Powerball now has a massive jackpot. Here's what to do if you win in Oklahoma

[Desmond Milligan 0]

The Powerball lottery has reached $643 million and is close to being one of the 10 largest jackpots on record.

Lottery players have a chance to win the jackpot or a smaller amount, depending on how many numbers match the official drawings held every Monday, Wednesday and Saturday.

Powerball tickets are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Oklahoma also offers the Mega Millions and Lotto America games, each with multi-million dollar jackpots.

The biggest Powerball jackpot ever won was claimed in California in 2022, when an individual turning in a winning ticket for $2.04 billion. Oklahoma's biggest winner on record was a $105.8 million Powerball ticket claimed by two Muldrow residents in 2007.

If you're playing the lottery in Oklahoma, here's what to do if you win.

If you win the lottery, be cool and keep quiet

People like to celebrate big moments in life, whether it's a birth, marriage or new job. But when it comes to boatloads of money, it's best to keep that news off social media.

Financial experts say that bragging about winning the lottery will draw attention from scammers, along with family and friends looking for a share of the prize.

"If you’re lucky enough to win the lottery, keep it quiet," said Rob Burnette, an Ohio-based financial adviser who spoke with USA TODAY in 2024. "Get organized and make a plan. Consider staying anonymous, if it’s a possibility.”

Consider forming an LLC or trust

The first calls to make after you've verified the matching numbers should be to a tax attorney, accountant and financial adviser. They will help navigate the next few days, including opening bank accounts and contacting the Oklahoma Lottery Commission.

Lottery winnings can be claimed all at once, which is known as a lump sum payment. Winners can also choose to receive smaller amounts over a long period. This is called the annuity option. Based on your own goals and financial situation, the advisers can help decide which option is best.

Although Oklahoma is not one of the 19 states where winners can be anonymous, you can use a corporation or other legal entity to receive the money. Doing so adds an extra layer of identity protection, even though it's not completely anonymous and comes with its own risks.

States where lottery winners can remain anonymous

• Arizona: Prize must be over $100,000

• Arkansas: Prize must be over $500,000, and a winner is only anonymous for three years

• Delaware: Any prize

• Georgia: Prize must be over $250,000

• Illinois: Prize must be over $250,000

• Kansas: Any prize

• Maryland: Any prize

• Michigan: Prize must be over $10,000; state-run games only

• Minnesota: Prize must be over $10,000

• Mississippi: Any prize

• Missouri: Any prize

• Montana: Any prize

• New Jersey: Any prize

• North Dakota: Any prize

• South Carolina: Any prize

• Texas: Prize must be over $1 million

• Virginia: Prize must be greater than $10 million

• West Virginia: Prize must be over $1 million

• Wyoming: Any prize

Spend lottery winnings wisely

Winning the lottery is usually life-changing for players. Without a disciplined history of personal finance, the dream can go off the rails quickly with extravagant purchases and sketchy investments.

Nearly one-third of lottery winners eventually go bankrupt within three to five years, which is more likely than the average American, according to the Certified Financial Planner Board of Standards.

Kurt Panouses, a Florida lawyer who advises big lottery winners, told USA TODAY that winners should wait at least a week to make their claim so they can hire the right advisers. After that, he suggests winners wait at least six months to make any big-ticket purchases – and then never spend more than a small chunk of their winnings each year.

"If you start spending money right away, you'll get into a habit of buying, buying, buying, and that's when you lose control real quick," Panouses said.

USA TODAY reporters Eric Lagatta and Medora Lee contributed to this article.

This article originally appeared on Oklahoman: Did anyone win Powerball? How to claim winnings in Oklahoma Lottery

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