The Powerball jackpot has surged to an estimated $1.1 billion after no jackpot winners emerged in Saturday night’s drawing. This marks the second-largest Powerball prize this year and the 12th jackpot to exceed $1 billion in the last five years.
The winning numbers from Saturday’s draw were 1, 28, 31, 57, and 58, with the Powerball number 16. While no one claimed the jackpot, five ticket holders nationwide secured $1 million each, and two additional tickets won $2 million apiece, according to official Powerball data.
Jackpot Details and Prize Structure
This $1.1 billion prize includes a lump sum cash option valued at approximately $503.4 million before taxes. This amount has increased by more than $74 million since the previous drawing on Wednesday. Typically, the lump sum payout is lower than the advertised annuity prize, which consists of 30 escalating annual payments over nearly three decades.
Lottery officials advertise the higher annuitized amount because it accounts for expected interest earnings on the prize money invested over time. However, many winners opt for the lump sum payout, which is paid once and subject to taxes.
Comparison to Other Big Jackpots This Year
The largest Powerball jackpot of the year occurred in September, reaching a staggering $1.787 billion before taxes. This historic prize was shared by two winners from Missouri and Texas. Both chose to take the lump sum payout of $410 million before taxes. Other winners have also preferred lump sum payments in recent top jackpots.
Odds and Upcoming Drawing
The odds of winning the Powerball jackpot remain extraordinarily slim, at roughly 1 in 290.2 million. The next lottery drawing is scheduled for tonight at 10:59 p.m. Eastern Time, offering another chance at this multi-billion-dollar prize.
As the jackpot grows, the excitement and ticket sales typically increase, keeping the anticipation high among participants nationwide.
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