Powerball Jackpot Reaches $1B a Week After Mega Millions Hits for $1.13B

The Powerball jackpot for Monday night’s drawing off is an estimated $1 billion, the game’s fifth-richest appreciate of all time. The one-time cash in alternative is rough $483.8 million. Both prizes are before federal and, possibly, commonwealth taxes.

Less than a week after a lucky player in New Jersey striking a $1.13 billion Mega Millions jackpot — the eighth-largest drawing value inwards the history of the United States and the fifth-richest Mega Millions win — Powerball stands to spend a penny someone else wildly wealthy.

Being that it’s April 1st, aka “April Fools’ Day,” officials with the Multi-State Lottery Association, which operates the thrice hebdomadal game on behalf of its 48 participating member jurisdictions, reassured players on Mon morn that the $1 1000000000 advertised Powerball award isn’t a hoax.

This is no more April Fools’ Day joke. We get an advertised Powerball jackpot that’s striking $1 1000000000000 to boot off the month of April,” said Drew Svitko, Powerball chairman and executive manager of the Keystone State Lottery.

“This is an exciting time to gambol Powerball. Whether you’re a haunt or unexampled player, delight think to hold on the biz sport by playing responsibly. It only when takes ace fine to win,” Svitko reminded players.

Monday night’s drafting goes down pat(p) at 10:59 pm EST from the Sunshine State Lottery studio inward Tallahassee.

Jackpot Run

The Powerball jackpot hasn’t been won since New Year’s Day when a single just the ticket sold inward Newmarket claimed an annuitized jackpot worth $842.4 million. Since then, there hold been 38 consecutive drawings without a single ticket matching the quint snowy balls and cherry-red Powerball.

The odds of a just the ticket matching the VI drawn numbers remain invariable at i inward to a greater extent than 292.2 million. However, the likelihood of a Powerball jackpot hitting improves slightly as the treasure chest grows, as to a greater extent players participate and, presumably, to a greater extent of the 292,201,338 possible number combinations are covered.

During the Sabbatum drawing, IV tickets narrowly missed the top of the inning award past matching the five white-hot numbers of 12, 13, 33, 50, and 52. Each ticket won the game’s second-tier prize of $1 million.

None of the players opted for the $1 add-on Power Play that would have doubled the treasure to $2 million. The Power Play landed on 3x but the $1 jillion second-tier award tin can only if be doubled. The $1 gazillion wins bang inward Illinois, Louisiana, Michigan, and Pennsylvania.

Saturday’s draftsmanship also included 55 tickets that won $50K and 11 tickets that won $150K. Those tickets matched iv whiteness balls and the scarlet Powerball. The 11 that won $150K had the Power Play choice that tripled the prize.

What’s a Billion Worth?

Mega Millions and Powerball home their advertised jackpots on a 30-year annuity. type A winner, should they opt for the good value, receives an quick defrayment and and then 29 yearly distributions that increment past well-nigh 5% a year.

The annuities are secured through investments inwards a portfolio of bonds. A bond is a debt security department that generates cash rate of flow through and through maturity and interest.

Because the federal interestingness remains elevated compared with only a few years ago, the advertised Mega Millions and Powerball jackpots based on the 30-year rente payout are considerably higher than they would have got been inward 2021.

Before the feds increased interestingness rates inwards 2022 in an sweat to offset rising inflation, to the highest degree Mega Millions and Powerball jackpot winners chose the cash option, as many believed auditory sensation investing would outpace the 5% fixed annuity. Today, the selection is a scrap to a greater extent complex.

For a clearer picture, a 2021 Mega Millions $1 1000000000000 jackpot came with a immediate payment alternative of $776 1000000 — $292.2 billion to a greater extent than tonight’s immediate payment jackpot option. For someone older who doesn’t need to reach along the destiny or doesn’t feature heirs, the one-time hard cash alternative stock-still mightiness urinate sense.

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