Powerball Jackpot Reaches $1 Billion

Lottery fever is building as the Powerball jackpot has hit the billion-dollar mark.

There was no jackpot winner Wednesday night, so the grand prize will roll over to Saturday’s drawing, when a two-dollar Powerball ticket could be worth a billion dollars before taxes. Whoever wins can choose the entire amount over 30 installments, or take the one-time cash amount of $461.3 million.

Saturday’s jackpot ranks as the seventh-largest in Powerball history. It’s also the second Powerball jackpot to reach $1 billion this year, following the $1.787 billion jackpot won on Sept. 6 in Missouri and Texas.

Although the jackpot eluded players, three tickets sold in Maryland, Michigan and New Jersey matched all five white balls to win $1 million prizes.

Saturday’s drawing will be the 42nd in the current jackpot run, tying the game record for most consecutive drawings in a single jackpot cycle. The Powerball jackpot was last won on Sept. 6 by two tickets in Missouri and Texas that split a $1.787 billion prize.

If a player wins Saturday’s jackpot, they will choose between an annuitized prize estimated at $1 billion or a lump sum payment estimated at $461.3 million. Both prize options are before taxes. If the winner selects the annuity option, they will receive one immediate payment followed by 29 annual payments that increase by 5-percent each year.

The overall odds of winning a prize are 1 in 24.9. The odds of winning the jackpot are 1 in 292.2 million.

Top Ten Powerball Jackpots