The 2016 American Powerball Lottery has recently reached an all time record, raising up to the massive amount of $1.5 billion. This is a record for the game, with the previous record valuing $590.5 million, which was won by a Florida native on May 18, 2013.

The Powerball lottery game can be played by anyone over the legal age of 18 years old. Each ticket is $2, however a PowerPlay ticket can be bought for $3. PowerPlay stubs allow the contestant a chance to multiply the lottery amount by two, three, four, and five times.

The minimum amount of the lottery always rests at a $40 million jackpot, which can be received in an annuity payment for 30 months. A full cash amount is offered, however winners must take into account that they must pay a percentage of state tax and Internal Revenue Service (IRS) tax fee each year. The IRS tax ranges to 25% for Americans and 30% for immigrants. So while the jackpot money may be a nice chunk of change, the winner never fully receives the amount advertised.

For example, according to usamega.com, if one were to win last week’s jackpot in 30 installments, the winner would get initial payments of $15.9 million and $16.7 million the first year and then it would increase by between $1 million and $2 million a year for a total to $1.016 billion, after taxes.

In order to win the Powerball jackpot, the customer must pick five numbers between 1- 69 and 1 number that is 1- 26. Each number on a ball is randomly selected by a machine. The game is hosted on local television stations every Wednesday and Saturday at approximately 10:59 P.M.

The object of the game is to guess all six numbers right, including the one Powerball number. The numbers do not have to be in a specific order, as long as each number is present. If not all six numbers are in the sequence, smaller prizes can be earned.

Before the major jackpot was won, multiple winners won smaller sums of money. But on Jan. 1, 2016, three winners claimed to have the winning Powerball numbers. According to lottery officials, the $1.5 billion winning tickets were sold in Chino Hills, California; Munford, Tennessee; and Melbourne Beach, Florida. Now including government taxation, the winners must split the money three ways.

Lottery officials recommend that the winners stay anonymous for the time being and also hire financial advisers that can aid each winner on their savings.

The largest Powerball jackpot has officially been won, causing the game to restart. The lottery will rest at $40 million starting this Saturday.

May the odds be in your favor!