The Margin: The Powerball jackpot is now $1.9 billion, setting another record

by | Nov 6, 2022 | Stock Market

The Powerball jackpot has now reached a record $1.9 billion, breaking the previous mark of $1.6 billion after no winners claimed the top prize in Saturday’s drawing. That’s the word from Powerball officials in advance of the next drawing, which is set for Monday.

“Like the rest of America, and the world, I think we’re all eager to find out when this historic jackpot will eventually be won,” said Drew Svitko, Powerball product group chair and Pennsylvania Lottery executive director. Powerball tickets are sold in 45 states, plus the District of Columbia, Puerto Rico and the U.S. Virgin Islands. If there’s only a single winner of this Monday’s drawing and that person claims the lump-sum prize (as opposed to payments spread over multiple years), they’ll take home $929.1 million, Powerball officials said. So, how did the jackpot get so high? The basic explanation: No one has won the top Powerball prize, which requires matching five numbers plus the Powerball number, since Aug. 3. In other words, there’s been a run of 40 drawings without a jackpot recipient and the prize indeed grows after each such non-winning drawing. But why is no one winning? A recent Fortune story noted that less p …

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