An estimated 760 million dollar jackpot will be up for grabs in Saturday night’s Powerball drawing.
There are two options if you beat the 1 in a 290 million chance of winning. You can opt-in for the full multi-million dollar prize spread out over 30 years, or you can take the lump sum – which most people do – and get just over 380 million before taxes.
But people with the Virginia Lottery said if you do win, there are some very important phone calls you should make.
“The first call should probably be to a tax professional because when we’re talking about this much money the tax implications are huge. The average person really just doesn’t have the finances to deal with that, you need to put together a financial team when you’re talking about this much money.”
John Hagerty said not to be discouraged by the unlikely odds of winning the jackpot. The odds of winning any prize are 1 in 25.