Powerball jackpot rises to $1.6 billion ahead of Monday's drawing

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Powerball jackpot rises to $1.6 billion ahead of Monday's drawing

1 month ago

News sources:

ABCNEWS

REUTERS

CBSNEWS

Powerball jackpot rises to $1.6 billion ahead of Monday's drawing

Credited from: ABCNEWS

The Powerball jackpot has soared to an estimated $1.6 billion.
This amount represents the fourth-largest jackpot in Powerball history.
Players can choose between a lump sum of about $735.3 million or an annuity payout.
Odds of winning the jackpot are 1 in 292.2 million.
The next drawing is scheduled for Monday at 10:59 p.m. ET.

The U.S. Powerball jackpot has climbed to an estimated $1.6 billion ahead of Monday night's drawing, marking it as the fourth-largest lottery prize in Powerball history. This surge in the jackpot occurred after Saturday’s drawing produced no winners, allowing the payout to increase significantly, according to ABC News and Reuters.

The current estimated cash value of the jackpot is approximately $735.3 million before taxes. Winners have the option to either take the lump sum payout or opt for an annuity that pays over 29 years, with payments increasing by 5% each year. The odds of winning the jackpot remain incredibly slim, at 1 in 292.2 million, according to CBS News and Reuters.

The last Powerball jackpot was won on September 6, when two tickets in Missouri and Texas split a prize worth $1.787 billion. This latest drawing is part of a historic cycle, marking the 46th drawing without a grand prize winner, as noted by CBS News. The previous record for most drawings in a grand prize cycle was set during this period, highlighting the growing trend of increasing lottery jackpots, according to ABC News and Reuters.