Powerball Jackpot Rises to $825 Million, 5th Largest in US

The estimated jackpot for Saturday night's Powerball drawing has increased to an estimated $825 million.

The Powerball jackpot is the fifth-largest in U.S. history, but it's important to remember that it's grown so enormous because no one has won since August 3. That is 36 drawings in a row without a jackpot winner.

Why the lengthy losing streak? Because the odds of obtaining the jackpot are one in 292,2 million, they are abysmal.

 The long odds are intended to limit jackpot winners, allowing the grand prize to expand to such a size.

The $825 million prize will be awarded to recipients who opt for an annuity paid annually over 29 years.

 Almost all winners elect for cash, which would amount to an estimated $410.2 billion for Saturday's drawing.

These prizes would also be subject to federal levies. Additionally, many states tax lottery profits.

Powerball is played in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.


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