"The jackpot is also the ninth-largest among all US lottery jackpots. The $1.3 billion figure represents the winnings of those who choose to receive the payment in 30 annual installments, distributed over 29 years, that grow in size over time. Any winner can instead choose a lump-sum cash payment, estimated at $589 million. There have been 40 drawings since the jackpot was last won in May and Wednesday will mark the 41st."
"While the top prize has climbed upward, the odds of winning have not, and they hover at around 1 in 292 million. The odds relate to the number of balls used in the drawing, which have changed over time, pushing down the odds of winning the jackpot - though the chances of a tie, when two or more people select the same winning numbers, increases as more tickets are sold."
"As the jackpot climbs in size, so have sales. Powerball's ticket sales saw a 175.4% increase for Monday's $1.1 billion jackpot compared to the previous Monday drawing August 25, which advertised a $750 million jackpot. Any jackpot winner will also be staring at a tax liability that could reach hundreds of millions of dollars, depending on the state they live in and how they receive their winnings."
Powerball's estimated jackpot for Wednesday's drawing is $1.3 billion, the fifth-biggest in the game's history and the ninth-largest among U.S. lotteries. The annuity option pays the amount in 30 annual installments over 29 years, while the lump-sum cash option is about $589 million. The jackpot has gone 41 drawings without a winner, nearly matching the 42-drawing record. Ticket sales rose sharply, with a 175.4% increase during a recent $1.1 billion drawing compared to an earlier $750 million draw. Odds of winning remain about 1 in 292 million. Winners face substantial tax liabilities, and tickets cost $2.
Read at 6abc Philadelphia
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