Why The $1.9 Billion Powerball Drawing Was Suddenly Postponed
The current $1.9 billion Powerball drawing is under investigation after security concerns were risen due to the sheer size of the jackpot.
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For those who gamble, Monday’s Powerball drawing fiasco caused a spout of turmoil on Monday evening. This Powerball drawing was one for the ages, with winnings amounting to over $1.9 billion in total earnings. However, after the California Lottery announced security concerns, the drawing had to be postponed.
The state lottery has now started an investigation to ensure the integrity of the Powerball drawing. Of course, since this is such a large winning, every safety and security measure must be ensured. All 48 lotteries must be in compliance with the security rules before a formal drawing is completed.
The Associated Press reported that a participating lottery needed extra time in order to process sales, according to an article written by NPR. It is more than likely that the winner of the Powerball grand prize will not be formally announced until Tuesday morning when the investigation is completed. All lotteries must be in compliance, meaning all 45 states, as well as Washington, the U.S. Virgin Islands, and Puerto Rico, have to ensure proper security measures are all taken.
There have been no Powerball wins in the last three months, which is why this grand prize has accumulated to such a high number. Whoever the winner might be, their earnings will depend heavily on how they decide to receive their payout. If they choose an annuity to be paid out over the next 29 years, only then will they get the full amount of the grand prize.
This catch is largely due to taxes on the full amount of the prize. Since the prize is worth so much, it must be taxed accordingly, significantly eating into the profits of the winner. If the Powerball winner chooses to be paid in a lump sum, they will have to sacrifice a portion of the earnings for taxes. The total take-home pay would then amount to $929.1 million in total earnings.
If by chance this month goes by without another winner for a third consecutive month, the prize grows even more drastically. The drawing for Wednesday would then amount to over $2 million dollars in earnings, one of the record-high Powerball earnings in history. Only time will tell if this will amount to the full prize, or if a more recent drawing will allow a winner to rise to the top.
Either way, the postponing of Tuesday’s Powerball drawing caused intense anxiety in the lottery and gambling communities. While it is promising to know that the Powerball officials take the drawing so seriously, it is equally as frustrating for players to have to wait even longer to see if they come out as the lucky winner. The prize is so large that every security precaution must be taken into account, to ensure a fair and equal game.
Even hesitation from one state alone can cause a drawing to be postponed. Best of luck to all participating! May the odds be ever in your favor.
