Powerball jackpot up to $1.4 billion after no one matches all the numbers and hits it rich

The Powerball jackpot climbed to an estimated $1.4 billion after no players matched all six numbers and hit it rich yesterday [Macau time].

The winning numbers announced were: 9, 35, 54, 63, 64 and the Powerball 1.

Players will next have a shot at the Powerball jackpot Saturday night in hopes of ending an 11-week stretch without a big winner. No matter how large the prize grows the odds stay the same — and they’re terrible.

It’s those odds of 1 in 292.2 million that make the jackpot so hard to win and that result in such giant prizes for the lucky player or players who manage to pick the game’s six winning numbers. The latest Powerball jackpot is the world’s seventh-largest lottery prize. The last time someone won the top prize was July 19.

GAME DETAILS

In most states, Powerball tickets cost $2 and buyers can chose their own numbers and single Powerball or leave that task to a computer. Powerball drawings are held three times a week at 10:59 p.m. EDT on Mondays, Wednesdays and Saturday, with the numbers selected at the Florida Lottery in Tallahassee.

Once the numbers are chosen, it usually takes a couple hours to determine if there is a jackpot winner. If there isn’t a winner, state lottery officials release a jackpot estimate for the next drawing. If there is a winner, the jackpot reverts to $20 million and begins the long process of growing until there is another winner.

Gale Groseclose, who was buying Powerball tickets in Pineville, North Carolina, said a $1 million prize would be plenty for her but that the Wednesday’s $1.2 billion jackpot certainly caught her attention.

“I don’t usually do this on a regular basis, but like I said, when it gets to be, what is it? I don’t even know what, over 1 billion dollars,” Groseclose said. “It’s exciting.”

HOW IS THE JACKPOT

DETERMINED?

The jackpot is based on revenue from ticket sales, so the more people who play the game, the faster the top prize grows. However, even though the current jackpot is advertised as $1.4 billion, the lottery has less than half that amount available for the top prize. That’s why the cash prize — which most winners take — would be $643.7 million.

Players also can choose an annuity, in which that $643.7 million would be paid to a company that would guarantee a return over 30 years of $1.4 billion. If a winner dies before collecting all their money, the remainder would go to the winner’s estate.

WHAT ABOUT TAXES?

State lotteries will immediately deduct 24% of jackpot winnings for federal taxes, and additional federal taxes may be required when filing federal tax returns. State taxes will vary as some states don’t tax lottery winnings at all and others tax the money at different rates.

Players who buy winning grand prize tickets in a state different from where they live will pay taxes based on where they bought the ticket.

DO ODDS CHANGE BASED ON NUMBER OF PLAYERS?

The game’s odds remain 1 in 292.2 million regardless of how big the jackpot is and the number of people buying tickets. Those odds mean there are 292.2 million possible number combinations.

To put the immensity of that into context, note that for Monday’s drawing players across the country chose just over 20% of those possible combinations. That means nearly 80% of the possible combinations were not selected, so the odds were pretty good that there wouldn’t be a winner.

Typically, the larger the jackpot grows, the more people play and the more combinations are covered. People also usually buy more tickets on Saturdays, which increases the chance of a winner for those drawings.

Eric Warner, who also was buying tickets in Pineville, said he would immediately buy a Porsche if he won the big jackpot and then invest most of the money for himself and his community. Warner said he never really expects to win but enjoys buying a ticket now and then.

“It’s something that I run into and maybe I’m feeling lucky,” he said. “Then I’ll go ahead and pick up a ticket and just kind of hope for the best.”

CAN WINNERS REMAIN ANONYMOUS?

Rules vary from state to state with some requiring that jackpot winners be named and others allowing anonymity. Some states have more detailed rules, such as in Florida, where winners can remain anonymous for 90 days before the state lottery releases their name. MDT/AP