One person in Massachusetts is starting Thursday on a good note.
That's where one winner won the $700 million jackpot, according to a statement from the Pennsylvania Lottery on Wednesday.
The road to $700 million has been impressive to follow.
The 1 in 292 million odds didn't dissuade revelers from getting caught up in Powerball hysteria. There were 47 lotteries selling the Powerball game in 44 states, Washington D.C., the U.S. Virgin Islands and Puerto Rico.
In general, the Powerball jackpot starts off at $40 million and grows until it is won. Nobody won the $535 million Powerball jackpot drawing on Saturday, so the pot grew to the $700 million amount that snagged all the headlines.
There is fine print, however. The $700 million jackpot is only available as an annuity payment that is paid over a 29-year period. If taken as a lump sum, the winnings dwindle to a "paltry" $443 million and a federal income tax of 39% further erodes that number down to about $267 million.
State and local taxes also apply.
Don't miss these top stories on TheStreet:
- Samsung Debuts the Galaxy Note8, The 'Next Level Note'
- Looks Like Apple Just Killed the iCar
- The Federal Reserve Will Have an Insane $10 Trillion in Assets, Top Expert Warns
- We Might Have Unlocked the Secret Behind Amazon's Big Deal for Whole Foods
- Blue Apron Hiring Freeze Comes After Meal Kit Company Takes Blows From Indexes
- Berkshire Hathaway Stock Reaches All-Time High on S&P's Vote of Confidence