By OLIVIA DIAZ Associated Press/Report for America
The Powerball jackpot now stands at an estimated $1.7 billion and is one of the largest lottery prizes in U.S. history. The lottery group will be drawing the 4th-largest jackpot ever on Christmas Eve. The record U.S. jackpot is $2.04 billion from back in 2022. The odds of winning Wednesday's jackpot are 1 in 292.2 million. One math professor says those odds are equivalent to selecting one marked dollar bill from a stack 19 miles high. Those unfavorable odds are by design to help the lottery create billion-dollar jackpots. There are still other million-dollar prizes that players can win.
Mega Millions players will get slightly better odds and should start seeing more billion-dollar jackpots, but at a cost — literally — with tickets for the multistate lottery more than doubling in price from $2 to $5. The new ticket price is in place for Tuesday's drawing. Lottery officials are betting that the swollen jackpots they're expecting will catch the public's attention and lead to an accompanying surge in sales. The higher ticket price means the jackpot can start at $50 million, rather than the previous $20 million, and the grand prize is expected to grow more quickly.
Remember this moment because it probably won't last: A U.S. lottery jackpot is projected to soar above $1 billion, and that's still a big deal. Friday's Mega Millions drawing is worth an estimated $1.15 billion. The prize has evoked headlines across the country, despite the nation's top 10 jackpots already having boasted billion-dollar payouts. Jonathan Cohen is the author of the book "For a Dollar and a Dream: State Lotteries in Modern America." He says he expects jackpots to continue to grow in size. Larger payouts attract more media attention, increase ticket sales and bring in new players.
The cost of a Mega Millions lottery ticket will soon more than double, but officials said they're confident players won't mind paying more after changes that will lead to larger prizes and more frequent winners. Lottery officials announced Monday that it will cost $5 to play Mega Millions beginning in April. That is up from the current $2 per ticket. Along with the high price, officials plan changes leading to improved jackpot odds, more frequent giant prizes and larger payouts. Mega Millions and its lottery compatriot Powerball are sold in 45 states as well as the District of Columbia and the U.S. Virgin Islands. Powerball also is sold in Puerto Rico. Powerball doesn't plan to increases prices.
There is no mystery why the Mega Millions jackpot has grown to $1.55 billion, making it the third-largest ever. The prize is growing so large because no one has matched the game's six numbers to win the jackpot since April 18. That's 31 straight drawings without a big winner. That nearly four-monthlong unlucky streak could be all the sweeter for the person who finally wins. The current prize is inching toward the record lottery jackpot of $2.04 billion, which was won in 2022 by a player in California. The next drawing is Tuesday night. The odds of winning the jackpot are 1 in 302.6 million.
An estimated $1.1 billion Mega Millions jackpot will be up for grabs, giving lottery players a chance to snap an unlucky streak that has stretched on for months. No one has won the Mega Millions jackpot since April 18. That has enabled it to grow for months, and it is now the sixth-largest in U.S. history. Tuesday night's drawing will be the 30th since someone last won the jackpot. The odds of winning the Mega Millions jackpot are 1 in 302.6 million. The $1.1 billion jackpot is for a sole winner who chooses to be paid through an annuity over 30 years. A winner who takes the lump sum would receive an estimated $550.2 million.
If it seems like lottery jackpots topping $1 billion are more common nowadays, it's because they are. The latest is a $1.05 billion Mega Millions prize up for grabs Tuesday night. Since 2021, five prizes have topped $1 billion, not counting the latest game. The increased frequency is due to higher interest rates and worsened odds for winning a jackpot. The advertised lottery jackpot is for winners choosing payment through an annuity over 30 years. Higher interest rates mean a lump sum will grow larger when paid through an annuity over decades. And years ago, the odds were changed to make jackpots more rare, allowing prizes to roll over and become larger.
A tiny neighborhood store in downtown Los Angeles near Skid Row has sold the winning ticket for the Powerball jackpot worth an estimated $1.08 billion. It's the sixth largest in U.S. history. The winner could take the $558.1 million lump sum before taxes, or get $1.08 billion paid out in yearly increments. The store where the winning ticket was sold will also receive a $1 million bonus from the California Lottery. Officials presented a giant symbolic check to the store's owner, Navor Herrera, and his family on Thursday. The winning numbers for Wednesday night's drawing were 7, 10, 11, 13, 24 and red Powerball 24.
The Powerball jackpot rose yet again to an estimated $1 billion after no winning ticket was sold for the latest drawing. No ticket for Monday's drawing matched the white balls 5, 8, 9, 17, 41 and red Powerball 21. The estimated jackpot for Wednesday's drawing would be the seventh highest in U.S. history and the third largest for Powerball. Ticket buyers have a chance at either $1 billion paid out in yearly increments or a $516.8 million one-time lump sum before taxes. The last time someone won the Powerball jackpot was April 19 for a top prize of nearly $253 million. Since then, no one has won the grand prize in the past 38 consecutive drawings.
