The Powerball jackpot has topped a whopping $1billion after no winner was found on Saturday night, according to lottery officials.
The jackpot for the next drawing Monday night remains the world's ninth-largest lottery prize of all time. The $1.04 billion jackpot is for a sole winner who opts for payment through an annuity, doled out over 30 years. Winners almost always take the cash option, which for Monday's drawing would be an estimated $478.2 million. Those winnings would be subject to federal taxes, while many states also tax lottery prizes.
The jackpot has grown so large because there have been 30 consecutive drawings without a big winner, dating back to July 19. 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. The largest jackpot was a $2.04 billion Powerball prize hit by a player in California in November 2022. In most states, a Powerball ticket costs $2 and players can select their own numbers or leave that task to a computer.
Powerball is played in 45 states as well as Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.
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No winning ticket was found on Saturday (Getty Images)The rollover comes after family members who pitched in for tickets for the Powerball lottery prize bagged a whopping $1million - but were just one number away from becoming billionaires. A five-person lottery club in Michigan, named the 'Rak Pack', failed to win the $1billion jackpot prize but were still delighted to see their numbers come up, which will see them split their winnings. Remarkably, they were just one number away from the Powerball prize after drawing 19-31-40-46-57. Had they had Powerball number 23, they would have ended up billionaires.
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However, it took nearly a year for the family to come forward and claim their winnings after they were drawn on October 29, 2022. “A few members of our family threw in money and bought several Powerball tickets since the jackpot was at $825 million,” the club’s representative, Gregory Rakowicz, told lottery officials in a September 29 news release. “I checked our tickets the morning after the drawing over a cup of coffee. When I saw we matched five numbers for a$1 million prize, I started shaking. I kept checking the numbers on our ticket and the winning numbers to make sure I was seeing things right.”
Delighted group members were struggling to get hold of some of the lottery players after their calls were left unanswered. “I called the other club members to tell them what we won, but it took some of them a few hours to call me back,” Rakowicz said. “I was so excited and couldn’t wait to tell them, so it was hard to be patient while I waited for them to call me!” The family members eventually learned of their success and said they'll use the winnings to go towards student loans, home improvements, and savings.
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