What are the odds of winning the Powerball jackpot?
Discover the probability of winning the grand prize in the Powerball lottery as we explore the challenging task of securing the big win.
Every Monday, Wednesday, and, Saturday, there are draws for the Powerball lottery, one of the most popular raffles in the United States. Powerball holds the record for the largest jackpot in the history of any lottery in the country. In November of last year, the jackpot reached $2.04 billion, breaking the two billion barrier for the first time.
To play, each participant must choose six numbers: five numbers between 1 and 69, which correspond to the white balls, and another number between 1 and 26, corresponding to the Powerball or red ball.
The player who matches all the numbers will win the jackpot. However, there are eight other ways to make money. The starting value of the jackpot is $20 million. If the prize is not won, it accumulates. The jackpot prize varies based on sales and is announced prior to each drawing.
What are the odds of winning the Powerball jackpot?
Regardless of the amount of the jackpot, the chance of winning it is 1 in 292,201,338.00 These are the odds of winning one of the other eight prizes:
- 5 Numbers + Red Powerball: Jackpot / 1 in 292,201,338.00
- 5 numbers: $1,000,000 / 1 in 11,688,053.52
- 4 Numbers + Red Powerball: $50,000 / 1 in 913,129.18
- 4 numbers: $100 / 1 in 36,525.17
- 3 Numbers + Red Powerball: $100 / 1 in 14,494.11
- 3 numbers: $7 / 1 in 579.76
- 2 numbers + red Powerball: $7 / 1 in 701.33
- 1 Number + Red Powerball: $4 / 1 in 91.98
- Powerball: $4 / 1 in 38.32
Overall odds of winning a prize are 1 in 24.87. The odds presented here are based on a $2 play.
What happens if a player wins the jackpot?
The jackpot can be awarded in two ways: annuities or a single cash payment. In both options, the winner would still have to pay taxes.
- Annuity Option: The Powerball annuity consists of one immediate payment followed by 29 annual payments.
- Cash Option: This option is a one-time lump sum payment. It is equal to all the cash in the jackpot prize pool.
Powerball drawings take place every Monday, Wednesday and Saturday at 11 pm ET. Powerball is available in 45 states, excluding Alabama, Nevada, Utah, Hawaii and Alaska. It can also be played in Washington D.C., the Virgin Islands and Puerto Rico. The cost of the ticket is $2.