Powerball jackpot reaches $1 billion weekly after Mega Millions jackpot hits $1.13 billion
The jackpot for Monday night's Powerball drawing is estimated at $1 billion, the fifth-largest prize ever for the game. The one-time cash option is approximately $483.8 million. Both prices are before federal and possible state taxes.
Less than a week after a lucky New Jersey player won a $1.13 billion Mega Millions jackpot (the eighth-largest lottery jackpot in U.S. history and the fifth-largest Mega Millions jackpot), Powerball is about to win someone else very rich.
Since today is April 1, also known as "April Fool's Day," officials with the Multi-State Lottery Association, which holds lotteries three times a week on behalf of 48 participating member states, assured players Monday morning of a $1 billion jackpot. The advertised Powerball Awards are no joke.
This is not an April Fool's joke. "We have announced that the Powerball jackpot has reached $1 billion in early April," said Drew Svitko, chairman and CEO of Pennsylvania Lottery Powerball.
"It's an exciting time to play Powerball. Whether you're a veteran or new player, remember to keep the game fun by playing responsibly. All it takes is one ticket to win," Svitko reminded players. them.
Monday night's drawing will be held at the Florida Lottery Studios in Tallahassee at 10:59 p.m.
Grand Prize Run
The Powerball jackpot hasn't been won since New Year's Day, when a ticket sold in Michigan claimed a stale jackpot worth $842.4 million. Since then, there have been 38 consecutive draws without a ticket containing five white balls and a red Powerball.
The odds of a ticket matching the 6 numbers drawn are always better than 1 in 292.2 million. However, as the number of treasure chests increases, the odds of winning the Powerball jackpot increase slightly because more players participate and presumably cover more of the 292,201,338 possible number combinations.
Four tickets narrowly missed out on the jackpot in Saturday's draw as they matched the five white numbers 12, 13, 33, 50 and 52. Each ticket won the game's second prize of $1 million.
Not a single player opted for the $1 Power Play add-on, which would double the prize to $2 million. Power Play prizes are tripled, but the second prize of $1 million can only be doubled. Illinois, Louisiana, Michigan and Pennsylvania won $1 million.
Saturday's drawing also included 55 winning tickets for $50,000 and 11 winning tickets for $150,000. These tickets include four white balls and a red Powerball. The 11 players who won $150,000 had the Power Play option, which tripled their winnings.
How much is one billion worth?
Mega Millions and Powerball's advertising jackpots are based on a 30-year annuity. Winners who elect the full bonus will receive their bonus immediately and then receive 29 annual distributions, increasing by approximately 5% each year.
Pensions are secured by investing in a portfolio of bonds. A bond is a debt instrument that generates cash flows through maturity and interest.
The advertised Mega Millions and Powerball jackpots based on 30-year pension payments are significantly higher for 2021 because federal interest rates remain high compared to just a few years ago.
Before the Federal Reserve hikes interest rates in 2022 to offset rising inflation, most millionaires and Powerball jackpot winners opted for the cash option as many believed sound investments would ensure a 5% fix pension. Today's choice is a little complicated.
To put this into perspective, the 2021 Mega Millions $1 Billion jackpot comes with a cash option of $776 million, which is $292.2 million more than tonight’s cash jackpot option. For those who are older, do not want to inherit assets, or have no heirs, a lump sum cash payment still makes sense.
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Source: www.casino.org
