Powerball® Jackpot Soars to $1.4 Billion for Tonight’s Drawing
Surging Jackpot Captures Nationwide Attention
Editor’s Notes: To schedule an interview with Iowa Lottery CEO and Powerball Product Group Chair Matt Strawn, please contact Sam Martin at smartin@ialottery.com or 515-587-2521. For continued jackpot estimates between drawings, please visit the Iowa Lottery’s website at www.ialottery.com.
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CLIVE, Iowa — Fueled by strong sales nationwide, the Powerball® jackpot has soared to an estimated $1.4 billion annuity ($634.3 million cash option) for Wednesday’s drawing. This marks the fourth-largest jackpot in the game’s history, and the sixth-largest in U.S. history.
"Tonight could be the night the first billion-dollar Powerball jackpot is won in Iowa," Iowa Lottery CEO Matt Strawn said, noting that the largest Powerball grand prize won in the state was $343.9 million in 2018. "We encourage all Iowans to play responsibly. It only takes one $2 ticket to win."
Tonight's drawing will take place at 9:59 p.m. and can be streamed live on the Iowa Lottery's website here.
Remember The Deadline To Buy Tickets
Most Powerball tickets are sold the day of the drawing, but don’t forget: in Iowa, sales cut off at 8:59 p.m. If you buy after that, your ticket will be valid for a future drawing—not tonight’s. The cut-off is automated and can’t be extended.
How Has The Jackpot Grown So Large?
Time and sales are the reasons the Powerball jackpot has grown so large.
The jackpot now has been growing for more than three months, and was last won in the drawing on May 31. The jackpot increases from drawing to drawing when there is no grand-prize winner, and sales generally increase as the jackpot climbs higher. Higher sales, in turn, push the jackpot even higher.
Wednesday’s jackpot will be the 41st drawing since the jackpot was last won. To date, the longest Powerball jackpot run has been 42 consecutive drawings.
Why Does ‘Coverage’ Matter?
By tracking sales, lottery officials can estimate how many of all the possible combinations in the game have been purchased for a particular drawing. It’s called coverage – how many of the 292.2 million possible number combinations have been "covered."
The coverage estimate for Wednesday’s drawing is about 38 percent. The estimate for Saturday’s drawing is about 55 percent.
A higher coverage percentage can mean it’s more likely there will be a jackpot winner, but it is not a definite.
Truth vs. Myth: The cash amount of the jackpot is the annuitized value minus taxes.
That’s a myth.
There appears to be some mistaken beliefs about the cash vs. annuity amounts for a jackpot. The cash amount is not the annuity amount minus taxes. Nor is the cash amount a specific percentage of the annuity total. Here are the actual details involved:
If a jackpot winner in either game chooses the annuity option, they would receive 30 payments over 29 years that add up to the annuity total.
In that instance, the cash on hand in the jackpot pool from the sale of tickets in the game is invested in securities. That initial amount invested plus all the interest generated through the years adds up to the annuity amount of the jackpot. Withholdings would be applied to each payment that the winner receives.
If a winner were to pass away before receiving all their payments, the money would go into their estate. The lottery would make future payments as determined by the estate or a court.
If a jackpot winner chooses the cash option, they receive a one-time payment for the amount in the jackpot pool from the sale of tickets in the game. There is no interest income in that scenario because the money isn’t invested. The winner receives the lump-sum amount in one payment, with withholdings applied to the entire amount.
Please Play Responsibly
And as always, the Iowa Lottery reminds everyone that it only takes one ticket to win. Play responsibly, set a spending limit, and stick to it. The lottery is meant to be entertainment, so keep it fun!
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