A lucky player could walk away with the fourth-largest jackpot on record, as the $1.7 billion Powerball prize is up for grabs in Wednesday’s Christmas Eve drawing.
Jackpot Details
The 47th consecutive drawing has gone without a winner, extending the current record-setting streak that surpassed the previous 42-drawing record.
Official Statements
Lottery officials say the extended run is working exactly as designed. In 2015, the game’s odds were adjusted to allow jackpots to grow larger over time, while still making it easier to win smaller prizes.
A Powerball spokesperson said the Christmas holiday will not affect the drawing, and any winning ticket would be processed as usual.
Recent Win
The most recent jackpot win on Sept. 6 saw tickets in Missouri and Texas share a $1.787 billion grand prize, the second-largest in Powerball history.
Odds
The odds of hitting the jackpot are a minuscule 1 in 292.2 million.
Winner Options
If a ticket matches all five white balls plus the red Powerball drawn on Wednesday, the winner would face two options.
The first option is to claim the estimated $1.7 billion grand prize paid out through an annuity, with annual payments over 30 years.
The second option is a one-time, lump-sum payment of an estimated $781.3 million.
Tax Impact
Regardless of the choice, the winnings are subject to federal taxes and, in most jurisdictions, state taxes as well.
Legal Perspective
Attorney Andrew Stoltmann says some of the most vicious legal fights over the lottery come from office lotto pools gone wrong.
Stoltmann has represented 12 lottery winners, many of whom lost all their winnings through bad investments, reckless spending and greedy relatives.
“Unfortunately, the people who win the lottery think at that point, the journey is over. And what they don’t realize is that the journey has really just begun,” says the Chicago-based Stoltmann.
Game Rules
Powerball is played in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
There are three drawings per week – Mondays, Wednesdays and Saturdays – and tickets cost $2 each.
Adding the Power Play option, which can multiply winnings by two, three, four, five or 10 times, to a ticket costs an extra $1.
Historical Context
The largest Powerball jackpot ever awarded was in 2022 when a ticket in California won a $2.04 billion grand prize.
The 2015 odds adjustment was designed to let jackpots grow larger over time while keeping smaller prizes attainable.
With the current 47th straight drawing, the next winner could be the first to break the $2 billion mark since 2022.
Key Takeaways
- The $1.7 billion Powerball jackpot is the fourth-largest in history and is up for grabs in its 47th consecutive draw.
- Winners choose between a 30-year annuity of $1.7 billion or a $781.3 million lump sum, both subject to federal and state taxes.
- The odds of winning are 1 in 292.2 million, and the game’s 2015 odds adjustment has helped the jackpot grow while keeping smaller prizes attainable.
Closing
The next drawing on Wednesday will decide if a new record is set, with the prize potentially surpassing the $2 billion mark. All tickets sold will be honored as usual, and any winning ticket will be processed promptly, according to the Powerball spokesperson.
