Monday’s Powerball jackpot is now worth more than $1 billion – Gist It

Monday’s Powerball jackpot is now worth more than $1 billion

Monday’s Powerball jackpot has risen to over $1 billion, after no players won in the Saturday night draw.

Big picture: The current jackpot, estimated at $1.04 billion, has been growing for over two months due to 30 consecutive draws without a major winner.
* This makes it the ninth-largest lottery prize globally ever.
* The largest jackpot ever was a $2.04 billion Powerball prize won by a Californian player in November 2022.

Playing specifics: Each Powerball ticket typically costs $2 and players can choose their own numbers or use a computer-assisted selection.
* Powerball is available in 45 US states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

The payout: The $1.04 billion prize would be payable over 30 years for a solo winner opting for an annuity.
* However, winners usually opt for the cash lump sum, which for Monday’s drawing would be an estimated $478.2 million, subject to federal and potentially state taxes.

By the numbers: The odds of winning the Powerball are approximately 1 in 292.2 million.
* These long odds contribute to the escalation of the jackpot, as prizes increase each time there is no winner.

View original article on NPR

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October 2, 2023

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