The grand prize for the US Powerball jackpot, set to be awarded possibly on Saturday, has reached a staggering $1.6 billion, making it the largest lotto prize globally. The jackpot has been steadily increasing since its last win on August 3 in Pennsylvania. The upcoming drawing, scheduled at the Florida Lottery studio at 10:59 pm (02:59 GMT) on Saturday, marks the 40th Powerball drawing since the jackpot was last claimed.
The previous Powerball record jackpot dates back to 2016 when a $1.586 billion prize was shared among tickets in California, Florida, and Tennessee. The odds of winning the Powerball jackpot are 1 in 292.2 million, according to organizers. However, even if someone secures the jackpot, around 40 percent will be taken by US tax authorities, and additional shares may be claimed by state and local authorities.
A sole Powerball winner has the option to receive a lump sum payment, estimated at $782.4 million for Saturday’s jackpot, or choose 30 graduated payments over 29 years. Powerball tickets cost $2 and are available in 45 US states, the District of Columbia, Puerto Rico, and the US Virgin Islands.
To participate in Powerball, players must select five numbers from one to 69 and a Powerball number from one to 26. The anticipation builds as players dream of mansions, new cars, gourmet dining, and luxury vacations while awaiting the drawing results and the subsequent emotions that follow.
If there is no jackpot winner in Saturday’s drawing, it will tie the record for the longest stretch without a grand prize. Previous record-setting Powerball payouts occurred in 2019 in Wisconsin ($768.4 million) and in 2017 in Massachusetts ($758.7 million), prior to the monumental 2016 jackpot.
