Lottery fans are gearing up for Saturday night’s massive Powerball drawing, with the jackpot estimated at a staggering $1 billion. This marks only the 14th time in U.S. history that a lottery prize has hit the billion-dollar mark—and it’s already the second of the year!
The jackpot soared after Wednesday’s $930 million drawing saw no winners, leaving hopeful players dreaming even bigger.
Here’s a quick look at some exciting context:
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This year, two winners from Texas and Missouri split Powerball’s $1.787 billion prize in September—the second-largest jackpot in U.S. history.
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The largest jackpot ever? A $2.04 billion Powerball prize in 2022.
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Billion-dollar jackpots are still a relatively recent phenomenon, with the first one hitting $1.586 billion in 2016.
How the prize actually works:
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The advertised $1 billion comes if a winner chooses the 30-year annuity, which pays out in escalating installments over 29 years.
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Prefer a lump sum? That option would be about $457.7 million before taxes, based on the current jackpot pool.
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Most winners usually take the lump sum, but either way, taxes apply.
And it’s not just the jackpot up for grabs. Other prizes can be huge too! For example, in Wednesday’s drawing, three players won $1 million each by matching the first five numbers but missing the red Powerball.
Mark your calendars: Saturday’s drawing is set for 10:59 p.m. ET. Whether you play for the jackpot or the smaller prizes, it’s shaping up to be a thrilling night.
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