Special: Powerball $1.4 Billion Jackpot Generates Frantic Sales for the Wednesday DrawingPublished January 11, 2016 by Florin P
The Powerball lottery jackpot crosses the border into ten digit territory.
Powerball players are making history this January, as their unbridled enthusiasm for purchasing tickets has propelled the jackpot to $1.4 million. It is by far the largest amount ever to be won by a lottery player worldwide, yet there is no guarantee that the jackpot will stop at this otherwise impressive figure. Now that the jackpot has crossed the psychological threshold of $1 billion, people from all corners of the world buy lottery tickets online.
They use the services of agents like The Lotter, Play USA Lotteries and Play Huge Lottos to have a chance at winning the life-changing amount. The prize is so high that even if people hit the winning combination, they are guaranteed to enter the Guinness World Record book, with more than $650 million.
The Sky's the Limit for the Powerball Jackpot
Powerball fans were on a tickets purchasing frenzy on Saturday when the jackpot was rumored to come near $700 million. Despite the fact that millions of tickets were bought over the weekend, nobody matched the winning numbers which were 16-19-32-34-57 and the Powerball number 13. One possible explanation is that people instinctively avoid number 13, so they chose other numbers for the Powerball.
Even so, nearly $160 million was won on Saturday when hundreds of players claimed the second tier prize of $1 million or $2 million. $2 million prizes were awarded in Texas and Connecticut, while dozens of players from other American states became millionaires overnight. With lottery tickets costing just two dollars, the return on investment was spectacular even for those who had to settle for lower tier prizes.
How It All Started
When someone hits the winning combination and claims the jackpot, it is reset at $40 million, but the last time this happened was on November 4. Since then, nobody managed to keep the winning combination so the prize kept growing and is now on the verge of setting a world record. If nobody wins the jackpot on Wednesday at 10:59 p.m. Eastern Time (3:59 a.m. GMT), the amount will be rolled over once again and the sky is the limit.
It is hardly a coincidence that nobody won the jackpot over the last four months, as Powerball officials changed the games matrix in October. They made it more difficult for players to win the jackpot, with the odds shrinking from 1 in 175 million to 1 in 292 million. On the other hand, the odds of winning any prize are better today, as they stand at 1 in 25 rather than 1 in 32.
So Much for Jackpot Fatigue
Last summer, Powerball officials were concerned about the fact that sales declined sharply, caused mostly by competition from instant scratch of games and casinos. The so-called jackpot fatigue was another reason for concern, with players being more likely to ignore major lotteries in the wake of a jackpot reset.
Now that the winner could walk away with $1.4 billion Powerball players are back in the fray and they purchase tickets at unprecedented rates. The jackpot has rolled over 18 times and the potential winner will receive a lump payment of more than $800 million. Players also have the option of choosing the annuity payment, and receive the jackpot over the course of 30 years, in exchange of paying lower taxes.