Powerball Ticket Worth $700M Sold in California, Seventh-Largest US Lottery Win

Posted on: October 5, 2021, 07:58h. 

Last updated on: October 5, 2021, 04:15h.

Powerball has done it again. The lottery game last night made a very lucky person in California filthy rich, as a single winning ticket matched all six numbers to claim the nearly $700 million jackpot.

Powerball jackpot lottery California Morro Bay
The coastal community of Morro Bay in California with its iconic volcanic rock is seen. The town is where a nearly $700 million winning Powerball ticket was sold. (Image: Morro Bay)

Officials at the Multi-State Lottery Association (MUSL) report that a ticket successfully matching the winning numbers of 12, 22, 54, 66, 69, and the Powerball of 15 was sold at an Albertson’s grocery store in Morro Bay in San Luis Obispo County. Morro Bay is a coastal town in California that is roughly halfway between Los Angeles and San Francisco.

Tne October 4, 2021, Powerball jackpot settled at $699.8 million. It’s the seventh-largest lottery jackpot in US history, and the fifth-largest Powerball prize. The Albertsons retailer located at 730 Quintana Rd. will receive the maximum bonus of $1 million for selling the winning ticket.

In addition to the nearly $700 million jackpot, five tickets matched all five white balls during Powerball’s Monday night draw. One of those tickets purchased the $1 Power Play add-on to double their prize from $1 million to $2 million.

Forty-nine others matched four white balls and the Powerball to win $50,000 each. Twenty-two had the 2x Power Play to snag $100,000 each.

Tax Time

It’s a magical morning for the person or group of individuals who hold the winning Powerball ticket worth $699.8 million. But, of course, the payout won’t be nearly that much.

The holder(s) of the life-changing jackpot has the option of choosing the one-time lump sum of $496 million, or receiving the full amount (after taxes) over the next 29 years through 30 annual installments.

The one-time payment is typically the preferred payout of choice for major lottery jackpot winners. Although California is one of the more heavily taxed states in the country, when it comes to lottery winnings, the Golden State isn’t so bad.

According to USA Mega, a website that tracks lottery results, California is one of only nine states that doesn’t impose a state tax on lottery proceeds. The others are Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

Other states average about a five percent tax on lottery prizes, which in the case of the one-time $496 million distribution, would amount to roughly $25 million. The Morro Bay ticket will nonetheless be subject to the effective 37 percent federal tax, which will slash the total lump sum payment to $312.5 million.

If the winner opts for the payment plan, they will receive about $14.7 million per year. After 30 years, the total received will be around $441.9 million. California does not allow lottery winners to remain anonymous.

Quaint Morro Bay

Morro Bay is perhaps best known for its Morro Rock, sometimes called the “Gibraltar of the Pacific.” The spectacle is a volcanic plug that dates back 23 million years.

The local economy relies on tourism and commercial fishing. An abundance of public beaches lures visitors each year to the idyllic Pacific town.

The most recent population count for Morro Bay was about 10,600 residents.