No more ‘labor’ day? Powerball jackpot hits the $1 billion mark
After climbing to the top 10 largest payouts on Monday, the Powerball jackpot has skyrocketed even further, making for a potentially unforgettable Labor Day weekend somewhere in America. As of Saturday, the Powerball jackpot hit the coveted $1 billion mark.
“We’re bringing extra excitement to Labor Day Weekend with a Powerball jackpot that’s climbed to a billion dollars!” Matt Strawn, Powerball Product Group chair and Iowa Lottery CEO, said in a press release. “For just $2, every ticket is a chance to win big, while also giving back to public programs and services that benefit communities wherever Powerball is played.”
How does this Powerball jackpot compare to others?
On Monday, the jackpot was estimated to be $750 million, making it the 10th largest payout in lotto history. That was followed by a $950 million payout on Friday, which would’ve surpassed the seventh-largest payout by nearly $110 million.
By Saturday, however, the total dollar amount had climbed to $1 billion, placing it sixth behind other record payouts such as $1.77 billion in 2023 and a $1.6 billion payout in 2016. Still, it’s less than half of the highest jackpot ever to be won –– $2.04 billion –– which was clinched by a California lottery ticket purchaser in November 2022.
The lump sum, cash value option on a $1 billion ticket would net the lucky winner $453.1 million. However, that person will also have the option of taking an annual payout over the course of 29 years that eventually adds up to $1 billion.
Speaking to North Carolina’s ABC11, Kitty Sutherland said it’s her turn to claim the jackpot.
“I’m going to win it tonight,” Sutherland said. “Because I’ve bought, like, $1,000 worth before, so it’s my turn.”
Six billion-dollar jackpots in 33 years
According to Powerball’s press release, Saturday marks the sixth time a prize has topped the $1 billion mark in the lottery’s 33-year history. While the overall odds of winning a sliver of the prize sit at around 1 in 24.9, the possibility of taking home the entire thing is an astronomical 1 in 292.2 million.
The game’s $1 billion prize tag is down to the fact that no one has won the entire Powerball jackpot since May 31, though people have continued contributing to its pot. There have been 39 drawings since that fateful day, with 62 tickets earning $1 million or more, and another 608 netting $50,000 or more.
Ella Rae Greene, Editor In Chief
