News

Actions

Powerball jackpot increasing again, now $1.4B

Posted at 10:51 AM, Jan 11, 2016
and last updated 2016-01-11 22:12:38-05

The Powerball jackpot is going up again!

The estimated jackpot for Wednesday's drawing was increased to $1.4 Billion on Monday morning. The cash value is now estimated at $868 million.

No one won the $949 million jackpot on Saturday, that sent the jackpot to a world-wide record number over $1 billion. Lottery officials initially estimated the jackpot would be $1.3 Billion, but with sales continuing to grow, officials raised the estimated jackpot to $1.4 Billion on Monday.

And Colorado stores are anxiously hoping that they'll be the one to sell that jackpot winning ticket. In this state, the store that sells the big winner gets a bonus of $50,000. 

"That is my goal, that is what I'm crossing my fingers. Hopefully we will do that. I hope I am the one who will sell the big one," 7/11 franchisee Helen Kidane said.

Kidane says she's seen a big bump in business, including new customers she hopes will come back. Some people are buying hundreds of dollars worth of tickets, with the biggest spender dropping a thousand on Powerball tries in one visit, she said.
 
But what if you actually win?

Denver7 spoke to a financial advisor, who says the first thing you need to do is hire a team to manage your new money. That includes a certified financial planner, a tax attorney, and an estate expert. 

Brian Sells is the owner of Peak Financial Advisors, and added you can actually live off the interest from the jackpot alone. 

"This is enough money you can put it in triple A rated tax free municipal bonds and live off it if you can get by on 14 million a year. So you don't need to put it in the stock market, real estate, private deals, if you can live off 14 million," Sells said.

There are nine ways to win with a Powerball ticket. Ticket buyers need to match at least three numbers or the Powerball to win the smallest prizes that start at $4.

---------

Sign up for Denver7 email alerts to stay informed about breaking news and daily headlines.

Or, keep up-to-date by following Denver7 on Facebook, Instagram and Twitter.