JACKPOT REACHES $200 MILLION FOR FIRST TIME SINCE SEPT.

3/11/2010

For the first time since September, the Powerball jackpot for Saturday (March 13) has reached $200 million.

A West Virginia winner would receive $137 million after federal and state taxes are withheld, according to Lottery Director John Musgrave.

He said jackpot winners choosing the annuity receive their prize in 30 annual payments, including principal and interest.

Those choosing the cash option would receive a lump sum of $96.3 million, nearly $66 million after taxes. He said a winner has 60 days in which to decide whether to choose the cash or annuity option.

Musgrave said that based on a standard work week of five days or 40 hours, winning the current jackpot would be like having a job making more than $25,000 a day, or $3, 000 per hour.

“The point behind the size of the jackpots, is that the larger the jackpot, the better our sales and ultimate profits for the state by the end of the year. People don’t stand in line for a $1 million prize, or even the guaranteed $20 million minimum,” said Musgrave.