The Powerball jackpot is now at an estimated $1.4 billion — the third-largest amount in the game's history — after there were no grand prize winners in the Wednesday, October 4, drawing.
The next drawing is Saturday, October 7, which will have a lump-sum cash payment option of about $643.7 million after taxes.
The numbers drawn on Wednesday were 9, 35, 54, 63, and 64. The red Powerball was 1.
Three tickets – one in Kentucky, one in Pennsylvania and one in Texas – matched all five white balls with the added Match 5 and Power Play of 2x, and won $2 million in prizes. Seven additional tickets — two in California, one in Colorado, one in New York, one in Pennsylvania and two in Texas — matched all five white balls for the Match 5 prize of $1 million each.
Wednesday marked the 33rd consecutive drawing without a grand prize winner. The jackpot was previously won on July 19 when a grand prize winner in California took home $1.08 billion.
According to Powerball, the odds of winning the Jackpot stands at one in 292.2 million.
How Powerball works
The drawings are held on Mondays, Wednesdays and Saturdays. To win the jackpot, players must match all six numbers. The five white balls are numbered between one and 69 and the one red Powerball is numbered between one and 26.
Powerball tickets are sold for $2 each, and the game is offered in 45 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands. For an additional $1 per play, the Power Play feature can multiply non-jackpot prizes by 2, 3, 4, 5 or 10 times.
However, the 10x multiplier is only in play when the advertised jackpot annuity is $150 million or less, and the Match 5 prize with Power Play is always $2 million.
A portion of each ticket sold during the jackpot run is slated for public programs and services in communities, Powerball said. Powerball holds the current world record for the largest national lottery jackpot at $2.04 billion, it added.
Jackpot winners can choose one of two options when receiving their prize. They can take the payout in a lump sum, the most common choice, or they can opt for an annuity. The annuity is paid in 30 graduated payments over 29 years.
Mega Millions on the way up
While Powerball’s $1.4 billion grand prize is making headlines now, you might also want to take a look at the Mega Millions jackpot, which has reached $350 million. The next Mega Millions drawing is scheduled for Friday, October 6, at 11pm ET.
Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
Can I Stop Social Security and Restart it Later?
This articles explains what is required to stop and restart Social Security and details how to do it.
By Jacob Wolinsky Published
Six Estate Planning Tips for Younger Generations
Millennials and Gen Zers are taking their estate planning seriously. These tips can help make the process seem less daunting.
By David Weinstock, CFP®, AEP®, CPA Published
5 Better Investments Than Powerball
savings Your odds of getting a good return on your money are much higher than winning the lottery.
By the editors of Kiplinger's Personal Finance Published
What Life Is Like After Winning the Lottery
spending The financial crisis and downturn in real estate turned out to be an invaluable learning opportunity for this Powerball winner.
By Elizabeth Leary Published
6 Things You Must Know About Winning the Lottery
Making Your Money Last It sounds like easy money, but taking charge of a windfall is hard work.
By Susannah Snider Published