The Powerball jackpot increased to an estimated $1.4 billion after no player matched all six numbers and hit it Wednesday night.
The winning numbers announced are: 9, 35, 54, 63, 64 and Powerball 1.
The next player will get a chance to win Saturday night’s Powerball jackpot in hopes of ending an 11-week streak without a big winner.
No matter how big the prize grows, the odds remain the same — and they’re awful.
The odds of 1 in 292.2 million are what make the jackpot so difficult to win and produce 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 seventh largest lottery prize in the world.
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 a single Powerball or leave the 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.
The next player will get a chance to win Saturday night’s Powerball jackpot in hopes of ending an 11-week streak without a big winner.AP
Once a number is selected, it usually takes several hours to determine if there is a jackpot winner. If there is no winner, state lottery officials release an estimated jackpot for the next drawing.
If there is a winner, the jackpot will return to $20 million and begin the long process of growing until there is another winner.
Gale Groseclose, who bought a Powerball ticket in Pineville, North Carolina, said the $1 million prize was a lot for her but Wednesday’s $1.2 billion jackpot definitely caught her eye.
“I don’t usually do this on a regular basis, but like I said, when it happens, what is it? I don’t 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, although the current jackpot is advertised as $1.4 billion, the lottery has less than half the amount available for the top prize.
That’s why the prize money — which most winners take — is $643.7 million.
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.Powerball
Players can also choose an annuity, where $643.7 million will be paid to the company that will guarantee a 30-year return of $1.4 billion.
If the winner dies before collecting all of their money, the balance 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 a federal tax return.
State taxes will vary because some states do not tax lottery winnings at all and others tax the money at different rates.
Players who purchase a winning grand prize ticket in a state other than where they live will pay taxes based on where they purchased the ticket.
Players can also choose an annuity, where $643.7 million will be paid to the company that will guarantee a 30-year return of $1.4 billion.AP
DO POWERBALL ODDS CHANGE BASED ON THE NUMBER OF PLAYERS?
The odds of the game remain 1 in 292.2 million regardless of how big the jackpot is and how many people buy tickets. Those possibilities mean there are 292.2 million possible number combinations.
To put that breadth in context, note that for Monday’s drawing, players across the country picked just over 20% of the possible combinations.
This means that almost 80% of the possible combinations are not chosen, so there will most likely be no winner.
Usually, the bigger the jackpot grows, the more people play and the more combinations are covered.
People also usually buy more tickets on Saturday, which increases the chances of a winner for the drawing.
Eric Warner, who also bought tickets in Pineville, said he would immediately buy a Porsche if he won the big jackpot and then invest most of the money in himself and his community.
Usually, the bigger the jackpot grows, the more people play and the more combinations are covered. People also usually buy more tickets on Saturday, which increases the chances of a winner for the drawing.AP
Warner said he never really expected to win but enjoyed buying tickets from time to time.
“It’s something I found and maybe I feel lucky,” he said. “Then I’ll go ahead and get the ticket and just hope for the best.”
CAN THE WINNERS REMAIN ANONYMOUS?
Rules vary from state to state with some requiring the name of the jackpot winner 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 names.
WHERE ARE THE GAMES PLAYED?
Powerball is played in 45 states plus Washington, DC, Puerto Rico and the US Virgin Islands. Another near-national lottery game, Mega Millions, is also played in those 45 states as well as Washington, DC, and the US Virgin Islands.
The five states that did not participate in the game were Alabama, Alaska, Hawaii, Nevada and Utah.
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