Q&A: A look at $1.9B Powerball jackpot, how it grew so large
DES MOINES, Iowa (AP) — Monday night’s estimated $1.9 billion Powerball jackpot is nearly $400 million larger than the previous record jackpot and will keep growing until someone finally wins the prize.
The jackpot started at $20 million back on Aug. 6 and over three winless months has grown to be 95 times as large. Put another way, it’s a crazy amount of money.
WHY SO LONG WITHOUT A WINNER?
Those who spend $2 on a Powerball ticket might wonder if something is wrong when 40 drawings pass without a jackpot winner, but this is how the game is designed. With odds of 1 in 292 million, that means it’s unlikely anyone will win the prize until a growing jackpot attracts more players. And more ticket sales mean the lottery can raise more money for public programs, which is the point of the state lotteries. Still, it has been an awful long time without a jackpot, and if there isn't a winner Monday night, a new record will have been reached: 41 draws without anyone matching all six numbers.
PLENTY OF PEOPLE MUST BE PLAYING NOW, RIGHT?
Yes and no. Many, many more people are buying tickets now that the jackpot has reached nearly $2 billion. That’s clear from the fact that when the jackpot started at $20 million in the summer, players bought only enough tickets to cover less than 10% of the 292.2 million possible number combinations. For Saturday night’s drawing, that had climbed to 62%, so millions and millions of people are playing. But that percentage is still less than the 88.6% coverage reached for the previous record jackpot in 2016. And if 38% of the possible number combinations aren’t covered, there is a good chance there won’t be a winner.
WILL THE EVENTUAL WINNER REALLY GET $1.9 BILLION?
Pity the poor Powerball winner, as the lucky ticketholder will see nothing close to...