If no one wins the top prize in Wednesday night’s Powerball drawing, the fourth-biggest jackpot in U.S. history could become the greatest jackpot ever. After no one matched all six numbers — 13, 19, 36, 39, 59, and a Powerball of 13 — in Monday night’s drawing, the jackpot grew to $1.2 billion.
Since the last jackpot winner on August 3, 38 consecutive drawings have occurred without a jackpot winner.
The jackpot continues to increase without a winner and is quickly approaching the record $1.586 billion won in 2016 by three Powerball players. The second and third-largest rewards were won by Mega Millions lottery participants.
“I believe it would be close to a record, if not a record,” said Drew Svitko, the executive director of the Pennsylvania Lottery. The record of $1.586 billion set in 2016 is attainable, but it will rely on a number of things.
The first element is the volume of lottery tickets sold, which are pouring out of vending machines across the nation.
Anna Domoto, a spokesperson for the Multi-State Lottery Association, which regulates the game, stated that 131.6 million Powerball tickets were sold for the Monday night drawing. This represented 36.3% of all potential number combinations, as millions of participants chose the same numbers.
Given that the odds of winning the jackpot are 1 in 292,2 million, almost 186 million number combinations were not covered, which explains why no one won the jackpot.
Although the focus of the game is on the $1.2 billion reward, which is an annuity paid out over 29 years, the vast majority of winners opt for the cash prize of $596,7 million.
However, the advertised prize is based on the annuity, which is the second determinant in deciding the jackpot, as higher interest rates lead annuities to rise more rapidly. In other words, the $596,7 million in cash is invested to yield a total of $1,2 billion, and the growth of these investments accelerates as interest rates climb.
“We employ investments to fund the annuity to pay this prize, therefore the investments depend on interest, and the degree to which interest rates affect the value of these investments also impacts the jackpot,” Svitko explained.
For some players, the ultimate prize is irrelevant.
“Why is it so entertaining?” Jeff Bennett asked Monday. “It is the possibility of winning, not the actuality of winning, that is important. It’s the possibility; you’re purchasing optimism.”
Despite the enormous payout, though, not everyone has caught Powerball fever.
A man named Diego stated, “It’s pointless.” You have a greater probability of being struck by lightning than winning the lottery.