powerball and mega million current jackpot

GOP faces ominous signs in effort to avoid January shutdown Trump Organization no longer prepares financial statements at heart of. Supreme Court to consider ‘quadrillion-dollar question’ in major tax case This is an important figure because of the annuity option winners can claim that divides their prize into 29 annual payments that are 5% larger than the previous awarded. When Mega Millions officials estimate jackpots, they review that day’s 30-year U.S. According to Powerball, “the annuity factor is made up of interest rates for securities purchased to fund prize payments.” Recent record inflation has prompted a rise in interest rates, which in turn results in potentially larger investment gains, causing a larger gulf between the cash and annuity options, which sends the jackpot higher. When determining the Powerball jackpot, officials also review the annuity factor. Between the drawing on Saturday, November 5, and the drawing on Monday, September 7, the Powerball jackpot grew from $1.9 billion to $2.04 billion – an increase of $140 million. Ahead of Saturday’s drawing, the jackpot has grown to $47 million, an increase of just $27 million.

However, both games are designed to go multiple drawings without a jackpot winner – jackpot odds are 1 in 292.2 million for Powerball and 1 in 302.6 million for Mega Millions.įor example, the Powerball jackpot before Wednesday’s drawing was $20 million, the starting value after someone wins the grand prize. As we saw with Powerball and Mega Millions, you can’t have frequent jackpot winners – once someone wins the jackpot, the grand prize resets to a lower value ( $20 million for Powerball, and a varying price “based on sales” for Mega Millions).

There are a few ingredients necessary to create lottery jackpots worth millions or billions of dollars.

The Mega Millions jackpot won in July had also been building for over three months. It went through more than 40 drawings – of which there are three each week – before a ticket was able to match all five main numbers and the Powerball number. The $2.04 billion Powerball jackpot won during the Election Day drawing ( technical issues kept the drawing from happening on Monday) had been building since early August. The Mega Millions jackpot was at $189 million as of Thursday.īased on the record-setting prizes won in both games this year, it will take weeks or even months of drawings without a grand prize winner before we see another record-setting jackpot. Here’s howĪfter Wednesday night’s drawing, the current Powerball jackpot sits at $47 million. Didn’t win the Powerball jackpot? You may still have won money.

Powerball and mega million current jackpot