$241 million Powerball jackpot ticket sold in Iowa

7:35 AM, Jun 14, 2012   |    comments
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by William Petroski, Des Moines Register

The Iowa Lottery said today that a player who bought ticket at a Cedar Rapids supermarket won Wednesday's $241 million Powerball jackpot, becoming the state's biggest lottery winner ever.

The lucky ticket was sold at the Hy-Vee grocery at 5050 Edgewood Road in Cedar Rapids, said Iowa Lottery Vice President Mary Neubauer. Neubauer said this morning she had called the grocery store early today to alert the staff that the winning ticket had been sold there, and lottery officials plan an 11 a.m. news conference at the store.

Iowa Lottery Chief Executive Officer Terry Rich said in a statement that he's thrilled to see another jackpot winner in the state, but it could be a few days or even a few weeks before the winner - or winners - come forward.

"We encourage our jackpot winners to consult a financial or legal adviser before claiming a prize of this size," he said. "This truly is a life-changing amount of money and we want our winners to have the information they'll need as they make their decisions. Whoever has the winning ticket should sign it immediately if they haven't already done so for safe keeping."

Rich also said the winner should keep the ticket in a secure place until presenting it to claim the jackpot.

Here are the rest of the details from an Iowa Lottery press release just issued this morning:

The winning numbers in Wednesday's Powerball drawing were: 7-10-14-33-57 and Powerball 18. The jackpot-winning ticket matched all six numbers drawn to win the big prize.

Powerball jackpot prizes won in Iowa must be claimed at the lottery's headquarters at 2323 Grand Ave. in Des Moines. If the winner or winners have questions before claiming the prize, they're welcome to contact the lottery at 515-725-7900.

The winner or winners can choose to receive the jackpot in annuitized payments over time or as a one-time, lump-sum payment. If the player chooses the annuity option, it will be made in 30 payments over 30 years totaling $241 million before taxes, with the annual amount increasing over time to accomodate for inflation.

If the player chooses the cash option, he or she will receive about $160.3 million before taxes.

Rich said that with recent jackpot claims making headlines across the country, the lottery wants to stress that under Iowa law, information concerning lottery winners is public.

"We have gotten questions about that issue over the past few months and want to be sure that the specifics required for winner information here in Iowa are clear," he said.

Wednesday's $241 million prize is the 15th-largest Powerball jackpot won to date.

Iowa Lottery players now have won seven Powerball jackpots overall. The six previous winners are:

• Tim and Kellie Guderian of Fort Dodge, who were Iowa's biggest lottery winners when they claimed a $200.8 million jackpot in October 2006.

• Hugh Hawkins of Des Moines, who won a $113.2 million jackpot in December 2005.

• Jacquelyn Moore of Omaha, Neb., who won a $14.4 million jackpot in October 2004 (she bought her ticket at a convenience store in Carter Lake in western Iowa).

• The Larry Hasken family of Sabula, who claimed a $31.8 million jackpot in January 2000.

• Tim Schultz of Des Moines, who won a $28 million jackpot in February 1999.

• Ed Brown of Washington, who split a $10.4 million jackpot with a Missouri woman in December 1992.

Since getting its start in April 1992 in 15 states with jackpots that started at a guaranteed $2 million, Powerball has grown into one of the world's biggest and most recognizable lottery games. Today it's played in 44 jurisdictions across the nation, with players buying more than $3 billion annually in tickets. The biggest jackpot in the game so far was a $365 million prize split by eight co-workers at a Nebraska meat-packing plant in February 2006.

Tickets cost $2 and the Power Play® multiplier feature is available for an extra $1 per play. For that extra $1, players have the chance to win prizes up to $2 million cash for the match 5 prize.

Powerball players choose their first five numbers from a pool of 59 and the Powerball from a separate pool of 35 numbers. The jackpot starts at $40 million and grows until someone wins it. Powerball drawings are held at 9:59 p.m. on Wednesdays and Saturdays.

Since the Iowa Lottery's start in 1985, its players have won more than $2.8 billion in prizes while the lottery has raised more than $1.3 billion for state programs.

Today, lottery proceeds in Iowa have three main purposes: They provide support for veterans, help for a variety of significant projects through the state General Fund, and backing for the Vision Iowa program, which was implemented to create tourism destinations and community attractions in the state and build and repair schools.

Prize and Tax Details about Wednesday's Powerball jackpot

Annuity

Payments Over 30 Years Totaling: $241 million

Annuity would be paid in graduated payments over 30 years.

Federal withholding of 25 percent and state withholding of 5 percent would be made on each payment.

Lump-Sum Option

Prize: $160.3 million

Federal Withholding: $40.1 million (25 percent)

State Withholding: $8 million (5 percent)

After-tax prize: $112.2 million

Des Moines Register

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