The Powerball jackpot is climbing again — and fast. No one hit the jackpot on Wednesday night, which means Saturday’s prize has jumped to an estimated $1 billion. It’s the second-largest jackpot of the year, just behind that massive $1.787 billion win in September claimed by players in Missouri and Texas.
If it feels like these jackpots keep getting bigger, you’re not imagining it. Over the last decade, both Powerball and Mega Millions have changed how their games work so the top prizes grow higher, faster, and more often.
Why Jackpots Keep Skyrocketing
Lottery officials have made some intentional moves to build these headline-grabbing payouts:
• Higher ticket prices
Ticket prices have quietly climbed over the years. Powerball doubled its ticket cost from $1 to $2 back in 2012. Mega Millions followed in 2017 — and then went even bigger this year, bumping tickets up to $5. More expensive tickets = more money funneling into jackpots.
• Tougher odds
The odds of winning the jackpot didn’t just stay steep — they got steeper.
Powerball changed its number ranges in 2015, pushing the jackpot odds from 1 in 175.2 million to 1 in 292.2 million.
Mega Millions did the same in 2017, stretching its odds to 1 in 302.6 million, and only this year eased them slightly to 1 in 290.5 million.
Why make it harder? Because the less often someone wins, the more the jackpot rolls over — and the bigger it gets.
As economist Victor Matheson put it, “People don’t buy a ticket to win $10. They buy a ticket to become a billionaire.”
Higher Interest Rates = Higher Advertised Jackpots
Another quiet factor behind those giant prize announcements? Interest rates.
Winners choose between:
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A lump sum (always smaller)
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An annuity paid over 30 years
The advertised jackpot is based on the annuity — and higher interest rates allow lotteries to project bigger long-term payouts. Even though most winners always take the lump sum (Saturday’s is estimated at $461.3 million), the big flashy number is what gets attention.
Expansion Across the Country
Back in the day, you couldn’t buy Powerball and Mega Millions in the same state. That changed after a major agreement in 2010. Now, both games are available almost nationwide, boosting ticket sales and speeding up jackpot growth.
A few exceptions remain:
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No lotteries in Alabama, Alaska, Hawaii, Nevada, or Utah
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Puerto Rico offers Powerball but not Mega Millions
With so many more players, it didn’t take long for history-making jackpots to show up — like the $656 million Mega Millions win in March 2012.
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