A winning ticket to the largest Powerball jackpot ever—$997 million for a lump sum— was purchased. An annuity winner will receive $2 billion total in annual payments over 30 years.
Key Details
- The Powerball Lottery jackpot hit the highest in history at $2 billion for an annuity or $997 million for one upfront payment. The ticket was sold in California.
- The Monday-night drawing was delayed nearly 10 hours in order to complete security protocols—one state did not have all of its financials reported.
- August 3 was the last time the jackpot had a winner before becoming the largest-ever Powerball prize and world-record lottery jackpot ever.
Why it’s news
Monday night’s Powerball was the biggest jackpot in history, raising from $1.9 billion to $2 billion after the 10-hour delay.
This jackpot has been all over the news as people across the nation have lined up to buy tickets for a chance at a big check.
It was announced after hours of waiting that a single-ticket owner in California was the winner of the huge jackpot prize. The winner has not yet come forward publicly.
There were other winners as well: one Florida winner won $2 million and 22 winners got to take home $1 million from their tickets, according to the Powerball website.
How the Powerball works
Powerball winners have two options: lump sum or annuity.
The annuity option is an annual payout over 30 years, with the sum paid out rising by 5% each year, but no one has chosen this option since 2014.
Lottery jealousy
Some states in the U.S. have banned the lottery causing people to travel state lines to buy a ticket for a chance to win the huge jackpot.
Residents of Alabama, Alaska, Hawaii, Nevada, and Utah were some of the players that opted to cross state lines to buy the tickets.
The five states have banned the lottery for various reasons including objections from conservatives, concerns about the impact on low-income families, or a desire not to compete with existing gaming operations, according to Fortune writers Kim Chandler and Mark Thiessen.
Many of the states have considered allowing the lottery, but it never makes it into law and it doesn’t look like it will pass anytime soon. Until the states decide to allow the lottery it looks like residents will continue making trips across state lines for a chance to win big.
The odds of winning the Powerball jackpot are 1 in 292.2 million while the overall odds of winning a prize are 1 in 24.9.
