"The Powerball jackpot has jumped to an eye-popping $1.7 billion, after yet another drawing passed without a big winner Wednesday. The numbers selected were: 3, 16, 29, 61 and 69, with the Powerball number being 22. Since May 31, there have been 41 straight drawings without a big winner. The next drawing will be Saturday night, with the prize expected to be the third-largest in U.S. lottery history."
"Powerball's terrible odds of 1 in 292.2 million are designed to generate big jackpots, with prizes becoming ever larger as they repeatedly roll over when no one wins. Lottery officials note that the odds are far better for the game's many smaller prizes. There are three drawings each week. The estimated $1.4 billion jackpot from Wednesday night's drawing would have been for a winner who had opted to receive 30 payments over 29 years through an annuity."
The Powerball jackpot climbed to $1.7 billion after another drawing produced no grand-prize winner, marking 41 straight drawings without a top prize since May 31. The most recent drawn numbers were 3, 16, 29, 61 and 69, with Powerball 22. The next drawing is scheduled for Saturday night and the prize is expected to be the third-largest in U.S. lottery history. Powerball odds are 1 in 292.2 million, which causes repeated rollovers and growing jackpots; smaller prizes have substantially better odds. The estimated annuity for Wednesday's top prize was $1.4 billion and the cash option was about $634.3 million; Saturday's cash estimate is $770.3 million. Tickets cost $2 and the game is offered in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
Read at Fortune
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