Someone Just Won $700 Million for Playing Powerball
People are getting into the Powerball festivities.

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:

If you liked this article you might like

Barack Obama Is Now Among 10 Highest-Paid Public Speakers

Amazon Teams With Food Delivery Service to Launch Amazon Restaurants

Size Up Nike's Most Iconic Shoes Ahead of the September Air Jordan Release Date

Transocean Takes $1.4 Billion Charge to Retire Six Ultra-Deepwater Floaters