Powerball jackpot hits $1.7B as odds of winning get harder

The Powerball jackpot climbed to $1.7 billion on Wednesday after no winner was drawn, making it the third-largest lottery prize in history. The next draw is slated for Saturday.

While the sum is astronomical, the winner cannot carry it all home. The person can choose between $1.7 billion in 30 annual installments or a $770.3 million lump sum. 

Both options are subject to federal and state taxes, which further reduce the payout. States like New York have rates as high as 10.9%, while Texas, Florida, and California levy none.

Also, the odds of winning Powerball today are 1 in 292.2 million—far worse than the 1 in 19 million odds in 1987 when Lotto America launched.

Organizers intentionally made winning harder so jackpots roll over and grow, fueling record sales. 

In 2023 alone, Americans spent $103 billion on lottery tickets.

In 2023 alone, Americans spent $103 billion on lottery tickets.