Powerball Jackpot skyrockets to $1.4B as no one claims the winning numbers.
Powerball Jackpot Soars to $1.4 Billion After No Winner
PINEVILLE, N.C.—The Powerball jackpot climbed to an estimated $1.4 billion after no players matched all six numbers and hit it rich Wednesday night.
The winning numbers announced were: 9, 35, 54, 63, 64 and the Powerball 1.
Players will next have a shot at the Powerball jackpot Saturday night in hopes of ending an 11-week stretch without a big winner. No matter how large the prize grows the -news-ap-top-news-ia-state-wire-b5572da1e5d74f6e974bea45c707b5cb” target=”_blank” rel=”noopener”>odds stay the same—and they’re terrible.
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It’s those odds of 1 in 292.2 million that make the jackpot so hard to win and that result in such giant prizes for the lucky player or players who manage to pick the game’s six winning numbers. The latest Powerball jackpot is the world’s seventh-largest lottery prize. The last time someone won the top prize was July 19.
Game Details
In most states, Powerball tickets cost $2 and buyers can choose their own numbers and single Powerball or leave that task to a computer. Powerball drawings are held three times a week at 10:59 p.m. EDT on Mondays, Wednesdays, and Saturdays, with the numbers selected at the Florida Lottery in Tallahassee.
Once the numbers are chosen, it usually takes a couple of hours to determine if there is a jackpot winner. If there isn’t a winner, state lottery officials release a jackpot estimate for the next drawing. If there is a winner, the jackpot reverts to $20 million and begins the long process of growing until there is another winner.
Gale Groseclose, who was buying Powerball tickets in Pineville, North Carolina, said a $1 million prize would be plenty for her but that the Wednesday’s $1.2 billion jackpot certainly caught her attention.
“I don’t usually do this on a regular basis, but like I said, when it gets to be, what is it? I don’t even know what, over 1 billion dollars,” Groseclose said. “It’s exciting.”
How is the Jackpot Determined?
The jackpot is based on revenue from ticket sales, so the more people who play the game, the faster the top prize grows. However, even though the current jackpot is advertised as $1.4 billion, the lottery has less than half that amount available for the top prize. That’s why the cash prize — which most winners take — would be $643.7 million.
Players also can choose an annuity, in which that $643.7 million would be paid to a company that would guarantee a return over 30 years of $1.4 billion. If a winner dies before collecting all their money, the remainder would go to the winner’s estate.
What About Taxes?
State lotteries will immediately deduct 24% of jackpot winnings for federal taxes, and additional federal taxes may be required when filing federal tax returns. State taxes will vary as some states don’t tax lottery winnings at all and others tax the money at different rates.
Players who buy winning grand prize tickets in a state different from where they live will pay taxes based on where they bought the ticket.
Do Powerball Odds Change Based on the Number of Players?
The game’s odds remain 1 in 292.2 million regardless of how big the jackpot is and the number of people buying tickets. Those odds mean there are 292.2 million possible number combinations.
To put the immensity of that into context, note that for Monday’s drawing players across the country chose just over 20% of those possible combinations. That means nearly 80% of the possible combinations were not selected, so the odds were pretty good that there wouldn’t be a winner.
Typically, the larger the jackpot grows, the more people play and the more combinations are covered. People also usually buy more tickets on Saturdays, which increases the chance of a winner for those drawings.
Eric Warner, who also was buying tickets in Pineville, said he would immediately buy a Porsche if he won the big jackpot and then invest most of the money for himself and his community. Warner said he never really expects to win but enjoys buying a ticket now and then.
“It’s something that I run into and maybe I’m feeling lucky,” he said. “Then I’ll go ahead and pick up a ticket and just kind of hope for the best.”
Can Winners Remain Anonymous?
Rules vary from state to state with some requiring that jackpot winners be named and others allowing anonymity. Some states have more detailed rules, such as in Florida, where winners can remain anonymous for 90 days before the state lottery releases their name.
Where is the Game Played?
Powerball is played in 45 states as well as Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. The other nearly national lottery game, Mega Millions, is also played in those 45 states as well as Washington, D.C., and the U.S. Virgin Islands. The five states that don’t participate in the games are Alabama, Alaska, Hawaii, Nevada, and Utah.
How long has it been since the last jackpot win?
America-lottery-us-news-ap-top-news-ia-state-wire-b5572da1e5d74f6e974bea45c707b5cb” target=”_blank” rel=”noopener”>will announce the new jackpot amount for the next drawing.
The odds of winning the Powerball jackpot are astronomical, but that hasn’t stopped millions of people from playing and dreaming of hitting it big. The allure of becoming an instant billionaire is too tempting for many to resist, despite the slim chances of success.
For those willing to take a chance, the process is simple. Purchase a Powerball ticket for $2 and select five numbers from 1 to 69, plus a Powerball number from 1 to 26. The numbers can be chosen manually or through a computer-generated quick pick. Match all six numbers correctly and you’re an instant billionaire.
Since the last jackpot win on July 19, the prize has continued to roll over, growing larger with each drawing. With no winners in the recent drawing, the jackpot has reached an astonishing $1.4 billion, making it the seventh-largest lottery prize in the world.
Despite the daunting odds, the excitement and anticipation surrounding the Powerball jackpot continue to grow. News outlets across the country report on the rising prize money, and people line up at convenience stores and gas stations to purchase their tickets. It’s a frenzy that captures the attention of even those who typically don’t play the lottery.
While the odds of winning are incredibly slim, the possibility of becoming an instant billionaire keeps hope alive for many. The dream of financial freedom and endless possibilities is what drives people to participate in the Powerball frenzy.
The next drawing is scheduled for Saturday night, giving players another chance to defy the odds and become the lucky winner. Will someone finally hit the jackpot and claim the massive $1.4 billion prize? Only time will tell.
For now, players all around the country will continue to fantasize about what they would do with such an unimaginable amount of money. Whether it’s paying off debts, buying a dream home, or taking extravagant vacations, the possibilities are endless.
As the excitement builds and the jackpot continues to climb, the Powerball frenzy shows no signs of slowing down. Despite the unlikeliness of winning, the allure of a life-changing jackpot keeps players coming back for more. The chance, no matter how small, is worth the dream.
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