Powerball Jackpot Climbs over $650M

Powerball lottery ticket | Image by Deutschlandreform

As of Monday, the Powerball jackpot is yet to be won, and it continues to grow. It is now at $653 million. 

This is the eighth-largest jackpot in Powerball history. The figure of $653 million is only accurate if the winner chooses to take the prize through an annuity that would pay over the course of 29 years.

Most winners choose to cash out rather than take the annuity. If the winner chooses the cash option, the prize will be closer to $350.5 million. 

In either case, the winnings are subject to federal taxes. 

The last time someone won a jackpot (by guessing all six numbers correctly) was November 19, when an individual in Kansas matched all the numbers and won the $92.9 million jackpot. 

This means there have been 31 consecutive draws without any winner. The odds of winning are incredibly low, with a one in 292.2 million chance. 

Huge jackpots have become almost par for the course in lottery drawings. Since 2016, Mega Millions and Powerball together have had six grand prizes over $1 billion. 

The largest lottery jackpot in U.S. history was also won last November when an individual from California won a $2.04 billion jackpot. The individual still needs to come forward to claim their prize, but they have until November 2023 to cash out.

Powerball tickets cost $2, making the gamble for hundreds of millions fairly easy to take. 

In 2022, Play Pennsylvania surveyed 1,100 Americans concerning their lottery habits. The survey found that 44% of those polled played the lottery more when the payout was larger. 

Results also indicated that around 30% of people will buy only one lottery ticket when the winnings are large, while about 25% will buy five or even more. 

54% said they would quit their job if they won big, most of whom said they would leave within six months of winning. 

Drawings are held every Monday, Wednesday, and Saturday at 10:59 pm ET.

The next drawing will be this Wednesday. 

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