Powerball Jackpot Hits in Oregon, $1.326B Prize Fourth-Largest in Game History

Posted on: April 7, 2024, 09:20h. 

Last updated on: April 7, 2024, 09:20h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

The Powerball jackpot finally hit. After 40 drawings without a single ticket matching the six drawn numbers, a lucky $2 play sold in Oregon early this morning won the life-changing sum.

Powerball jackpot lottery odds
A Powerball player in Oregon won the weekend jackpot drawing worth $1.326 billion. The historic win ranks fourth all-time in Powerball history. (Image: Fox29)

The scheduled 10:59 pm EST drawing was delayed several hours after a participating lottery needed additional time to complete its pre-draw procedures, which are designed to protect the security and integrity of the Powerball game. The April 6 drawing was eventually drawn at 2:29 am EST on April 7.

It was worth the wait for the lucky ticketholder whose play included the numbers 22, 27, 44, 52, 69, and red Powerball 9.

The jackpot was forecasted by Powerball officials to be around $1.3 billion. The actual amount came in at $1.326 billion, with a one-time lump sum cash option of $621 million.

On behalf of Powerball, I’d like to congratulate the winner of this $1.326 billion jackpot,” said Drew Svitko, Powerball Product Group chair and the executive director of the Pennsylvania Lottery.

“Winning the Powerball is not just about hitting the jackpot — it’s about the power to make dreams a reality and to create positive change in the world,” Svitko continued. “Lottery games, like Powerball, generate proceeds that are used to do so much good work in local communities across the country. Thank you to our players and retailers for helping us make a lasting impact from this jackpot run.”

Top 10 Jackpot

Last night’s Powerball jackpot was historic.

Along with ranking as the fourth-largest prize in Powerball history, the $1.326 billion win ranks as the eighth-richest lottery jackpot in the history of the United States. It’s also the first time in history that a lottery player in Oregon won a jackpot worth more than half of a billion dollars.

Of course, the winner won’t receive anywhere near the advertised $1.326 billion. That amount is what the winner would be paid over 29 years should they choose the annuity option. Most winners choose the cash, though elevated interest rates on which the annuity is based have made the 29-year choice more attractive.

The $1.326 billion annuity and $621 million cash options are both before a 37% federal tax, which would slash the cash to roughly $391.3 million. The feds’ share would reduce the first annuity payment from about $44.2 million to $27.9 million.

Oregon would then take a cut. The state levies an effective tax of 9.9% on lottery wins.

That takes the cash down to $392.8 million and the annual annuity to $23.5 million. The net take-home pay for the 30 annuitized payments would be about $705.3 million.

Location Unknown

Lottery regulars are inherently superstitious, and many purchase their tickets at retailers where someone previously won big. The Oregon Lottery does not permit online gameplay or ticket sales, but the Powerball statement on this morning’s win didn’t immediately disclose where the jackpot ticket was sold.

Those details are forthcoming, as is the winner’s name. The Oregon Lottery does not allow winners to remain anonymous and requires their financial windfalls to become part of the public record.