The record-setting $1.58 billion Powerball lottery held in 44 states last month has yet to produce its third millionaire, who holds a winning ticket purchased at a 7-Eleven in Chino Hills. But for California schools, including Santa Barbara's, Powerball ticket sales translate to millions.
Though the Tennessee winners announced themselves within a week of the January 13 drawing, the Florida winners only came forward last week, and California's Chino Hills winner has yet to go public. While that lucky person is in line to potentially collect $528.8 million, California schools stand to reap about 40 percent of the $386,007,858 spent on Powerball tickets in the state, according to state lottery officials, or more than $154 million.
Lottery spokesperson Mike Bond went on to explain one of the peculiarities of the lottery backstory: The enormous numbers announced as the winning stakes are actually what would accrue after 30 years spent sitting in Treasury bonds. The onetime cash payout — $327.8 million, in Chino Hill's case — is a true representation of the jackpot's cash-on-hand. The three winners get half the money brought in nationally, and in California, the remaining 10 percent goes to overhead, advertising, and the $1 million reward to the 7-Eleven that sold the winning ticket.