despair, Stoltmann said that choosing the lump sum is “a pretty big mistake.”

This is because the majority of people who win such large amounts do not have the support behind the scenes to deal with it.

Lottery winnings: lump sum or annuity?

Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?

The two payout methods can impact how much money you get from your prize.

Annuities pay out slowly in increments, often over 30 years.

Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.

Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.

Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.

Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.

Experts have varying opinions on whether to take the lump sum or take the annuity .

“They tend to be from lower socioeconomic backgrounds,” Stoltmann claimed.

“So they then take this massive sum of money and they just don’t really know what to do with that.”

The U.S. Sun previously wrote about a lottery winner who won a $4 million jackpot.

However, the scratch-off player from North Carolina was left with only $1.7 million after taxes.

Once she gave some money to her grandchildren, there was very little left of her winnings.

Meanwhile, lottery officials are urging players to check their tickets as a jackpot worth $278,000 is set to expire in weeks.

Top lottery winners in the US

Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.

• Edwin Castro – $2.04 billion, Powerball, Nov. 8, 2022, in California.
• Theodorus Struyck – $1.765 billion, Powerball, Oct. 11, 2023, in California.
• Unknown winner – $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
• Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida – $1.586 billion, Powerball, Jan. 13, 2016.
• Unknown winner – $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
• Unknown winner – he sued the mother of his child to keep his identity hidden – $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
• Unknown winner – $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
• Cheng and Duanpen Saephan , and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon.
• Yanira Alvarez – $1.08 billion Powerball, July 19, 2023 in California.
• Wolverine FLL Lottery Club – $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
• Unknown winner – $842.4 million Powerball, Jan. 1, 2024, from Michigan.