Powerball Jackpot Crosses the Psychological Threshold of $500 Million

Powerball is the most important lottery in the United States and one of the best paying in the world. The odds of hitting the jackpot are slim but the ones who are lucky enough end up winning a huge sum. This is the case in early 2022 when the jackpot has surpassed $500 million. Since nobody managed to pick the winning numbers on Powerball’s Saturday night drawing the new prize is estimated at $522 million. This means that a lucky player could walk away with a huge amount on Monday evening.

Three Months without a Powerball Winner

It’s been three months since the lucky player from California won nearly $700 million with a Powerball ticket. That amount currently ranks as the fifth-largest jackpot ever won in this lottery. The price up for grabs is also a strong contender for the top 10, mainly because of the interest shown by players during the holiday season. One year ago, in January 2021 someone picked the correct numbers and was rewarded with a jackpot worth $731 million.

The beauty of lottery games in general and Powerball, in particular, is that you can win a huge amount with a tiny investment. Tickets can be purchased in 45 states, as well as the US Virgin Islands, Puerto Rico, and the District of Columbia. Punters would have to pay $2 for a ticket and choose five numbers out of 69. The next step is to select a Powerball from a distinct lot of numbers ranging from 1 to 26. The smallest prize is just $4 and punters have a roughly 4% chance to win this consolation prize. On the other hand, the odds of winning the Powerball jackpot are stacked against players at 1 in 292.2 million.

$10 Million to be Won in Second-Chance Drawing

Everyone hopes to win the jackpot that has recently crossed the psychological threshold of $500 million. However, there are lower-tier payouts are up for grabs, such as the $10 million from the second-chance drawing. A lucky player from Florida matched all the numbers on the Powerball Double Play second drawing. This is one of the 13 states where people can purchase double-play tickets for a price of $1 per play. Residents of Colorado, Indiana, Maryland, Michigan, Missouri, New Jersey, Pennsylvania, Puerto Rico, South Carolina, South Dakota, Tennessee, and Washington can also participate.

As always, winners have the option of choosing the lump-sum cash prize or the monthly payments. The advantage of claiming the entire amount at once is self-evident, but there is also a price to pay. If you choose the lump-sum jackpot, a significant amount will be subtracted, even before taxes are paid. For the current jackpot of $522 million, the winner would collect a bit over $370 million before taxes. At the end of the day, this choice would wipe out more than half of the jackpot, so the monthly installments are worth considering. History has shown us that most of the winners prefer the one-time payment.