Breaking: Powerball Jackpot Hits $1.6 Billion, Becomes World’s Largest Lottery Prize Ever

The previous record jackpot of $1.586 billion from January 2016 finally falls. If no one wins the grand prize on Saturday, the jackpot for Monday could reach $1.9 billion.
Powerball Jackpot Hits $1.6 Billion, Becomes World's Largest Lottery Prize Ever
By
November 04, 2022

We are witnessing history in the making with this $1.6 billion jackpot. After more than three months without a winner, Saturday night’s Powerball drawing is now the world’s largest lottery prize ever offered, with an estimated jackpot of $1.6 billion as of Friday evening.

“This Powerball game is delivering exactly what our players want,” said Drew Svitko, Powerball Product Group Chair. “We are witnessing history in the making with this $1.6 billion jackpot.”

The previous record for a Powerball jackpot was $1.586 billion, which was drawn on January 13, 2016, and split between winners in California, Florida, and Tennessee.

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According to the non-profit Multi-State Lottery Association (MUSL), which runs Powerball, the last winning ticket to match all six numbers was sold in Pennsylvania for the drawing on August 3, 2022. Since then, there have been 39 consecutive drawings without a grand prize winner.

The record for Powerball rollovers is 41. That streak ended on October 4, 2021. A winning ticket sold in California claimed the resulting jackpot of $699.8 million — currently the sixth-highest Powerball jackpot of all time.

“What’s also exciting is that this run has already created millions of winners, including nearly 100 players who have won prizes worth $1 million or more,” Svitko said.

Cash Value Rises to $782.4 Million

The current Powerball jackpot has been steadily climbing in the rankings. It reached $825 million for the October 29 drawing, then topped $1 billion on Halloween night. Wednesday’s drawing, which was worth $1.2 billion also had no grand prize winner.

In a statement, the Pennsylvania Lottery said that if there was no winner on Saturday night, the Powerball jackpot for the next drawing on Monday, November 7, will climb to an estimated $1.9 billion — with a cash value of $929.1 million.

Powerball is played in 45 states, the District of Columbia, Puerto Rico, and the US Virgin Islands. The odds of winning the grand prize are 1-in-292.2 million. The overall odds of winning a prize in Powerball are 1-in-24.9.

Although winners of the grand prize have two options to claim their winnings, the more popular option is to receive a lump sum payment. For Saturday’s drawing, that equates to approximately $782.4 million (as of Friday evening). Winners also have the option of receiving the full amount through an annuity paid over a 29-year period.

Ticket Sales Strong on Friday

State lottery officials told US Gaming Review that sales were strong in the run-up to the world record jackpot.

“Witnessing history in the making is so exciting,” Jennifer Mullen, Director of Public Affairs and Community Relations for the Virginia Lottery, said Friday. “When the jackpot reaches a record level like this — and this is a world record – we know many people like to create a social experience by purchasing tickets together in a pool.”

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Cory Thone, spokesperson for the Kansas Lottery, said “sales are definitely up, with interest in the Powerball at an all-time high.

“Kansas Lottery players are ready to play for their chance to make history. With interest in the game at such a high level, we want to remind everyone to be patient as lines may be longer for tickets, and to always play responsibly.”

Michiganders were also on board. “The excitement is being felt throughout the state,” said Jake Harris, Player Relations Manager for the Michigan Lottery. “Sales have been strong for tomorrow’s drawing, and I expect that to continue as we approach the 9:45 p.m. deadline to buy tickets tomorrow.”

Top 10 Powerball Jackpots

Rank Jackpot Date Where Winning Ticket(s) Sold
1
$1.6 billion (estimated) November 5, 2022 ???
2
$1.586 billion January 13, 2016 CA, FL, TN
3
$768.4 million March 27, 2019 WI
4
$758.7 million August 23, 2017 MA
5
$731.1 million January 20, 2021 MD
6
$699.8 million October 4, 2021 CA
7
$687.8 million October 27, 2018 IA, NY
8
$632.6 million January 5, 2022 CA, WI
9
$590.5 million May 18, 2013 FL
10
$587.5 million November 28, 2012 AZ, MO

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