Dec 22 (Reuters) – The value of the US Powerball jackpot jumped to an estimated $1.6 billion before Monday evening’s drawing, cementing its place among the largest lottery jackpots in American history.
The jackpot ballooned after Saturday’s drawing produced no winners, allowing the payout to soar.
The next drawing is scheduled for 10:59pm ET on Monday (0359 GMT on Tuesday), with the odds of winning the jackpot at 1 in 292.2 million.
Players can choose between an annual payout of $1.6 billion over 29 years or a lump sum option of about $735.3 million before taxes, according to the lottery’s website.
The jackpot is the fourth largest in Powerball history and the fifth largest lottery prize in the United States.
Several secondary prizes worth $1 million were claimed in the latest drawing.
The largest Powerball jackpot ever was $2.04 billion, won in 2016. ca In 2022, this represents the largest US lottery jackpot on record.
Big jackpots tend to boost ticket sales, which increases revenue for state lottery funds that support education and other public spending.
(Reporting by Reuters; Editing by Howard Goller)