The Powerball jackpot has swelled to an estimated $1.6 billion for Saturday's drawing, making it the largest lottery prize in history.
A surge in ticket sales after the jackpot topped the one billion mark has boosted the winnings.
The $1.6 billion prize is for winners who choose to take their riches through an annuity, paid annually over 29 years. Nearly all winners opt for cash, which is currently estimated at $782.4 million. Those winnings also would be subject to federal taxes. Many states tax lottery winnings, too.
The new jackpot tops the previous record prize of $1.586 billion won in 2016 by three Powerball players in California, Florida and Tennessee.
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No one has hit all six numbers since Aug. 3. That's 39 consecutive draws without a jackpot winner. The winless streak is due to the abysmal odds of winning: one in 292.2 million.
The longer the game goes without a grand prize winner, the larger the payout will grow.
The Powerball is played in 45 states, the District of Columbia and Puerto Rico. It costs $2 to play.
Drawings are held each Monday, Wednesday and Saturday at 10:59 p.m. ET.
Top 10 Powerball Jackpots
1. $1.6 Billion (estimate) – Nov. 5 2022
2. $1.586 Billion – Jan. 13, 2016 – California, Florida, Tennessee
3. $768.4 Million – March 27, 2019 – Wisconsin
4. $758.7 Million – Aug. 23, 2017 – Massachusetts
5. $731.1 Million – Jan. 20, 2021 – Maryland
6. $699.8 Million – Oct. 4, 2021 – California
7. $687.8 Million – Oct. 27, 2018 – Iowa, New York
8. $632.6 Million – Jan. 5, 2022 – California, Wisconsin
9. $590.5 Million – May 18, 2013 – Florida
10. $587.5 Million – Nov. 28, 2012 – Arizona, Missouri
What If I Matched 2 or 3 Numbers? Here's the Powerball Payout Breakdown for All Prize Levels
Each Powerball drawing consists of five different numbers from 1 to 69, as well as one Powerball number from 1 to 26.
In order to win the jackpot, a player must match all five numbers and the Powerball number. The good news is, it's not the only way to win some cash. In fact, there are nine other ways you could take home a prize.
Here's a Powerball payout breakdown:
- 5 numbers matched: $1 million (1 in 11,688,054 odds)
- 4 numbers matched + Powerball: $50,000 (1 in 913,129 odds)
- 4 numbers matched: $100 (1 in 36,525 odds)
- 3 numbers matched + Powerball: $100 (1 in 14,494 odds)
- 3 numbers matched: $7 (1 in 580 odds)
- 2 numbers matched + Powerball: $7 (1 in 701 odds)
- 1 number matched + Powerball: $4 (1 in 92 odds)
- Powerball matched: $4 (1 in 38 odds)
Are Odds Better When You Choose Your Own Powerball Numbers Or Play Quick Pick?
Some people play the lotto with “lucky numbers” – combinations of birthdays, dates, phone numbers, important numbers and digits they say come to them in dreams — while other stick to Quick Picks, numbers that are randomly generated by machines.
According to lottery officials, about 70% of Powerball jackpot winners did so with a Quick Pick ticket.
However, they note that the odds aren't better if you purchase a Quick Pick over a ticket where you pick your own numbers. .
With more people playing with hopes of becoming a billionaire, the chances of picking winning combinations remain the same:1 in 292.2 million.
