The Powerball lottery jackpot is expected to reach $1.9 billion for Monday’s drawing, according to the California Lottery, making it the largest lottery prize ever offered, just as its organizers intended when they changed the odds in 2015.
No winning tickets were sold for Saturday’s drawing of $1.6 billion, the largest lottery prize ever offered. The last Powerball jackpot was won on August 3rd in Pennsylvania.
This jackpot value is the amount a winner would receive if they took 30 graduated annual installments, although the winner can also choose a cash option to get a single sum of a lower value. For the $1.9 billion jackpot, the winner can choose to get 30 equal payments of about $63 million a year or receive a lump sum of about $929 million.
The largest Powerball jackpot ever won was in January 2016, when three winners shared an advertised prize of $1.586 billion. Each took their share of the cash value, which added up to $983.5 million.
Yes, that means the monetary value of the current $1.9 billion jackpot “record” is less than the monetary value of the $1.586 billion jackpot six years ago. You can thank the Federal Reserve’s recent interest rate hike for that discrepancy.
Powerball drawings are held every Monday, Wednesday and Saturday at 10:59 PM ET.
Powerball is played for $2 per card and players must choose five white balls from the numbers 1 to 69 and one red Powerball from 1 to 26. If a player gets all six numbers correct, they win a massive jackpot.
The odds of winning the jackpot by matching 5 numbers and the Powerball number are 1 in 292.2 million.
Before 2015, however, white balls were numbered 1 to 59 and Powerball 1 to 35. a large number will grow to a record size.
“This Powerball game is delivering what our players want,” Powerball Product Group President Drew Svitko said before Saturday’s drawing. “We’re making history with this $1.6 billion jackpot! What’s exciting is that this race has already produced millions of winners, including nearly 100 players who have won prizes of $1 million or more.”