A jackpot worth nearly $2 billion has been won in the Powerball lottery. That’s the largest jackpot prize in United States history. In fact, it’s the biggest in the world.
The ticket holder matched all five numbers, but not the Mega Ball. He bought his ticket at a gas station in Altadena, California. According to the website, no other ticket sold in the United States matched all six of the winning numbers.
The Powerball is a multi-state lottery administered by the Multi-State Lottery Association. It’s been around for 34 years. Some states, including Texas and Florida, don’t participate.
Ticket prices vary by state. In the past, they ranged from $1 to $5. There’s also a special “all-star bonus” feature. Those who opt for the all-star bonus can win $100,000, even if they don’t hit the jackpot.
The jackpot is calculated by the sum of all the prize money that has been invested in the game for the past three decades. In other words, the bigger the jackpot, the more revenue the lottery operator will have to divert to it.
The odds of winning the jackpot are 1 in 292.2 million. While that may seem intimidating, the chances of hitting the jackpot are actually much greater than they used to be.
Ticket sales help the lottery jackpots grow. Since October, more than 17 million tickets have been sold. This includes 40 that are worth $1 million or more.
Most lotteries offer annuity jackpots. With interest rates increasing, the total payout is larger.