The Powerball jackpot soared to $1.25 billion for Wednesday night’s drawing after there were no grand prize winners on Monday night.
It’s now the sixth highest Powerball jackpot of all time, and there will be at least 44 drawings in between jackpot winners — a new record, according to Powerball operators.
The last grand prize was won on Sept. 6, when lucky winners in Missouri and Texas split a $1.787 billion jackpot. That was the second largest jackpot in Powerball history.
“This one has arrived just in time for the holidays,” said Matt Strawn, Iowa Lottery CEO and Powerball Product Group Chair. “While it’s exciting to see the jackpot climb to this level, please remember to play responsibly. A single $2 ticket gives you a chance to win.”
The odds of winning the jackpot are 1 in 292.2 million, allowing it to reach astronomical heights over time.
If someone wins Wednesday’s $1.25 billion jackpot, the immediate cash payout option will be $572.1 million, according to Powerball. The other option is an annual payout over 29 years, increasing by 5% each year. Both options are taxed.
The largest Powerball jackpot ever was $2.04 billion in November 2022. It was won by a single man, Southern California resident Edwin Castro.
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