The dream of near-mythical wealth is about to solidify into the tangible for a fortunate resident of Oregon following Saturday night’s Powerball drawing. In what must surely feel like a surreal twist of destiny, one ticket sold in the state bore the winning numbers, unlocking an astronomical jackpot that hovered at a staggering $1.326 billion. Initial estimates placed the jackpot at a stratospheric $1.3 billion, but surges in ticket sales nudged the potential winnings even higher.
The victorious combination of numbers that ratcheted one Oregonian into the annals of historic luck included 22, 27, 44, 52, 69, and a coveted Powerball 9, accompanied by a 3X Power Play multiplier.
However, one question hangs heavily in the air: How vast a fortune does the lucky winner actually get to amass? As it turns out, their astronomical jackpot carries a payout of $621 million if the winner opts for a lump-sum payment instead of a year-by-year annuity over 30 years. Nonetheless, even lottery winnings are not immune to the reach of federal and state taxes.
Oregon’s Lottery, particular about fiscal policies, skims off at least 24% for federal taxes and 8% for state taxes on winnings exceeding $5,000 before the prize money even grazes the winner’s hands. USA Mega, an independent website monitoring lottery winnings, has cautioned that the final taxation rates might be steeper still. Should the winner choose the lump-sum route, they could be looking to pocket approximately $329.79 million after tax deductions.
If the winner chooses the way of the annuity, annual payouts would hover around $44.2 million pre-tax. Post taxes, those yearly checks would taper down to just shy of $23.5 million, according to USA Mega. Over three decades, the payout would tot up to an impressive $705 million.
In a country known for record-breaking lotteries, Saturday’s Oregon Powerball jackpot ranks as the country’s fourth largest, and the eighth largest overall lottery prize pool.
The golden ticket that sealed one Oregonian’s fortune was bought in Northeast Portland, though the specific location remains a guarded secret until the prize is claimed. The Oregonian and OregonLive gleaned, however, that the ticket was purchased within the 97218 ZIP code, which brackets Portland International Airport and the Cully neighborhood.
Selling that ticket also lined the coffers of the unnamed store, which will be hitting the $100,000 cap of a 1% selling bonus on prizes of $10,000 and above, according to the Oregon Lottery.
While winners may cherish their solitude, anonymity is not an option in Oregon. State law dictates that the victor’s name, the prize amount, the date of the drawing, and the city where the ticket was procured are public record.
The clock is now ticking for the winner to claim their fortune. They have one year from the date of the drawing, giving them until April 6, 2025. This winning swath of numbers represents a record-breaking jackpot for Oregon; the previous high-water mark in the state was a $340 million Powerball jackpot in 2005.
The odds of this rare feat were a jaw-dropping 1 in 292.2 million. The last Oregonian to taste this dizzying victory was Steven Nickell of Salem, who won $150.4 million in 2018.
As for the recent winner, their initial move should be to sign the back of the golden ticket to affirm ownership. Enlisting the services of an accountant and a financial advisor would be prudent next steps. To claim the jackpot, they will need to book an appointment in Salem or Wilsonville with the lottery’s prize payment centers.
