Why does the Powerball jackpot increase over time—and what was the largest payout in history?!- OnMyWay Mobile App User News

Why does the Powerball jackpot increase over time—and what was the largest payout in history?

Another Houston-area resident became a millionaire Monday, and now everyone in Texas and beyond has a chance to become a billionaire.

A Powerball lottery ticket sold at a convenience store in Spring matched all five white-ball numbers in Monday night’s drawing, according to information released by the Texas Lottery Commission. And because the purchaser paid an extra $1 for the “power play” option, the ticket was worth $2 million instead of $1 million, the typical prize for matching all five white-ball numbers.

Lottery players must match all five white-ball numbers as well as the red Powerball number to win the jackpot, which is now an estimated $1 billion since no one accomplished the feat in Monday’s drawing. The next drawing for the multi-state lottery game is 10:12 p.m. Wednesday, and the deadline to purchase tickets is 9 p.m. Wednesday.

The $1 billion jackpot is the third-largest in Powerball history and the seventh-largest for a lottery game in the United States.

Powerball tickets are $2 apiece and can be purchased at lottery retailers or through the Texas Lottery app. Players at the time of purchase can select a cash value option for the grand prize or choose to receive 30 annual payments that increase over time. While the estimated annuitized jackpot for Wednesday’s drawing is $1 billion, the estimated cash value is $516.8 million.

Winning tickets must be claimed no later than 180 days after the date of the drawing. Retailers that sell jackpot-winning Powerball tickets are eligible to receive bonuses of up to $1 million.

The last time a Texan won a Powerball jackpot was in 2015. The state has had two grand-prize winners since joining the game in 2010.

The white-ball numbers in Monday’s drawing were 5, 8, 9, 17 and 41, while the red Powerball number was 21. The ticket worth $2 million was sold at the Breaktime store located at 23307 Aldine Westfield Rd., with the purchaser utilizing the “quick pick” option.

Statewide Powerball ticket sales for Monday’s drawing topped $13.6 million, including more than $2.1 million in power play sales, according to the Texas Lottery Commission.

Why does the Powerball jackpot increase over time?
Powerball drawings happen Monday, Wednesday and Saturday nights each week at the Florida Lottery headquarters in Tallahassee. Although a number of factors influence the estimated value of a given jackpot, the prize fund is essentially determined by the number of buy-ins ahead of each drawing, meaning how many Powerball tickets are purchased nationwide. People can buy a Powerball ticket in 45 U.S. states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands, for $2 per ticket. Purchasing a ticket with the game’s Power Play option costs an additional $1.

The odds of winning a lower-tier prize in Powerball are slightly less than 1 in 25, but the odds of winning the jackpot in full are approximately 1 in 292 million, according to the game. Each time a drawing happens without a winner, the jackpot rolls over into the next round and grows as more people buy Powerball tickets in the interim. Since chances of winning the jackpot are so slim, the pot often has time to grow substantially over the course of a given lottery run.

Where are Powerball tickets sold and how much do they cost?
Powerball tickets cost $2 and are sold in 45 U.S. states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands. In Idaho and Montana, Powerball is bundled with Power Play a feature that allows a winner to multiply the original amount of non-jackpot prizes for a minimum purchase price of $3 per ticket.

More than half of all proceeds remain in the jurisdiction where the ticket was purchased.

Can Powerball tickets be purchased online?
Players can buy Powerball tickets in person from retailers in authorized participating U.S. states. In certain U.S. states, Powerball tickets can be purchased online through the state lottery agency.

Your odds of winning are only slightly improved by buying more than one ticket. And the odds are so long that it’s certainly not worth spending money you’ll miss for more tickets, experts warn. If buying one ticket gives you a 1 in 292.2 million chance of winning the jackpot, spending $10 for five number combinations improves your chances to only 5 in 292.2 million. The same is true is you spend $100. So you could spend a lot of money on tickets and still almost undoubtedly not hit the jackpot. Lottery officials say the average player buys two or three tickets, meaning they’re putting money down on a dream with very little chance it will pay off in a jackpot win.

What are the largest Powerball jackpots ever won?
The largest Powerball jackpot ever won went to the California ticket holder who hit the $2.04 billion prize last November. Before that, three winners from California, Florida and Tennessee won the $1.586 billion prize in 2016. Another ticket purchased in Wisconsin hit the jackpot for $768.4 million in 2019, after someone in Massachusetts won a similar amount — $758.7 million — two years earlier. A winner from Wisconsin took home the jackpot prize this past February, when it stood at $754.6 million.


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