The upcoming $1.4 billion Powerball jackpot is the world’s fifth-largest lottery prize due to higher interest rates, long odds, fewer ticket sales per drawing, and luck. A combination of all those factors means the jackpot could eventually top the record lottery prize of over $2 billion won last November. Someone last won the Powerball jackpot on July 19. Since then it has grown three times a week. The winless streak shouldn’t be a surprise because it shows the game is operating as it was designed. The immense jackpot odds are intended to make winning rare so the grand prizes can grow so large.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.Dareus White buys a Powerball ticket at Cigarettes and More on Wednesday, Oct. 4, 2023, in Pineville, N.C.
For Wednesday night’s drawing, roughly 25% of the 292.2 million possible Powerball combinations were selected, according to the Multi-State Lottery Association. That was up from about 20% for the drawing Monday night. The lottery association forecasts that for Saturday night’s drawing, sales will increase enough that nearly 38% of number combinations will be covered — in part because Saturday sales usually are higher.
Initially, the giant prizes attract giant sales. For example, on Jan. 13, 2016, when a Powerball prize reached $1.5 billion — a record then, but close to what’s up for grabs Saturday — sales were so high that 88.6% of possible number combinations were covered. That’s more than double the sales expected this Saturday.
Alan Feldman, a distinguished fellow at the University of Nevada, Las Vegas’ International Gaming Institute, said that state lotteries have worked hard to keep their games lively but that it is inevitable some people will lose interest over time.DON’T EXPECT A CHECK FOR $1.4 BILLION
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