The Powerball jackpot rose to an estimated $1.4 billion after no player matched all six numbers and struck it rich Wednesday night.
The winning numbers announced were: 9, 35, 54, 63, 64 and Powerball 1.
Players will have their next chance to win the Powerball jackpot on Saturday night in hopes of ending an 11-week streak without a big winner.
No matter how big the prize is, the odds remain the same and they are terrible.
It’s those 1 in 292.2 million odds that make it so difficult to win the jackpot and result in such gigantic prizes for the lucky player or players who manage to pick the game’s six winning numbers.
The latest Powerball jackpot is the seventh largest lottery prize in the world.
The last time someone won the jackpot was on July 19.
GAME DETAILS
In most states, Powerball tickets cost $2 and buyers can choose their own numbers and a single Powerball or leave that task to a computer.
Powerball drawings are held three times a week at 10:59 pm EDT on Mondays, Wednesdays and Saturdays, with numbers selected at the Florida Lottery in Tallahassee.
Players will have their next chance to win the Powerball jackpot on Saturday night in hopes of ending an 11-week streak without a big winner.
Once the numbers are chosen, it usually takes a couple of hours to determine if there is a jackpot winner. If there is no winner, state lottery officials release a jackpot estimate for the next drawing.
If there is a winner, the jackpot returns to $20 million and the long process of growing begins until there is another winner.
Gale Groseclose, who was buying Powerball tickets in Pineville, North Carolina, said a $1 million prize would be enough for her, but Wednesday’s $1.2 billion jackpot certainly caught her attention.
“I don’t normally do this regularly, but like I said, when the time comes, what is it? “I don’t even know what, over a billion dollars,” Groseclose said. “It is exciting.”
HOW IS THE JACKPOT DETERMINED?
The jackpot is based on revenue from ticket sales, so the more people play, the faster the jackpot will grow.
However, although the current jackpot is advertised at $1.4 billion, the lottery has less than half that amount available for the jackpot.
That is why the cash prize, which most winners take, would be 643.7 million dollars.
However, although the current jackpot is advertised at $1.4 billion, the lottery has less than half that amount available for the jackpot.Powerball
Players can also choose an annuity, in which that $643.7 million would be paid to a company that would guarantee a 30-year return of $1.4 billion.
If a winner dies before collecting all of his or her money, the remainder will 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 purchase grand prize winning tickets in a state other than where they live will be taxed based on where they purchased the ticket.
Players can also choose an annuity, in which that $643.7 million would be paid to a company that would guarantee a 30-year return of $1.4 billion.
DO POWERBALL ODDS CHANGE ACCORDING TO THE NUMBER OF PLAYERS?
The game’s odds remain 1 in 292.2 million, regardless of how big the jackpot is and how many people buy tickets. Those probabilities mean there are 292.2 million possible number combinations.
To put the enormity of this into context, keep in mind that for Monday’s drawing, players across the country chose just over 20% of those possible combinations.
That means that almost 80% of the possible combinations were not selected, so the odds of there being no winner were pretty good.
Typically, the larger the jackpot grows, the more people play and the more combinations are covered.
People also tend to buy more tickets on Saturdays, which increases the chances of a winner in those drawings.
Eric Warner, who was also buying tickets in Pineville, said he would immediately buy a Porsche if he won the grand prize and then invest most of the money for himself and his community.
Typically, the larger the jackpot grows, the more people play and the more combinations are covered. People also tend to buy more tickets on Saturdays, which increases the chances of a winner in those drawings.AP
Warner said he never really expects to win, but he enjoys buying a ticket every once in a while.
“It’s something I stumble upon and maybe feel lucky about,” he said. “Then I’ll go ahead and buy a ticket and hope for the best.”
CAN THE WINNERS REMAIN ANONYMOUS?
Rules vary from state to state: some require jackpot winners to be named and others allow 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 PLAY?
Powerball is played in 45 states, plus Washington, DC, Puerto Rico and the US Virgin Islands. The other near-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 not participating in the games are Alabama, Alaska, Hawaii, Nevada and Utah.
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Source: vtt.edu.vn