BATON ROUGE, LA (WAFB) - Wednesday's world record Powerball jackpot is $1.5 billion, but lottery winners won't receive anywhere near $1.5 billion.
If a player does defy the 292 million to one odds, they will have to choose between the lump sum or payments over 30 years.
Two seemingly very different choices, but they share a common bond with Uncle Sam. Meaning the federal government wants you to pay your taxes, lots of them.
"I think the State of Louisiana is the real winner of the Powerball draw," said Jennifer Treadway, an attorney and 2015 Louisiana State Treasurer candidate. "Once somebody does win, the bigger the jackpot, the larger the amount of tax."
If a winner chooses the one time cash payment of $930 million, 30 percent of that is taxed with 25 percent going to the federal government and the other five percent going to the state.
So in an advertised $1.5 billion jackpot, a winner really takes home $651 million.
Money experts advise to choose the 30-year annuity to anyone not disciplined with their money.
The annuity is taxed every payment, every year. As for sales of the tickets, Louisiana is doing well.
The state lottery said ticket sales in Louisiana for the jackpot have totaled $48 million, and 35 percent of that is benefiting K-12 public schools.
"From the standpoint of purchasing a lottery ticket, it's good to know that if you don't happen to win, well at least 35 percent went to go help my state," said Kimberly Chopin, Communications Director for the Louisiana Lottery.