Everyone remembers where they were when the news broke that the biggest Powerball jackpot ever had finally been hit. It was November 2022. The air felt different. People who never buy lottery tickets were suddenly standing in line at gas stations, clutching two-dollar bills like they were golden tickets to Willy Wonka’s factory.
The number was staggering: $2.04 billion.
It wasn't just a lottery prize anymore; it was a cultural phenomenon. For forty drawings, nobody matched all six numbers. The pot grew and grew until it bypassed the "rich" category and entered the "nation-state" category. Honestly, the scale of that much money is hard to wrap your head around. If you spent $50,000 every single day, it would take you over 100 years to burn through it.
The Man Behind the Ticket
For months, the world wondered who held the winning slip sold at Joe’s Service Center in Altadena, California. Then came Edwin Castro.
He didn't want the spotlight. Most people wouldn't. California law, however, is pretty strict about transparency, so the state had to release his name even if he skipped the press conference. He chose the lump sum. That’s a move most winners make, even though it "shrinks" the prize. Instead of $2.04 billion over 30 years, he took **$997.6 million** upfront.
Think about that. You lose a billion dollars just to have the cash today.
But it’s not like he’s hurting for money. After the IRS took their 37% cut, Castro still walked away with roughly $628 million. In a state like California, which surprisingly doesn’t tax lottery winnings, that’s all yours to keep.
Why the 2022 Run Was Different
Usually, these massive jackpots get split. In 2016, a $1.586 billion prize was carved up between three different winners in Tennessee, Florida, and California. That’s cool, but it lacks the drama of a solo winner.
The 2022 run was a statistical anomaly. The odds are 1 in 292.2 million. To put that in perspective, you are more likely to be struck by lightning while being eaten by a shark.
Wait. It gets weirder.
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The actual drawing for that record-breaker was delayed. Remember that? There was a technical glitch in another state's lottery system, and the whole country had to wait until the next morning to see the numbers: 10, 33, 41, 47, 56, and the Powerball 10.
Where the Money Goes After the Win
People love to track how lottery winners spend their cash. Castro has been busy. He bought a $25.5 million mansion in Hollywood Hills—a place with a game room, wine cellar, and a view that probably makes you feel like the King of the World. He also picked up a $4 million spot in Altadena near where he bought the ticket.
Sadly, life isn't all sunshine and infinity pools. Just recently, in early 2025, one of his properties in Malibu was reportedly lost to the devastating wildfires that swept Southern California. It’s a stark reminder that even the biggest Powerball jackpot ever can’t buy protection against everything.
The Top 5 Biggest Powerball Jackpots (So Far)
- $2.04 Billion (November 7, 2022) – Single winner in California.
- $1.817 Billion (December 24, 2024) – Single winner in Arkansas. This one actually just happened recently on Christmas Eve, keeping the "billion-dollar era" of lotteries alive.
- $1.787 Billion (September 6, 2025) – Shared by two tickets in Missouri and Texas.
- $1.765 Billion (October 11, 2023) – Single winner in California.
- $1.586 Billion (January 13, 2016) – The original record-breaker, split three ways.
What Most People Get Wrong About Winning
There is a huge misconception that you just get a check for two billion dollars.
Nope.
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First, there’s the "Cash vs. Annuity" debate. The $2.04 billion figure is the annuity value—what the money would be worth if the lottery invested it for you over 29 years. If you want the money now, you take the "Cash Value," which is significantly less.
Then comes the taxman. The federal government takes 24% immediately as a withholding tax. But since the top tax bracket is 37%, you’re going to owe another 13% when April rolls around. If you live in a state like New York, you’re losing another chunk to state and city taxes.
Basically, your $2 billion prize looks more like $600 million by the time it hits your bank account.
Actionable Steps for the Aspiring Winner
If you're going to play, play smart. Don't spend your rent money on tickets. The odds don't care if you buy one ticket or a hundred; they are still mathematically impossible.
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- Sign the back of your ticket. This is the most important thing. A lottery ticket is a "bearer instrument," meaning whoever holds it, owns it.
- Stay quiet. If you win, tell nobody. Not your sister. Not your best friend.
- Hire a "Wealth Team." You need a tax attorney, a certified financial planner (CFP), and probably a very good therapist.
- Check the expiration. Tickets usually expire between 90 days and a year depending on the state. Don't leave $2 billion in a visor or a junk drawer.
Winning the biggest Powerball jackpot ever is a dream that changes lives, but it also carries a heavy burden of management and privacy. Whether it's Edwin Castro in California or the new winner in Arkansas, these stories prove that while the odds are long, someone eventually beats them.
Keep your tickets in a safe place and always double-check the numbers on the official Powerball website. You never know when the next record might fall.