Powerball jackpot is now 4th largest in history after no winner on Wednesday

What happens if you win the Powerball jackpot in Texas?

One of the biggest Powerball jackpots in history is still up for grabs after no tickets were sold for Wednesday night’s drawing that matched all five numbers, plus the red Powerball.

The Powerball jackpot is now $925 million as of Thursday morning, and the cash value option is $432.4 million. The next drawing is Saturday.

Saturday’s jackpot is now the fourth-highest in the game’s history, behind a $2.04 billion jackpot in November 2022, a $1.586 billion jackpot from January 2016 and a $1.08 billion prize from July.

Odds of winning a Powerball jackpot are one in nearly 300 million, so the likelihood of hitting it big is pretty close to zero.

Texans seem to be particularly unlucky when it comes to Powerball jackpots.

According to Powerball.net, only two Powerball jackpot winners have been from Texas. Indiana has the most with 39 jackpot winners since the lottery game was launched in 23 states in 1992.

Wondering what would happen if you won the jackpot in Texas?

The federal tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000, according to the Texas Lottery Commission.

However, Texas is one of less than a dozen states that doesn’t tax lottery winnings at a state level, which means Texas winners get to take home more of the cash.

The winnings for a Texas resident would be taxed as income, and if you’ve hit the jackpot you can definitely expect to be in the top-tier tax bracket, which is currently at 37%.

Anyone who wins a Powerball jackpot must take their winning ticket to the Texas Lottery headquarters in Austin. First, you’d have to call 800-375-6886 to complete an initial inquiry on your ticket and schedule an appointment to complete the processing of your claim.

Powerball Grand Prizes currently start at $20 million and roll until the jackpot is won.

Powerball prize chart (Texas Lottery)

About the Author:

Mary Claire Patton has been a journalist with KSAT 12 since 2015. She has reported on several high-profile stories during her career at KSAT and specializes in trending news and things to do around Texas and San Antonio.