US Powerball is worth world record $1.6 billion in Saturday night draw

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Nov 5 (Reuters) – The U.S. Powerball jackpot to be drawn on Saturday night is the biggest lotto prize ever offered at around $1.6 billion, beating the previous world record set in 2016, lottery officials say.

No one has won the jackpot since August 3, which has allowed the cash prize to proliferate and generate a lot of business at gas stations and newsstands across the United States, where Americans buy Powerball tickets for $2 a pop.

To win the jackpot, a player must guess all six lucky numbers, including the final “Powerball”. Players have a 1 in 292.2 million chance of winning the jackpot and a 1 in 24.9 chance of winning a smaller prize, according to lottery officials.

Winners can choose to receive their money as an annuity, paid in 30 installments over 29 years, or as a lump sum cash payment. Both types of earnings are subject to federal and local taxes.

The draw will take place at 10:50 p.m. EDT Saturday (02:50 GMT Sunday) in Florida’s state capital, Tallahassee. This will be the 40th Powerball drawing since the August 3 victory.

The longest run in lottery history ended on October 4, 2021, when a California ticket holder won a $699.8 million jackpot after 41 draws.

Reporting by Julia Harte; edited by Jonathan Oatis

Our standards: The Thomson Reuters Trust Principles.

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