If someone wins the grand prize on Saturday, November 5, the Powerball jackpot, which has been growing steadily over the past three months, will surpass all previous lottery winnings combined. The Powerball prize estimate was raised by game officials Friday morning to a record $1.6 billion.
According to game officials, there is only a 1 in 292 million chance that a single ticket would win this jackpot. And it’s odds like these that make Saturday’s drawing likely to be the 40th since August 3, when a ticket in Pennsylvania correctly predicted all six numbers picked to win $206.9 million, the last time the jackpot was won.
If no one scoops the jackpot on Saturday, the number of consecutive drawings without a grand prize winner will tie the game record. On October 4, 2021, a ticket in California won a $699.8 million jackpot on the 41st drawing, ending the longest jackpot streak in Powerball history.
You Won’t Get All Of The $1.6B
Of course, as any accountant will note, that $1.6 billion is prior to taxes. (It is moreover pre-accountant.) Additionally, you will receive that pretax sum as a three-decade annuity. The upfront cash option for this drawing is $782.4 million, which is what the majority of jackpot winners select. That is still before taxes and before accounting fees.
According to the Multi-State Lottery Association, which operates Powerball, the annuity option is now larger than it was in the past relative to the cash option because rising interest rates enable larger annuitized awards.
The expected jackpot for this Saturday has surpassed the previous world record set by Powerball in 2016, when winning tickets in Tennessee, Florida, and California each received a $1.586 billion prize.
On Saturday, November 5, at 10:59 p.m. ET, the Florida Lottery draw studio in Tallahassee will host the following Powerball drawing. The last day to purchase tickets varies per jurisdiction, however it usually happens between one and two hours prior to the drawing.
Each Powerball play costs $2. In addition to the District of Columbia, Puerto Rico, and the US Virgin Islands, 45 states also sell tickets.
Top 10 Powerball Jackpots
- $1.6B (est.) – Nov. 5, 2022
- $1.586B – Jan. 13, 2016 – CA, FL, TN
- $768.4M – March 27, 2019 – WI
- $758.7M – Aug. 23, 2017 – MA
- $731.1M – Jan. 20, 2021 – MD
- $699.8M – Oct. 4, 2021 – CA
- $687.8M – Oct. 27, 2018 – IA, NY
- $632.6M – Jan. 5, 2022 – CA, WI
- $590.5M – May 18, 2013 – FL
- $587.5M– Nov. 28, 2012 – AZ, MO
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