It’s that string of futility that has enabled Powerball’s top prize to reach $1.23 billion, the 8th largest in U.S. lottery history. And it’s a sign that the game is operating exactly as designed, with long odds creating a massive jackpot that entices people to drop $2 on a ticket.

It means no one should ever expect to match all six numbers and hit it rich, though it’s likely someone eventually will.

The last time someone won the Powerball jackpot was on New Year’s Day, when a player in Michigan hit an $842.4 million jackpot.

Since then, there have been 40 consecutive drawings without a jackpot winner. The 41st on Saturday night will match the record for most drawings, set twice before in 2022 and 2021.

The winless streak isn’t a fluke. Lottery officials set the odds at 1 in 292.2 million in hopes that jackpots will roll over with each of the three weekly drawings until the top prize becomes so enormous that more people take notice and play.

The odds used to be significantly better, at 1 in 175 million, but were made tougher in 2015 to create the humongous jackpots. Lottery officials at that time also made it easier to win smaller prizes, and they note that the overall odds of winning something are about 1 in 25.

It’s hard to envision what odds of 1 in 292.2 million mean.

One way is to think of the roughly 322 million people who live in spots where they can buy Powerball tickets — five states don’t participate. If each person bought one ticket, you would expect one person to win and hundreds of millions of people to lose.

Put another way, the odds of winning the jackpot are a little worse than flipping a coin and getting heads 28 straight times, according to Andrew Swift, a University of Nebraska-Omaha mathematics professor.

Of all the people who bought lottery tickets for the last drawing Wednesday night, only 22.6% of the 292.2 million possible number combinations were covered, according to the Multi-State Lottery Association. That means that 77.4% of number combinations were not covered, and it’s an indication of why people so rarely win a jackpot.

Remember, the odds of an individual ticket winning never changes, but as more people play, more number combinations will be covered and the odds of someone winning rise.

And as bad as Powerball odds are, they’re a little better than Mega Millions, the other nearly national lottery game, which has jackpot odds of 1 in 302.6 million. And, to be fair, someone won a $1.13 billion Mega Millions prize last month.

Without a doubt, the Powerball jackpot is an incredible amount of money, but it’s also less than you might expect.

That’s because while officials tout the $1.23 billion prize, that is for a sole winner who chooses to be paid through an annuity, with an immediate payment and then annual payments over 29 years. Winners almost always opt for cash, which for Saturday night’s drawing would be an estimated $595.1 million.

Regardless of the payment option, a big chunk of the winnings would go toward taxes, though that amount would vary depending on winners’ other assets and whether their state taxes lottery winnings. Just note that the top federal tax income tax rate is 37%, meaning a lot of the winnings would go to Washington.

The numbers selected were: 11, 38, 41, 62, 65 and the Powerball 15.

The jackpot, which now ranks as the eighth-largest in U.S. lottery history, has been growing for more than three months, reflecting the long odds of 1 in 292.2 million of winning the top prize. Since the last player won the jackpot Jan. 1, there have been 40 consecutive drawings without anyone matching all six numbers and hitting it rich.

Lottery officials note that thousands of people have won smaller prizes, which range from $2 to $2 million.

The $1.23 billion prize is for a sole winner who chooses to be paid through an annuity with 30 annual payments. Winners almost always prefer the cash option, which for the next drawing Saturday night would be an estimated $595.1 million.

Powerball is played in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

No tickets matched the winning white ball numbers of 12, 13, 33, 50, 52 and the red Powerball 23. Four people matched all five white balls to win $1 million.

If someone wins Monday night’s drawing and elects to take the immediate cash payout, as most winners do, they will receive $471.7 million, according to Powerball. To get the full $975 million, they’ll have to accept their winnings in 30 installments paid annually.

No one has won the Powerball since New Year’s Day, when a ticket-buyer in Michigan claimed the $842.4 million grand prize. At the time, that was the fifth-largest jackpot in Powerball history, but it has since been surpassed by the current jackpot.

“This is no April Fools’ Day joke, we have an advertised Powerball jackpot that’s closing in on $1 billion to kick off the month of April,” said Drew Svitko, Powerball Product Group Chair and Pennsylvania Lottery Executive Director.

Both Powerball and Mega Millions have routinely approached new records in recent years. The largest Powerball prize in history was $2.04 billion, which was won in November 2022 by Edwin Castro of Southern California. Five of the six largest prizes in Powerball history have come in the past 48 months.

Four of the five biggest Mega Millions jackpots have been awarded in that same time period. The most recent Mega Millions grand prize, $1.13 billion, was won Wednesday by a single ticket-buyer in New Jersey. That was the fifth-largest Mega Millions prize ever.

With an estimated $1.1 billion Mega Millions prize and an estimated $800 million Powerball jackpot, it’s the first time the two nearly national lottery games have each grown so large at the same time.

Both massive prizes are the results of months without a big winner, but the larger jackpots entice more people to play the games, increasing the chance that someone, somewhere, will finally hit it rich.

Up first is the Powerball drawing on Monday night, followed by Tuesday night’s Mega Millions drawing. If there isn’t a winner, the next chance to win Powerball will be Wednesday night and the next drawing for Mega Millions will be Friday night.

Lottery prizes have been larger than the current jackpots, but it’s the first time both games have offered top prizes of $800 million or more since the games were created decades ago.

The prizes have grown so big because it has been months since anyone has won a jackpot.

The last Mega Millions jackpot winner was on Dec. 8. Since then, there have been 30 consecutive drawings without a winner of the grand prize. No one has won the Powerball jackpot since Jan. 1, making for 35 consecutive drawings without a big winner of the game, which holds three weekly drawings.

The Mega Millions prize ranks as the 8th largest in U.S. lottery history and is about half the size of the largest jackpot, a $2.04 billion Powerball prize won in November 2022.

“There’s always an air of excitement around the country when the Mega Millions and Powerball jackpots soar simultaneously,” said Gretchen Corbin, president of the Georgia Lottery Corporation and lead director of the Mega Millions Consortium.

It’s no mystery why months have passed without a jackpot winner — the odds of snagging the big prizes are terrible.

For Mega Millions, the odds of matching all six numbers are 1 in 302.6 million. Powerball has slightly better odds of 1 in 292.2 million.

To put those odds in perspective, lottery officials note that after a win when jackpots reset at $20 million, total ticket sales typically cover less than 10% of all the possible number combinations. As jackpots climb to $1 billion or more, sales increase dramatically but still usually cover only about half of the possible combinations.

That means, there is still a good chance no one will hit a jackpot.

Of course, millions or people do win smaller prizes that range from $2 to $2 million. Players of both games have about a 1 in 4 chance of winning some kind of prize.

And remember, regardless of how large jackpots grow, the odds of an individual ticket winning never changes.

As massive as the jackpots are, winners should brace for much smaller payoffs than the figures advertised on billboards.

That’s because the state lotteries that run the games promote the total payoff if the prize is paid through an annuity over 30 years. That figure is now roughly double the cash prize, which nearly all winners choose because they want to invest the money themselves rather than opt for a defined payout.

For Mega Millions, that means the $1.1 billion jackpot actually would pay out an estimated $525.8 million cash prize. For Powerball, the $800 million annuity prize would mean an estimated $384.8 million cash prize.

Those prizes will be subject to federal taxes, and many states also tax lottery winnings. There also is a chance that multiple players will hit a jackpot, which would then be split between the winners.

Mega Millions is played in 45 states plus Washington, D.C., and the U.S. Virgin Islands. Powerball also is played in those states as well as Washington, D.C., the U.S. Virgin Islands and Puerto Rico.

The Mega Millions numbers are drawn at a TV studio in Atlanta and Powerball draws numbers at a Florida Lottery studio in Tallahassee.

Profits from the games fund state programs.

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This story has been corrected to include that the Mega Millions jackpot is the 8th largest in U.S. history, not the 10th largest.

Both major national lottery jackpots continued their march upward after drawings Monday and Tuesday, with Mega Millions inching tantalizingly close to an estimated $1 billion top prize. Only five previous Mega Millions jackpots have hit that mark.

The Powerball jackpot rolled over again on Monday night and now stands at an estimated $687 million, with its next drawing tonight (Wednesday, March 20).

• Mega Millions: $977 million estimated jackpot, next drawing Friday, March 22.
• Powerball: $687 million estimated jackpot, next drawing Wednesday, March 20.

If either or both continue to elude a winner in upcoming draws, 2024 could see its first billion-dollar-plus jackpot, a mark that has become more common in recent years. Powerball had a $1.765 billion jackpot (won by a single ticket) as recently as October 2023.

Powerball and Mega Millions tickets are sold for $2 apiece in 45 U.S. states, as well as Washington, D.C., and the U.S. Virgin Islands.

• To play Mega Millions, pick five numbers between 1 and 70, and a sixth number between 1 and 25. If you don’t want to pick the numbers yourself, you can get a set of numbers generated for you.
• To play Powerball, pick five numbers between 1 and 69 and a Powerball number from 1 to 26 (or have them randomly generated).

How much is the Mega Millions jackpot?

The current jackpot is estimated at $977 million.

Winners can opt to take their winnings in the form of an annuity or as a single lump sum, known as the cash option. The cash option for the current jackpot is estimated at $461 million.

By taking the annuity option, the winner would get the full jackpot advertised by Mega Millions, but it would be spread out in payments over 30 years.

No matter how lucky you are, you won’t get around paying taxes on a lottery jackpot. After mandatory federal income tax withholding, you’d get roughly $350 million, if you took the cash option. How much more you’d pay come tax time depends on whether you take where you bought the ticket — and where you live. To prepare, make sure you know the ins and outs of how the lottery works.

When is the next Mega Millions drawing?

• The winning numbers will be drawn Friday, March 22 at 11 p.m. Eastern Time.
• If there’s still no jackpot winner, the grand prize will continue to grow.
• The odds of winning the jackpot are roughly 1 in 303 million.

How much is the next Powerball jackpot?

The current jackpot is estimated at $687 million.

Like Mega Millions, winners of Powerball can choose between an annuity that pays out over 30 years or a single lump sum. The cash option for the current jackpot is $327.3 million. After mandatory federal taxes, the holder of a single winning ticket would keep about $248.7 million, minus any state taxes.

When is the next Powerball drawing?

• The winning numbers will be drawn Wednesday, March 20 at 11 p.m. Eastern Time.
• If there’s still no jackpot winner, the grand prize will continue to grow.
• The odds of winning the jackpot are roughly 1 in 292 million.

The jackpot isn’t the only way to win. Both games have prizes for ticket holders whose chosen numbers match the drawing in a variety of combinations.

10 largest lottery jackpots

• $2.04 billion (Powerball, Nov. 8, 2022 — one winning ticket).
• $1.765 billion (Powerball, Oct. 11, 2023 — one winning ticket).
• $1.586 billion (Powerball, Jan. 13, 2016 — three winning tickets).
• $1.58 billion (Mega Millions, Aug. 8, 2023 — one winning ticket).
• $1.537 billion (Mega Millions, Oct. 23, 2018 — one winning ticket).
• $1.348 billion (Mega Millions, Jan. 13, 2023 — one winning ticket).
• $1.337 billion (Mega Millions, July 29, 2022 — one winning ticket).
• $1.08 billion (Powerball, July 19, 2023 — one winning ticket).
• $1.05 billion (Mega Millions, Jan. 22, 2021 — one winning ticket).
• $977 million (Mega Millions, pending).

The article Lottery Jackpot Approaches $1 Billion originally appeared on NerdWallet.

According to an announcement from Virginia Lottery, 66,548 tickets bought in the Commonwealth won prizes ranging from $2 up to $1 million. While none of the tickets won the full prize of $893 million, four tickets across the country contained the first five numbers: 24-46-49-62-66.

The odds of winning the $1,000,000 prize in Mega Millions are 1 in 12,607,306, and the store where it sells wins a $10,000 bonus.

At this time, the Suffolk ticket has not been claimed, and whoever owns it has 180 days from the drawing date to claim the prize.

The Virginia Lottery is encouraging the owner to immediately sign the back of the ticket to establish ownership. When the person is ready to claim the million-dollar prize, he or she should contact the Virginia Lottery.

The jackpot for this Friday’s Mega Millions drawing grows to an estimated $977 million.

Eliza Noe, eliza.noe@virginiamedia.com

A survey conducted with 3,000 participants posed the following question: If you won a lottery, what kind of property would you invest in?

Turns out, more than a couple destinations in the Nutmeg state made the list. Beachfront homes in Fairfield County landed 23rd, with real estate offerings bringing a blend of coastal living and upscale amenities. The direct access to Long Island shores is a great plus, too. Greenwich made the list as well at 40th, unsurprisingly. Its spread of luxurious homes “often feature private beaches, docks, and stunning views of the water,” according to the release. Country estates in Litchfield County and historic mansions in Hartford came in at 47th and 76th, respectively.

Curious about the top ten places lottery-winners would go to live? Here is the top 10:

1. Hawaiian Haven: Resort-Style Villas in Hawaii. 

Topping the list is the Big Island of Hawaii, where winners would purchase resort-style villas within the confines of elite communities such as Hualalai and Mauna Kea. These lavish dwellings boast amenities fit for royalty, including access to premier golf courses, private pools, and mesmerizing vistas of the ocean or the island’s distinct volcanic topography.

2. Urban Oasis: Penthouses in Honolulu, Hawaii.

Hawaii makes another appearance with its capital city’s penthouses ranking second. Honolulu offers a cosmopolitan lifestyle with high-rise luxury penthouses that feature sweeping views of the Pacific Ocean, Diamond Head, and the bustling cityscape, accompanied by the finest modern amenities.

3. Coastal Elegance: Beachfront Homes in Malibu, California.

Third place goes to the quintessential beachfront homes of Malibu, renowned for their breathtaking sea views, direct beach access, and opulent facilities, including expansive terraces and state-of-the-art designs.

4. Timeless Beauty: Historic Homes in Coral Gables, Florida.

Coral Gables is celebrated for its impeccably maintained historic homes, many of which display the intricate designs of Mediterranean Revival architecture, complete with verdant gardens and exquisite interiors.

5. Seaside Serenity: Oceanfront Estates on Hilton Head Island, South Carolina.

The most popular choice outside the usual triumvirate of states is Hilton Head Island in South Carolina. Here, luxury means oceanfront estates with private beaches, golfing, and picturesque views of the Atlantic.

6. Island Luxury: Waterfront Estates in the Florida Keys.

The allure of the Florida Keys is undeniable for the affluent, with its relaxed yet luxurious waterfront estates that come with their own docks and stunning vistas of the open water.

7. Lakeside Grandeur: Mansions on Tennessee’s Lakeshores.

Tennessee’s beautiful lakes, such as Percy Priest Lake and Old Hickory Lake, are coveted for their grand lakefront mansions offering private docks and panoramic water views.

8. Southern Charm: Beachfront Homes on St. Simons, Georgia.

Georgia’s St. Simons Island ranks eighth, with its luxurious beachfront properties that provide direct access to sandy shores and beautiful ocean views, embodying a tranquil coastal life.

9. Historic Splendor: Homes in Asheville, North Carolina.

Asheville is known for its array of historic homes, especially in areas like Biltmore Forest, featuring stately architecture, expansive grounds, and proximity to landmarks such as the Biltmore Estate.

10. Mountain Retreat: Lakefront Estates in Lake Tahoe, Nevada.

Completing the top ten are the luxury lakefront estates in Lake Tahoe, situated at the Nevada-California border, offering private lake access and sprawling outdoor areas set against a peaceful mountain backdrop.

The winning numbers were: 22, 24, 40, 52, 64 and the Powerball 10. The winning ticket was sold at Midway Market & Liquor in Frazier Park, according to the California Lottery.

Phone calls Wednesday night to Midway Market & Liquor went unanswered.

“The phone’s been ringing off the hook, people saying congratulations. Pretty crazy,” the store’s night worker, identified only as Duke, told KCAL-TV.

“Somebody owes me a truck,” he said with a smile. “A lot of customers come in, you know they come in every day to get their tickets, religiously. And a lot of them … said: ‘Oh, if I win I’m gonna get you a new truck.’ So where’s my truck? I’ll be waiting.”

He expected the winner will be a local resident.

Before someone won the giant prize, there had been 35 consecutive drawings without a big winner, stretching back to July 19 when a player in California matched all six numbers and won $1.08 billion.

The jackpot is the world’s second-largest lottery prize after rolling over for 36 consecutive drawings. That streak trails the record of 41 draws set in 2021 and 2022. Final ticket sales pushed the jackpot beyond its earlier advertised estimate of $1.73 billion for Wednesday night’s drawing.

The only top prize that was ever bigger was the $2.04 billion Powerball won by a player in California last November.

Powerball’s terrible odds of 1 in 292.2 million are designed to generate big jackpots, with prizes becoming ever larger as they repeatedly roll over when no one wins. And wins in recent months have been few and far between.

That didn’t bother those eager to plunk down their money on Wednesday for a long-shot chance at instant wealth.

Robert Salvato Jr., a 60-year-old electrician, bought 40 Powerball tickets at a hardware store in Billerica, Massachusetts.

“I would take care of family and give my cat that extra leg that she needs and make her a good kitty,” said Salvato, who got married on Saturday.

“I could give her a ring on every finger, I guess,” Salvato said of his new wife.

Nevada is among the five states without Powerball, so friends Tamara Carter and Denise Davis drove from Las Vegas across the state line into California to buy tickets. But the line was so long at their first stop that they gave up and went in search of another store.

“The line was about three hours long,” Carter estimated. “I was waiting for maybe a half hour, and it didn’t move.”

The jackpot has grown enormous due to a long dry spell. The previous winning Powerball ticket was sold on July 19, and it was worth $1.08 billion after 39 drawings without a jackpot win.

At the same hardware store as Salvato, Kevin Button seemed to understand the long odds as he bought a ticket.

“I only buy them usually when the jackpot’s high,” Button said. “Seems to have been pretty high quite often lately. So I’ve tried quite a few times and haven’t even won a free ticket. But maybe tonight’s the night.”

In most states, a Powerball ticket costs $2 and players can select their own numbers or leave that task to a computer.

The $1.765 billion jackpot is for a sole winner who opts for payment through an annuity, doled out over 30 years. Winners almost always take the cash option, which for Wednesday night’s drawing was estimated at $774.1 million.

Winnings would be subject to federal taxes, and many states also tax lottery winnings.

Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

Rodrique Ngowi in Billerica, Massachusetts, and Ty O’Neil in California, near Primm, Nevada, contributed to this report.

ST. LOUIS (AP) — After 35 straight drawings without a big winner, Powerball players on Wednesday are lining up for a shot at a near-record jackpot worth an estimated $1.73 billion.

If winning numbers are drawn, it would be the second largest U.S. lottery prize, topped only by the $2.04 billion Powerball won by a player in California last November. The previous No. 2 was a $1.586 billion Powerball with three winners in California, Florida and Tennessee on Jan. 13, 2016.

Powerball’s terrible odds of 1 in 292.2 million are designed to generate big jackpots, with prizes becoming ever larger as they repeatedly roll over when no one wins. And wins in recent months have been few and far between.

That didn’t bother those eager to plunk down their money for a long-shot chance at instant wealth.

Robert Salvato Jr., a 60-year-old electrician, bought 40 Powerball tickets at a hardware store in Billerica, Massachusetts.

“I would take care of family and give my cat that extra leg that she needs and make her a good kitty,” said Salvato, who got married on Saturday.

“I could give her a ring on every finger, I guess,” Salvato said of his new wife.

Nevada is among the five states without Powerball, so friends Tamara Carter and Denise Davis drove from Las Vegas across the state line into California to buy tickets. But the line was so long at their first stop that they gave up and went in search of another store.

“The line was about three hours long,” Carter estimated. “I was waiting for maybe a half hour, and it didn’t move.”

The jackpot has grown enormous due to a long dry spell. The previous winning Powerball ticket was sold on July 19, and it was worth $1.08 billion after 39 drawings without a jackpot win.

At the same hardware store as Salvato, Kevin Button seemed to understand the long odds as he bought a ticket.

“I only buy them usually when the jackpot’s high,” Button said. “Seems to have been pretty high quite often lately. So I’ve tried quite a few times and haven’t even won a free ticket. But maybe tonight’s the night.”

In most states, a Powerball ticket costs $2 and players can select their own numbers or leave that task to a computer.

The $1.73 billion jackpot is for a sole winner who opts for payment through an annuity, doled out over 30 years. Winners almost always take the cash option, which for Wednesday night’s drawing is estimated at $756.6 million.

Winnings would be subject to federal taxes, and many states also tax lottery winnings.

Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

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Rodrique Ngowi in Billerica, Massachusetts, and Ty O’Neil in California, near Primm, Nevada, contributed to this report.

The estimated $960 million prize is the world’s ninth-largest lottery jackpot, behind earlier Powerball and Mega Millions prizes that all topped $1 billion.

The prize has grown so large because there have been 30 consecutive drawings without a big winner, dating to July 19. That streak without a jackpot winner is due to the game’s long odds, 1 in 292.2 million, that are designed to make winning rare so grand prizes can grow large.

The $960 million prize is for a sole winner who chooses an annuity, with annual payments over 30 years. Winners almost always take the cash option, which for Saturday’s drawing would be an estimated $441 million.

Federal taxes will eat into those winnings, and some states also tax big lottery prizes.

Powerball is played in 45 states, as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.