Powerball Jackpot jumps to $900 million, third-largest prize in game's history

The Powerball jackpot is still climbing, reaching $900 million for Monday night’s drawing.

The jackpot ranks as the third-largest in Powerball history and seventh-largest in U.S. lottery history.

The $900 million prize is for winners who choose to take their riches through an annuity, paid annually over 29 years. Nearly all winners opt for cash, which is currently estimated at $465.1 million.

Those winnings also would be subject to federal taxes. Many states tax lottery winnings, too.

The Powerball jackpot was last hit in the April 19, 2023 drawing, when a ticket in Ohio matched all five white balls and the red Powerball to win a grand prize worth $252.6 million. Since then, there have been 37 consecutive drawings without a jackpot winner. The winless streak is due to the abysmal odds of winning: one in 292.2 million.

The longer the game goes without a grand prize winner, the larger the payout will grow. And with huge jackpots becoming increasingly common in lottery drawings — with six grand prizes between Powerball and Mega Millions surpassing $1 billion since 2016 — this latest Powerball streak could very likely become the seventh.

The largest lottery jackpot in U.S. history stands at $2.04 billion and was won by a single Powerball ticket in California on Nov. 7, 2022. No one has come forward to claim their prize, though the winner has until November 2023 before the ticket expires.

Powerball is played in 45 states, the District of Columbia and Puerto Rico. It costs $2 to play.

Drawings are held each Monday, Wednesday and Saturday at 10:59 p.m. ET.

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from NBC Chicago https://ift.tt/Ws27MV9