What is the Powerball jackpot?

Powerball is an American lottery game offered by 45 states, the District of Columbia, Puerto Rico, and the US Virgin Islands. It is coordinated by the State Lottery Association (MUSL), a non-profit organization formed by an agreement with lobbyists and American corporations. From its inaugural draw on April 19, 1992, until August 21, 2021, Powerball drawings were held twice a week (Wednesdays and Saturdays); A third weekly drawing (held Monday) was added on 23 August 2021. Drawings are held every Monday, Wednesday, and Saturday at 10:59 p.m. Eastern Time, at Florida Lottery Headquarters in Tallahassee.

What is the Powerball jackpot?

As of October 7, 2015, the game has used a 5/69 (white ball) + 1/26 (PowerBall) matrix, from which the winning numbers are chosen, resulting in a 1 in 292,201,338 winning jackpot per game. it happens. Each play costs $2 or $3 with the PowerPlay option (Originally, Powerball plays cost $1; when PowerPlay debuted, such games were $2.) The official cutoff for ticket sales is 10:00 Eastern Time. ; Some lotteries cut sales first. Drawings are held at the Florida Lottery’s studio in Tallahassee.

Powerball has a minimum advertised jackpot of $20 million (annual); Powerball annuities are paid out in 30 graduate installments or winners can choose to pay a lump sum instead. The lump sum payment will be less than the total 30 annual payments because of the time value of money and also because a check for a very high amount will be taxed on a check for a much smaller amount than on 30 checks. Taxed.

On 13 January 2016, Powerball produced the largest lottery jackpot in history; The $1.586 billion jackpot was divided by three tickets sold in Chino Hills, Calif.; in Munford, Tennessee; and in Melbourne Beach, Florida.

The numbers were originally produced in West Des Moines, Iowa, before moving to Universal Studios Florida in Orlando. In 2012 the drawings moved to their current home in Tallahassee.

History

Powerball’s predecessor debuted in 1988; The multi-state game was known as Lotto America. The game and name were changed to Powerball on 19 April 1992; Its first drawing was held on 22 April.

Dr. Edward J. Stanek was president of the Iowa Lottery and, along with Steve Caputo, was one of two individuals who invented the game Powerball.

PowerBall begins

When it was launched in 1992, Powerball became the first game to use two drums. Using two drums to pull numbers together offers more manipulation by allowing for higher jackpot odds, multiple prize levels, and lower overall odds of winning (as explained later, a ticket can be won by matching only one number). could). The two-drum concept was suggested by Steve Caputo of the Oregon Lottery. The two-drum concept has since been used by The Big Game (now Mega Millions) in the US, Powerball in Australia, Thunderball in the UK, EuroJackpot, and EuroMillions.

Through 2008, Powerball drawings were usually held at Screenscape Studios in West Des Moines, Iowa. The drawing’s host was longtime Iowa radio personality Mike Pace, who has hosted MUSL drawings since Lotto America’s debut in 1988. In 1996, Powerball went “on the road” for the first time, with five remote drawings at the Summer Olympics in Atlanta.

A few weeks later, Georgia became the only jurisdiction to leave the Powerball (Maine, which joined the MUSL in 1990, when the Powerball debuted). In August 1996, Georgia joined the then-new The Big Game, then the second major American lottery group. It planned to sell tickets for both games for the rest of 1996; But Georgia was dropped from MUSL within days, not to return until the 2010 cross-sell expansion.

On 2 November 1997, the annuity was changed from 20 to 25 annual payments; the Cash option was added. The annuity includes 30 graduation payments, increasing 5% annually.

In 1998, Florida was given permission by its government to participate in a multi-state sport. It was ready to offer the Powerball; But in early 1999, new governor Jeb Bush barred Florida from joining because he believed Powerball would harm existing Florida lottery games. In 2008, Governor Charlie Crist finally allowed Florida to join MUSL on January 4, 2009.

On March 7, 2001, an optional multiplier (called Power Play) was added, allowing players to increase non-jackpot winnings to five by paying an additional $1 per game. A wheel was introduced to select the Power Play multiplier for each drawing (the following year, 1x was removed from the Power Play wheel.)

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2009: Hosted by Florida Drawing

With the beginning of sales of the Powerball in Florida on January 4, 2009 (with its first drawing on January 7), the matrix changed to 5/59 + 1/39 (adding four white ball numbers and excluding three red balls). This changed the jackpot probability from 1:146 million to 1:195 million; The overall probability turned out to be 1:35.

Based on statistical estimates, the average jackpot winnings increased from $95 million to $141 million. The change in probability was expected to win over 3.5 million additional prizes annually. The initial jackpot increased to $20 million, with a minimum rollover of $5 million. The contribution of jackpots to total sales increased from 30.3% to 32.5%.

The Power Play option was modified; The second prize, typically $200,000, was awarded an automatic 5x multiplier, making the 5+0 prize $1 million in cash. The bonus second prize if the jackpot exceeded its previous record of $25 million, triggered only twice, was eliminated with the 2012 format change.

The terms of Florida’s joining Powerball included a move from Iowa to Universal Studios in Orlando, drawing live. [citation needed] The three hosts from Universal Studios announced that they were Tracy Vue, Elizabeth Hart, and Scott Adams (MUSL headquarters remain in Iowa, where its other draws are held). The wheel that was used to determine the power play multiplier was retired when the drawings were moved to Florida; A random number generator (RNG) was used until the 2012 format change.

Arkansas became the 33rd MUSL member on October 31, 2009, the last to join prior to the 2010 cross-sell expansion. The Ohio Lottery added Powerball on April 16, 2010, joining Mega Millions (along with New York) years earlier, when The Big Game added Mega Millions to its name.

2010 Cross-Sell Expansion

In March 2009, it was reported that New Jersey, already a Mega Millions member, asked permission to join Powerball. Shortly after, there was a discussion about allowing each American lottery to offer both games. On 13 October, the Mega Millions Consortium and MUSL reached an in-principle agreement to cross-sell Mega Millions and Powerball. In November, MUSL signed an agreement to begin streaming Powerball drawings online.

On January 31, 2010, the date of the cross-sell expansion, Mega Millions and MUSL each added lotteries; Eight Powerball members have added Mega Millions as of May. The Montana Lottery joined Mega Millions on March 1, 2010. Nebraska added Mega Millions on March 20, 2010, Oregon followed on March 28, 2010, Arizona joined Mega Millions on April 18, 2010, Maine added Mega Millions on May 9, 2010, Colorado and South Dakota 16 Joined Mega Millions in May 2010. The US Virgin Islands joined Mega Millions in October 2010.

Prior to the agreement, both Mega Millions and Powerball were the only venue retailers selling tickets that were spread over a range; Sharon, a retailer at the Pennsylvania/Mussoorie, Ohio border, sold both Mega Millions (through the Ohio Lottery) and Powerball (Pennsylvania) prior to the agreement and remains the only retailer to sell tickets for both lotteries.

Illinois joined Powerball on the expansion date, becoming the second multi-jurisdictional lottery game (after Mega Millions, in which Illinois had already participated) to be taken nationally. Pictures from both games were simulated through Chicago cable superstation WGN-TV through their national WGN America feed.

WGN-TV broadcast Illinois Lottery pictures nationally from 1992 to 2015 after acquiring broadcast rights from Chicago’s Fox-owned and operated station WFLD in 1988, which took over the rights from WGN-TV in 1987. Powerball pictures were broadcast on WGN-TV and WGN. America on Wednesdays and Saturdays immediately after 9:00 p.m.

Newscasts with Mega Millions of drawings will be broadcast on Tuesday and Friday evenings followed by newscasts. WGN serves as the default carrier for Mega Millions or Powerball where no local television station carries multi-jurisdictional lottery pictures.

On March 13, 2010, New Jersey became the first Mega Millions-only member (just before the cross-selling expansion) to produce a jackpot-winning Powerball ticket. It was valued at over $211 million in annuity payments; It was sold at Morris Plains. On May 28, 2010, North Carolina became the first previous MUSL member (just before the cross-selling expansion) to produce a jackpot-winning Mega Millions ticket; That jackpot was $12 million (annual).

On June 2, 2010, Ohio won the Powerball jackpot; It became the first lottery to sell the Mega Millions or Powerball (when 2010 began), providing a jackpot-winning ticket to its new game. The ticket cost $261 million annuity; It was sold at Sunbury. Ohio’s second Powerball jackpot winning ticket, which sold for the June 23, 2010 drawing, was part of a second first; Since Montana also provided a jackpot winner for that drawing, this was the first time a jackpot was shared through a lottery that sold competitive games prior to the cross-selling expansion, as Montana only sold Powerballs prior to the expansion date. was.

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Basic game

The minimum Powerball bet is $2. In each game, players choose five numbers from a set of 69 white balls and one number from 26 red Powerball; The red ball number can be the same as one of the white balls. The drawing order of the five white balls is irrelevant; All tickets show the numbers of the white ball in ascending order.

Players may not use the drawn Powerball to match one of their white numbers or vice versa. Players can choose their own numbers, or the terminal can choose numbers at pseudo-random (the name for this varies by state, but most are referred to as “Quick Pick”, “Easy Pick”, etc. called change).

In each drawing, the winning numbers are selected using two ball machines: one containing the white ball and the other containing the red Powerball. Five white balls are drawn from the first machine and red balls are drawn from the second machine. Matches with at least three white balls or red Powerball win.

Two identical machines are used for each drawing, chosen at random from four sets. The model of the machine used is Halogen, manufactured by Smartplay International of Edgewater Park, New Jersey. There are eight ball sets (four of each color); A set of each color is chosen at random before drawing.

The balls are mixed by a turntable at the bottom of the machine which moves the balls around the chamber. When the machine selects a ball, the turntable slows down to catch it, sends it up the shaft, and then down the rail to the display. (The Florida Lottery is considering switching to a random number generator for its in-state drawings in 2019; it is unknown whether the Powerball will be affected.) If the onsite location is unavailable, as was the case during Hurricane Michael. , a backup machine located at MUSL headquarters in Iowa. The drawing is supervised by Carol & Company, CPA.

Power Play was introduced in 2001.

10× is available if the jackpot is less than $150 million.

While the Mega Millions and Powerball each have similar jackpot odds despite having a different double matrix (Mega Millions is 5/75 + 1/15), since the Powerball is $2 per play, it now averages $584,402,676 (the number of PowerPlay side bets). does not count). To create a ticket winning the jackpot.

Power play

For an additional $1 per game, a player can activate the Power Play option. Activating it increases the winnings of the lower level (base prize $50,000 or less) to 5, or 10 when the jackpot is less than $150 million. Power Play is drawn separately by 6 numbers. The 5+0 prize is automatically doubled to $2 million if Power Play is activated.

The dilemma for players is whether to maximize the jackpot chances or maximize the winnings at the lower level. If a player chooses a certain amount of money to spend on tickets at a certain time, every two times the player activates Power Play with respect to one of the purchased tickets, the player will leave an estimate of the winning set of numbers. Will give

Power Play, when introduced in 2001, was pulled with a special wheel. In 2006 and 2007, the MUSL replaced one of the 5× spaces on the power play wheel with a 10×. During the monthly promotion, MUSL guaranteed that there would be at least one drawing with a 10× multiplier. Promotion returned in 2008; The ball landed twice in 10× space. After being absent in 2009, the 10× multiplier returned in May 2010 (after the Power Play drawing was changed to RNG.) The promotion was extended only for the time being, as the 10× multiplier was not drawn until June 12, 2010. it was done. Second Prize 5× Guaranteed Issued; 10× applies to all non-jackpot prizes, as in previous promotions.

The success of Power Play has led to similar multiples in other games, most notably MegaPlayer, available through all Mega Million members except California. The 2012 Powerball changes resulted in “fixed” Power Play awards in all eight lower-level tiers.

On 19 January 2014, the Powerplay was revised; It used 30 balls with the following distribution:

2x(15)

3x(9)

4x/5x: 3 each

On 4 October 2015, the powerplay changed again, using 42 or 43† balls as follows:

2x(24)

3x(13)

4x(3)

5x(2)

10x(1)†

10x available when the jackpot is less than $150 million.

Jackpot accumulation and payment options

Jackpot winners have the option of receiving their prize in cash (in two installments; one from the winning jurisdiction, then joint funds from other members) or as a graduation annuity paid in 30 annual installments. The pre-tax amount of the first annuity payment is approximately 1.505% of the jackpot amount. Each annuity payment is 5% higher than the previous year, adjusting for inflation.

The advertised estimated jackpot represents the total payout that will be paid to the jackpot winners if they accept the annuity option. This estimate is based on funds deposited in the jackpot pool that was rolled over from an earlier drawing, expected sales for the next drawing, and market interest rates for securities that will be used to fund the annuity.

Typically (non-Power Play.) is 32.5% of the revenue of each base ($1) game submitted by game members to be deposited into the prize pool to fund the jackpot. If the jackpot is not won in a particular drawing, the prize pool moves to the next drawing, which continues to accumulate until the jackpot is won.

This prize pool is the cash amount that is paid out to the jackpot winner when they choose cash. If the winner chooses an annuity, current market rates are used to calculate the graduation payment schedule and the initial installment is paid. The remaining funds are invested in the prize pool to generate the income needed to fund the remaining installments. If there are multiple jackpot winners for a drawing, the jackpot prize pool for all such plays is divided equally.

MUSL and its members accept all investment risk and are contractually bound and liable to the winner to make all prescribed payments to annuity winners. If the jackpot ticket is not claimed, the amount in the prize pool is returned to the members in proportion to the amount contributed to the prize pool. Members have different rules governing how unclaimed money is used.

When the Powerball Jackpot is won, the next jackpot is guaranteed to be $20 million (annual). If the jackpot is not won, the minimum rollover is $10 million. The cash annuity in the jackpot pool is guaranteed to have the present value. If income from ticket sales falls short of expectations, game members must contribute additional funds to the jackpot pool to make up the shortfall; The most likely scenario where this could happen is if the jackpot is won in consecutive drawings.

Due to the COVID-19 pandemic in the United States and declining ticket sales, as well as falling interest rates on which annuity prizes were based, Powerball administrators reduced the minimum starting jackpot to $20 million, compared to the previously raised minimum increase to $2 million. The jackpot is not won.

Claim rewards

A winning ticket must be claimed in the jurisdiction in which it was purchased, regardless of residence. Except in Nebraska (19) and Arizona, Iowa, Louisiana, and Mississippi (21), the minimum age to play Powerball is 18.

Typically, Powerball players do not need to choose cash or annuities until they win the jackpot (then they usually have 60 days to choose from). Exceptions include Florida and Missouri; The 60-day “clock” begins with the drawing, so a jackpot winner who wants to take the cash option needs to make an immediate plan to claim their prize.

New Jersey and Texas require a cash/annuity preference when playing; In New Jersey, an annuity ticket can be exchanged for cash after winning, while in Texas, the election is binding. (When the cash option was introduced in 1997, all Powerball players had a choice while playing. This regulation was abolished by 1999.) All Powerball prizes can be claimed within a period of 90 days to one year. Should be done, it depends on where the ticket was purchased.

Powerball winnings in California are subject to federal income tax only. In contrast, Powerball winnings in Puerto Rico are not subject to federal income tax, only local tax. Florida, South Dakota, Texas, Washington, and Wyoming have no state income tax, and only Tennessee and New Hampshire on interest and dividends.

In all other states, winnings are subject to both federal income tax and that state’s income tax, provided the winning ticket was purchased in the winner’s home state. Winnings from tickets purchased outside one’s home state may be subject to the income tax laws of both states (with potential credits depending on the two jurisdictions), although this depends on the respective states.

Secondary award

Unlike jackpot pools, other prizes are the responsibility and obligation of each participating lottery. All revenue for Powerball ticket sales not used for the jackpot is retained by each member; None of this revenue is shared with other lotteries. Members are only responsible for payment for secondary prizes sold there.

Since secondary prizes are defined in fixed amounts (except in California), if the liability for a given prize level exceeds the amount in the prize pool for that level, the prize amount can be reduced and the prize pool is reduced to a single prize. Can be distributed on Perimutual. The base and result are less than the fixed amount given in the prize tables. Because the secondary prize pool is calculated independently, it is possible that the lower-level prizes will differ between game members.

Last Word

Today we have told you about the Powerball Jackpot. Powerball is an American lottery website. And this is a legal website. if you like our article please share it with your friends.

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