A $1 billion Powerball jackpot – the year’s second largest – is up for grabs tonight
By Toni Odejimi, CNN
(CNN) — Lottery hopefuls are taking their shot at Saturday night’s estimated $1 billion Powerball jackpot – the 14th US lottery prize to ever reach $1 billion and the second to do so this year.
The jackpot rose after nobody won Wednesday night’s $930 million drawing.
This is the second jackpot to hit at least $1 billion this year. Two winners – in Texas and Missouri – split Powerball’s $1.787 billion prize in September. That was the second largest jackpot in US lottery history; the largest, a $2.04 billion Powerball prize, was won in 2022.
Billion-dollar jackpots have been in the US only for the past decade or so, with the first in 2016 from Powerball, valued at $1.586 billion.
Whether winners actually take an advertised jackpot value depends on how they choose to be paid. The $1 billion offered in Saturday’s drawing would come only if a winner opts for 30 escalating installments – which lotteries offer through an annuity accounting for interest – over 29 years.
Otherwise, a winner could choose a lump sum representing what’s in the actual jackpot pool on the day of the drawing, which in Saturday’s case is an estimated $457.7 million.
Both figures are before taxes. Powerball and Mega Millions jackpot winners usually take the lump sum.
Players can win other prizes besides the jackpot. In Wednesday’s drawing, three ticket holders won $1 million by matching the first five numbers but missing the sixth – the red Powerball – according to game officials.
Saturday’s drawing is set for 10:59 p.m. ET.
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