The jackpot is nearly $400 million larger than the previous record jackpot and will continue to grow until someone wins the prize. Only four previous jackpots have exceeded $1 billion, but none of them come close to the current prize, which started at $20 million on Aug. 6 and has grown increasingly huge after more than three months without a win. A winner who chose a lump sum payment would get about $929.1 million, with $1.9 billion for a winner who chose an annuity to be paid annually over 29 years. Even as more people attracted to the giant prize drop $2 on a Powerball ticket, Game 1’s extremely large payout of 292.2 million means there’s still a good chance another drawing will go by without someone winning the big prize . That would push the jackpot for Wednesday’s drawing to more than $2 billion. WHY SO LONG WITHOUT A WINNER? Those who spend $2 on a Powerball ticket may wonder if something is wrong when 40 draws go by without a jackpot winner, but that’s how the game is designed. With odds of 1 in 292 million, this means it’s unlikely anyone will win the prize until a growing jackpot attracts more players. And more ticket sales means the lottery can raise more money for public programs, which is what state lotteries are all about. However, it has been a long time without a jackpot, and if there is no winner on Monday night, a new record will have been set: 41 draws without anyone matching all six numbers. A LOT OF PEOPLE MUST BE PLAYING NOW, RIGHT? Yes and no. Many, many more people are buying tickets now that the jackpot has reached nearly $2 billion. This is clear from the fact that when the jackpot started at $20 million in the summer, players only bought enough tickets to cover less than 10% of the 292.2 million possible number combinations. For Saturday’s draw, that had risen to 62%, so millions and millions of people are playing. But that’s still less than the 88.6% coverage achieved for the previous jackpot record in 2016. And if 38% of the possible number combinations aren’t covered, there’s a good chance there won’t be a winner. Players can choose numbers themselves, but the vast majority let a machine randomly pick the numbers. That’s not the case for George Pagen, of Brooklyn, New York, who always picks his numbers. “I can’t let the machine choose for me,” he said. “I have numbers in my head and I will win it. I’m going to win it and share it with all my friends and family and everyone.” WILL THE FINAL WINNER REALLY TAKE $1.9 BILLION? Pity the poor Powerball winner, as the lucky ticket holder won’t see anything close to $1.9 billion. The only question is how much less. First, this $1.9 billion prize is for winners who choose an annuity payment, which sends a check annually for 29 years, increasing by 5% each year. But almost no winners take the annuity, instead opting for cash. For Monday night’s drawing, the prize money will be $929.1 million, or less than half of the annuity prize. Given the disparity between the two prize options, Daniel Law of Brooklyn, New York, said he would consult a tax attorney if he won. “We’d figure out what’s the best deal,” Lo said as he bought tickets at a liquor store. “The annuity might be good because it would prevent us from spending, but it’s very difficult to spend $2 billion at once.” Larry Evans, who bought Powerball tickets in Chicago, agreed that he would have to hire a “team of people” to manage his finances. He noted that it might be expensive, “but it doesn’t make any difference because I could afford to pay the team.” However the winners are paid, federal taxes would take an additional bite, cutting the payout by more than a third, and many states tax lottery winnings, so that would include the prize. The difference between the annuity and prize money has increased recently because inflation has resulted in higher interest rates, which means the money invested in the annuity can grow. DO I HAVE A BETTER CHANCE OF WINNING IF I BUY MORE TICKETS? Yes, but your chances of winning have not improved significantly. Think of it this way: If you buy a ticket, you have a 1 in 292.2 million chance of winning the jackpot. If you spend $10 on five number combinations, your odds are better, but at 5 in 292.2 million you’re still almost certainly going to miss the jackpot. The same is true if you spend $100. Lottery officials say the average player buys two or three tickets, meaning they’re throwing money at a dream with very little chance of turning into a rich reality. WHERE IS POWERBALL PLAYED? Powerball is played in 45 states as well as Washington, DC, Puerto Rico and the US Virgin Islands.
Associated Press writer Julie Walker in New York contributed to this story.
