The anticipation is palpable for the lucky individual holding the winning ticket for the $1.82 billion Powerball jackpot drawn on Christmas Eve. However, due to the extended holiday closure of the Arkansas Scholarship Lottery’s claims center, the winner must wait a full five days before stepping forward to claim their life-changing prize.

The claims center is set to reopen on the Monday following the draw, granting the winner a 180-day period to officially claim their jackpot. In an interesting twist, Arkansas state law permits winners of substantial prizes, specifically those amounting to $500,000 or more, to maintain their anonymity for three years post-claim. As a result, we likely won’t learn the identity of this newest millionaire until late 2028.

Lottery officials have confirmed that the winning ticket, marking the second-largest Powerball jackpot in history, was purchased at a Murphy USA gas station in Cabot, Arkansas. This marks only the second time a Powerball jackpot-winning ticket has been sold in Arkansas, with the first occurrence dating back to 2010.

The fortunate winner faces a crucial decision: accept the prize as a $1.82 billion annuity, disbursed over 29 years, or opt for a one-time lump sum payment of $834.9 million before taxes.

It marked only the second time Arkansas has produced a Powerball jackpot winner, the first occurring in 2010.

The jackpot may be taken as $1.82 billion paid over 29 years, or as a one-time lump sum of $834.9 million before taxes.

The winning numbers were 4, 25, 31, 52, and 59, with Powerball 19.

The drawing was initially advertised at $1.7 billion, but increased after final ticket sales were tallied.

The odds of winning remained a daunting 1 in 292.2 million. Powerball tickets cost $2 each.

The Powerball winner must wait to claim the prize as Arkansas law and a holiday closure slow the process

The Powerball’s top prize jumped over $1.8billion before the drawing as players rushed to grab the game’s record-breaking tickets

While the headline figure is eye-catching, winners typically take home hundreds of millions of dollars less than the advertised jackpot. 

A significant portion of the prize goes toward taxes, and the final payout depends on whether the winner selects the annuity or the lump-sum option.

That is because the jackpot figure reflects what the prize would be worth if the pool were invested in Treasury bonds over 30 years, which is why higher interest rates have pushed the advertised total higher in recent years. 

Choosing the annuity provides one upfront payment followed by 29 annual installments that increase by 5 percent each year.

Powerball tickets are sold in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, with final payouts varying widely depending on local tax laws. 

Winners in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming do not pay state taxes on jackpot winnings. 

Meanwhile, winners in Maryland, New York, Oregon, New Jersey, and Washington, D.C. face state tax rates above 8 percent.

Nationwide, eight secondary prizes of $1 million were also claimed in the drawing.

The largest Powerball jackpot ever remains the $2.04 billion prize won in California in 2022 by Edwin Castro.

The drawing was initially advertised at $1.7 billion, but increased after final ticket sales were tallied 

‘This is truly an extraordinary, life-changing prize,’ Matt Strawn, Powerball Product Group chair and Iowa Lottery CEO, told Reuters.

Still, experts stress how unlikely it is to beat the odds.

‘Imagine I’m going to pick one second in the last 9.2 years,’ Tim Chartier, a professor of mathematics and computer science at Davidson College, told the Daily Mail. ‘Now, tell me which second I picked. That’s the same odds to win.’

Lottery experts say tickets should only be purchased if players are comfortable losing the money they spend.

‘The biggest thing is to treat it as entertainment,’ said Jared James, the founder of LottoEdge. ‘When the jackpot gets big like this, some people shift that mindset and think “Oh, this is life-changing money.”

‘I would say it’s more money than most people need. Don’t chase this Powerball thinking, “Hey, this is my retirement plan.” Play it for fun, because you’re most likely not going to win.’