Jackpot Rolls Over Since May,
Seventh Largest Prize in Powerball History
The US's flagship lottery, Powerball, is set to offer a jackpot exceeding 1 trillion won.
According to local media outlets such as USA Today on August 26 (local time), the prize for the upcoming Powerball drawing in the United States on August 27 (local time) has reached 815 million dollars. This amounts to approximately 1.14 trillion won, making it the seventh largest jackpot in Powerball history.
Powerball, along with Mega Millions, is one of the two major lotteries in the United States. It can be purchased in 45 states except Nevada, as well as in Washington, D.C., Puerto Rico, and the US Virgin Islands. To win the first prize "jackpot," players must match five numbers from 1 to 69 and one Powerball number from 1 to 26. The odds of winning the jackpot are 1 in 292.2 million, which is significantly lower than the odds of winning the top prize in the Korean Lotto (1 in 8,145,060).
In addition to the jackpot, prizes are awarded for second through ninth places. If there is no jackpot winner, the prize money rolls over to the next drawing. This rollover system is the reason the current jackpot has grown to such an astronomical amount. The most recent Powerball jackpot winner appeared in California on May 31, and since then, there have been 37 consecutive drawings without a winner, causing the prize to swell to 815 million dollars.
The jackpot winner can choose to receive the full prize as an annuity paid over 29 years or take a lump-sum payment of 367.9 million dollars (about 513.5 billion won) after taxes. If the annuity option is chosen, the annual payment increases by 5% each year.
The largest Powerball jackpot in history was won in California on November 7, 2022. That prize reached a staggering 2.04 billion dollars, which is approximately 2.85 trillion won.
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