Victor of $768 million Powerball jackpot coming forward

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A 24-year-old suburban Milwaukee man says he screamed for about 5 or 10 minutes after realizing he won a $768 million Powerball jackpot - the third largest in US lottery history.

The $768.4 million win ranks behind the $1.586 billion Powerball total shared by winners in California, Florida and Tennessee in January 2016 and the single $1.537 billion Mega Millions jackpot victor from SC last October.

A news conference announcing the victor is set for Tuesday at 1 p.m. ET.

Franco purchased the tickets at a Speedway gas station in New Berlin.

Manuel Franco, of West Allis, said he was sorting through $10 worth of quick-pick tickets after the March 27 drawing and thought he had checked all his tickets. The winning numbers were 16, 20, 37, 44 and 62.

When he realized the numbers on that almost forgotten ticket matched, he went "insane".

If the victor chooses the lump sum option, they'll get a cash payment of $477 million.

Franco says he quit his job a couple days later but declined to say where he worked.

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Franco told reporters: "It was wonderful, my heart started racing, blood pumping", he said. "I screamed for about 5 or 10 minutes".

Franco felt so lucky, he looked into the camera at the counter - and pondered winking at it. "My mom she thought I was in trouble, and she's like you need to tell me the truth", Franco added. He says he plans to be wise about spending his money and wants to "help out the world". The overall jackpot of the prize, drawn March 22, was $768,400.

Wisconsin does not allow lottery winners to remain anonymous.

The gas station will receive $100,000 for selling the winning ticket. Annual tax revenue from annuities would build from $11.6 million this year to $47 million by 2048.

While a $768 million annuity prize paid over 29 years was available, he made a decision to opt for a one-off cash payment of $447m (A$668m).

Franco's ticket for the March 27 drawing was the only one to match all six numbers - beating odds of 1 in 292,201,338. Wisconsin ranks sixth out of all the states in the USA for most wins in Powerball history.

Lottery officials in Wisconsin will withhold 7.65 percent, or about $36.5 million, according to the report.

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