If they opt for the latter, known as the ‘annuity option,’ they get the jackpot in full, in steadily rising payouts.
Powerball jackpot winners have the option to receive their winnings in a lump sum or spread out over 29 years through annual payments. This option sees players’ numbers added to a second draw after the Powerball draw, with a maximum cash prize of $10m. In some states - Colorado, Florida, Indiana, Maryland, Michigan, Missouri, Montana, New Jersey, Pennsylvania, Puerto Rico, South Carolina, South Dakota, Tennessee and Washington - you can also pay $1 for a so-called Double Play.
However, Power Play isn’t applied to the jackpot, and the multiplier is never higher than two if you win the $1m second prize. This multiplies winnings by two, three, four, five or 10, depending on the multiplier number picked out of the hat before the drawing takes place. For an extra $1, you can add what’s called a Power Play.