Urgent Powerball warning to check numbers as ticket worth $50,000 sold – and it was bought at a convenience store

POWERBALL players have been urged to check their numbers as a prize worth $50,000 is up for grabs.

New Jersey lotto officials said the ticket was bought ahead of the draw on October 7.

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A Powerball prize worth $50,000 is up for grabs[/caption]

One player rolled the dice and bought the slip from the Krauszer Food Store in Chester – around 40 miles from Newark.

They matched four numbers and hit lucky as they also had the Powerball.

The jackpot was not won on Monday night, meaning it rolled over once again.

It now stands at a whopping $336 million and has a cash value of $165.3 million.

But one player from Illinois has scooped a $2 million prize after they matched five numbers and had the Power Play option.

It costs just $2 to play Powerball, and prizes range from $4 to the grand prize.

The odds of winning any prize are around one in 24, but the odds of scooping the jackpot stand at one in approximately 292.2 million.

However, players have a higher chance of winning the Powerball jackpot than their Mega Millions counterparts.

This is because the odds of winning the Mega Millions are one in around 302 million.

Jackpot winners face a choice when they come forward and claim their prizes.

They can either receive their new windfall as a lump sum or in staggered payments, known as the annuity.

One of the perks of receiving prizes as a lump sum is that players receive their fortune at once, but the option has plenty of risks.

Wealth adviser Robert Pagliarini told The U.S. Sun winners only have one chance to make their prize last if they opt for the lump sum.

“If you take the lump sum, you have to realize that if you start making mistakes, or bad investments, there’s no do-over,” he said.

“It’s not like you are going to win the lottery again. You have one shot at this.”

Pagliarini explained that players who take the annuity option receive a fresh check yearly.

Lottery winnings: lump sum or annuity?

Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?

The two payout methods can impact how much money you get from your prize.

Annuities pay out slowly in increments, often over 30 years.

Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.

Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.

Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.

Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.

Experts have varying opinions on whether to take the lump sum or take the annuity.