A lottery's advertised jackpot size is based on the amount a success would receive should they chose to be paid out in an annuity over the length of 30 years. Higher interest rates within a drawing means a greater total payout from that annuity fund, MUSL's website notes. By comparison, a lottery's lump-sum cash option is directly fueled by ticket sales. The lump sum for the existing Powerball jackpot is $782.4 million, which may result within an annuity fund that ultimately pays out $1.6 billion over three decades on the basis of the current interest rates.
Earlier this week, when the Powerball jackpot stood at $1.2 billion, with a lump sum option of nearly $600 million, Matheson noted that the “same cash value, if you had been doing it at the cheapest interest rates back through the Covid recession in 2020 may have only purchase about $800 million worth of advertised value back then.” Today's lottery operators have found a special spot by “having an odds which are roughly exactly the same size as the people being served,” Matheson says. Powerball's chances are 1 in 292 million, and the combined populations in the us where tickets can be purchased equal nearly 320 million.
The effect: A casino game that produces eye-popping jackpot numbers while being won just “frequently enough that individuals don't lose hope,” Matheson says. “Since the lottery is all about selling hope.” That also means organizers don't have much reason to help keep making lotteries harder to win, unless jackpot sizes continue to cultivate too. Bigger jackpots may possibly involve higher ticket prices or expansions to more states, and only five U.S. states don't already sell Powerball or Mega Millions tickets.
Their combined population is relatively small, too: roughly 13.5 million people. What's promising for lottery players is that whenever MUSL changed its format to produce jackpots harder to win, in addition it made smaller prizes simpler to win — as a means to temper people's disappointment at not taking home millions, Matheson says. But getting a $4 payout off a $2 lottery ticket isn't exactly the most appealing prize, which is why lottery organizers are ready to divert more of the revenue toward bigger jackpots.
Joseph Chahayed, the master of the service station which has been around business for 20 years, was the recipient of $1 million for selling the winning ticket. At a news conference on Tuesday, he said he planned to divide it among his family, including 11 grandchildren. “I encourage you to get a solution out of this station,” he said. “We guarantee 1 day you're going to be a winner, too.” An additional $156 million, raised from ticket sale profits, should go to California public schools.
The Powerball jackpot grew steadily for months after 40 straight drawings without a winner and set off a frenzy of ticket-buying across the country by routine lottery players and even some skeptics, hopeful that the odds of winning, one in 292.2 million, would tilt within their favor.
The winner or winners will receive the largest payout in U.S. lottery history, eclipsing the $1.586 billion payout in 2016 split among three Powerball winners in California, Florida and Tennessee, which set a world record, officials said. Once a success or winners come forward, the California Lottery's Security and Law Enforcement Division will verify the rightful owner of the winning ticket.
The Powerball prize is the next billion-dollar jackpot in recent months. Come early july, a single Mega Millions ticket sold in Des Plaines, Ill., won $1.34 billion. Previous billion-dollar jackpots were won in 2016, 2018 and 2021. Players can buy a $2 Powerball ticket in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The five states that do not participate are Alabama, Alaska, Hawaii, Nevada and Utah. The California Lottery will spend the winning ticket following the Multi-State Lottery Association, which oversees the Powerball, collects earnings from each participating lottery and transfers it to California.
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