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(NEXSTAR) – Without a winner in Monday’s drawing, the Powerball jackpot has ballooned to an estimated $567 million, but the game’s newest players will be vying for a much smaller prize.
Two tickets, one each sold in Colorado and Michigan, matched five of the six numbers drawn on Monday — 2, 9, 44, 53, 59, and red Powerball 8 — to secure $1 million prizes. The drawing marked the final time Powerball would only be available to those living in U.S. states and territories.
Ticket sales have started in the United Kingdom as part of an agreement with Allwyn UK, which operates the nation’s lottery. By expanding across the pond, game officials expect a boost to the Powerball jackpot.
Players on either side of the Atlantic will not, however, being offered the same payout.
Cash vs. annuity: The Powerball payout options
U.S. players have two options, if they’re lucky enough to win the jackpot: a cash payout or 30 annuitized payments.
The annuity option is the advertised value. As of Tuesday, that’s an estimated $567 million, the 18th-largest prize in Powerball history. If you were to select the annuitized option, you would receive a one-time payment, followed by 29 annual payments that increase by 5%.
Few winners opt for the annuity. The last to do it was a Virginia winner of $162.6 million in 2023.
Instead, most winners select the cash option, which is an estimated $251.8 million as of Tuesday. The cash prize is based on accrued sales during the present jackpot run and is used to calculate the size of the annuity option.
UK players get one payout option – and a smaller jackpot
Powerball players in the UK will have only one payout option if they win the jackpot: annuity payments.
UK lottery officials say the decision to pay a jackpot winner over 30 years “provides a steady, reliable income over many years, helping to support long-term financial security,” a sentiment U.S. financial experts have shared.
The advertised jackpot in the UK will also be smaller than the jackpot advertised in the U.S. At present, the advertised jackpot in the UK is £300 million, or about $342 million — well below the $567 million being advertised to U.S. players.
The difference, according to officials, is because the prize advertised in the UK is “the amount you will receive after tax.” The U.S. jackpot is pre-tax, partially because states have varying lottery tax rates.
“In the UK, the advertised jackpot reflects the estimated amount a winner would receive over the same 30-year period, after exchange rates and UK tax requirements have been taken into account,” officials explain. A UK jackpot winner would not be taxed on their first payment, but any investment income would be subject to tax.
Are the jackpots really that different, post-tax?
They aren’t far off.
In the states without lottery taxes, a winner of the current jackpot could have about $358.5 million after all 30 annuity payments, an analysis by USA Mega found. After conversion, that’s about £311.9 million, slightly more than the advertised jackpot in the UK.
In New York, with the highest state lottery tax, a winner would get only about $296.7 million after 30 years of payments, or about £258.2 million.
The interactive map below shows how much a U.S. Powerball jackpot winner could receive after 30 years of annuitized payments and what that roughly converts to in pounds.
There are some additional changes that UK Powerball players can expect, including higher ticket prices.
The next Powerball drawing is set for 10:59 p.m. ET on Wednesday (or 3:59 a.m. on Thursday, if you’re in the UK).
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