\n Posted on: April 1, 2024, 02:38h.\u00a0\n <\/p>\n
\n Last updated on: April 1, 2024, 02:49h.\n <\/p>\n
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<\/div>\n<\/p><\/div>\n<\/p><\/div>\nThe Powerball jackpot for Monday night\u2019s drawing is an estimated $1 billion, the game\u2019s fifth-richest prize of all time. The one-time cash option is roughly $483.8 million. Both prizes are before federal and, possibly, state taxes<\/a>. <\/span><\/p>\n Less than a week after a lucky player in New Jersey hit a $1.13 billion Mega Millions jackpot<\/a> \u2014 the eighth-largest lottery prize in the history of the United States and the fifth-richest Mega Millions win \u2014 Powerball stands to make someone else wildly wealthy. <\/span><\/p>\n Being that it\u2019s April 1st, aka \u201cApril Fools\u2019 Day,\u201d officials with the Multi-State Lottery Association, which operates the thrice weekly game on behalf of its 48 participating member jurisdictions, reassured players on Monday morning that the $1 billion advertised Powerball prize isn\u2019t a hoax. \u00a0<\/span><\/p>\n This is no April Fools\u2019 Day joke. We have an advertised Powerball jackpot that\u2019s hit $1 billion to kick off the month of April,\u201d said Drew Svitko, Powerball chair and executive director of the Pennsylvania Lottery. <\/span><\/p>\n<\/blockquote>\n \u201cThis is an exciting time to play Powerball. Whether you\u2019re a frequent or new player, please remember to keep the game fun by playing responsibly. It only takes one ticket to win,\u201d Svitko reminded players.<\/span><\/p>\n Monday night\u2019s drawing goes down at 10:59 pm EST from the Florida Lottery studio in Tallahassee. <\/span>\u00a0<\/span><\/p>\n The Powerball jackpot hasn\u2019t been won since New Year\u2019s Day<\/a> when a single ticket sold in Michigan claimed an annuitized jackpot worth $842.4 million. Since then, there have been 38 consecutive drawings without a single ticket matching the five white balls and red Powerball. <\/span><\/p>\n The odds of a ticket matching the six drawn numbers remain constant at one in more than 292.2 million. However, the likelihood of a Powerball jackpot hitting improves slightly as the treasure chest grows, as more players participate and, presumably, more of the 292,201,338 possible number combinations are covered. <\/span><\/p>\n During the Saturday drawing, four tickets narrowly missed the top prize by matching the five white numbers of 12, 13, 33, 50, and 52. Each ticket won the game\u2019s second-tier prize of $1 million. <\/span><\/p>\n<\/div>\n None of the players opted for the $1 add-on Power Play that would have doubled the prize to $2 million. The Power Play landed on 3x but the $1 million second-tier prize can only be doubled. The $1 million wins hit in Illinois, Louisiana, Michigan, and Pennsylvania.<\/span><\/p>\n Saturday\u2019s drawing also included 55 tickets that won $50K and 11 tickets that won $150K. Those tickets matched four white balls and the red Powerball. The 11 that won $150K had the Power Play option that tripled the prize.<\/span><\/p>\n Mega Millions and Powerball base their advertised jackpots on a 30-year annuity. A winner, should they opt for the full value, receives an immediate payment and then 29 annual distributions that increase by about 5% a year. <\/span><\/p>\n The annuities are secured through investments in a portfolio of bonds. A bond is a debt security that generates cash flow through maturity and interest. <\/span><\/p>\n Because the federal interest remains elevated compared with only a few years ago, the advertised Mega Millions and Powerball jackpots based on the 30-year annuity payout are considerably higher than they would have been in 2021. \u00a0\u00a0\u00a0<\/span><\/p>\n Before the feds increased interest rates in 2022 in an effort to offset rising inflation<\/a>, most Mega Millions and Powerball jackpot winners chose the cash option<\/a>, as many believed sound investing would outpace the 5% fixed annuity. Today, the choice is a bit more complex.<\/span><\/p>\n<\/div>\n For a clearer picture, a 2021 Mega Millions $1 billion jackpot came with a cash option of $776 million \u2014 $292.2 million more than tonight\u2019s cash jackpot option. For someone older who doesn\u2019t want to pass along the fortune or doesn\u2019t have heirs, the one-time cash option still might make sense.<\/span><\/p>\n<\/div>\n![\"Powerball](\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/Powerball-1-Billion-858x572.jpg\")
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Jackpot Run<\/b><\/span>\u00a0<\/b><\/span><\/h2>\n
What\u2019s a Billion Worth?<\/b><\/span><\/h2>\n