{"id":998255,"date":"2026-08-13T14:10:18","date_gmt":"2026-08-13T14:10:18","guid":{"rendered":"https:\/\/www.europesays.com\/us\/998255\/"},"modified":"2026-08-13T14:10:18","modified_gmt":"2026-08-13T14:10:18","slug":"illinois-powerball-player-wins-1-billion-jackpot-but-heres-why-they-wont-become-a-billionaire","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/998255\/","title":{"rendered":"Illinois Powerball Player Wins $1 Billion Jackpot\u2014But Here&#8217;s Why They Won&#8217;t Become A Billionaire"},"content":{"rendered":"<p>Topline<\/p>\n<p class=\"topline-summary\">A Powerball ticket buyer from Illinois won the $1.04 billion jackpot on Wednesday night\u2014the biggest lottery prize of 2026 so far\u2014although they are set to take home a much smaller amount after taxes and deductions.<\/p>\n<p>A billboard displays the estimated Powerball jackpot, in Philadelphia.<\/p>\n<p>Copyright 2026 The Associated Press. All rights reserved.Key Facts<\/p>\n<p class=\"timeline-fact\">After the winner comes forward, they will have to choose between receiving the $1.04 billion payout spread across 30 annual installments or a one-time cash prize of $450.5 million\u2014the preferred pick for most winners.<\/p>\n<p class=\"timeline-fact\">If they choose the lump-sum payment, the winnings will first drop to around $342.4 million after a mandatory 24% federal withholding.<\/p>\n<p class=\"timeline-fact\">The winner is then likely to face a federal marginal rate as high as 37%, depending on their overall taxable income, further cutting their winnings to $283.8 million.<\/p>\n<p class=\"timeline-fact\">If they pick the installment route, the winner\u2019s annual payments of around $34.7 million would drop to $21.8 million after the 37% federal marginal tax rate is applied.<\/p>\n<p class=\"timeline-fact\">Illinois is among the states that tax lottery winnings and the winner will have to pay a flat 4.95% rate on the total winnings\u2014which for the lumpsum pay out would be $22.3 million\u2014which will be automatically withheld once they collect their prize.<\/p>\n<p>Key Background<\/p>\n<p>This is the biggest lottery prize of the year so far, pipping an <a href=\"https:\/\/www.forbes.com\/sites\/siladityaray\/2026\/07\/29\/mega-millions-ticket-buyer-from-florida-wins-800-million-jackpot-heres-what-they-could-take-home\/\" data-ga-track=\"InternalLink:https:\/\/www.forbes.com\/sites\/siladityaray\/2026\/07\/29\/mega-millions-ticket-buyer-from-florida-wins-800-million-jackpot-heres-what-they-could-take-home\/\" target=\"_self\" aria-label=\"$800 million\" rel=\"nofollow noopener\">$800 million<\/a> Mega Millions jackpot that was won by a Florida ticket buyer last Tuesday. Among Powerball jackpots 2026\u2019s biggest one prior to this was a $250.8 million prize won by a lottery player from Arkansas.<\/p>\n<p>Big Number<\/p>\n<p>1-in-292.2 million. Those are the abysmal odds the Illinois ticket buyer had to overcome to win the Powerball jackpot on Wednesday night. This is even worse than the Mega Millions lottery\u2019s already poor odds of 1-in-290.4 million.<\/p>\n<p>Tangent<\/p>\n<p>Last month, the Powerball Jackpot was expanded to include players from the U.K. for the first time, which officials have said will lead to \u201cfaster-growing jackpots,\u201d with the additional ticket sales adding to the prize pool. In the event a U.K. player had emerged as the winner of the jackpot, they would have only had the option of receiving the prize spread across 30 annual installments. The jackpot prize advertised by the U.K. National Lottery before Wednesday night\u2019s draw was around \u00a3503 million ($679.5 million). While it appears lower than the $1 billion advertised U.S. prize, officials in the U.K. note this reflected the estimated amount a winner would receive over a 30-year period, \u201cafter exchange rates and UK tax requirements have been taken into account.\u201d<\/p>\n<p>further reading<\/p>\n<p><a class=\"_1-FLFW4R\" href=\"https:\/\/www.forbes.com\/sites\/siladityaray\/2026\/07\/29\/mega-millions-ticket-buyer-from-florida-wins-800-million-jackpot-heres-what-they-could-take-home\/\" data-ga-track=\"InternalLink:https:\/\/www.forbes.com\/sites\/siladityaray\/2026\/07\/29\/mega-millions-ticket-buyer-from-florida-wins-800-million-jackpot-heres-what-they-could-take-home\/\" target=\"_self\" aria-label=\"Mega Millions Ticket Buyer From Florida Wins $800 Million\u2014Here\u2019s What They Could Take Home\" rel=\"nofollow noopener\">Mega Millions Ticket Buyer From Florida Wins $800 Million\u2014Here\u2019s What They Could Take Home<\/a> (Forbes)<\/p>\n","protected":false},"excerpt":{"rendered":"Topline A Powerball ticket buyer from Illinois won the $1.04 billion jackpot on Wednesday night\u2014the biggest lottery prize&hellip;\n","protected":false},"author":3,"featured_media":998256,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[2],"tags":[399930,51,383201,13107,50,85797,85800,52],"class_list":["post-998255","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","tag-billion-dollar-jackpot","tag-headlines","tag-lottery-prize","tag-mega-millions","tag-news","tag-powerball-jackpot","tag-powerball-lottery","tag-top-stories"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/998255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=998255"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/998255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/998256"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=998255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=998255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=998255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}