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The Powerball jackpot has grown to — ahem — powerful proportions, with a $1.5 billion jackpot waiting for someone to win.
The next drawing is Saturday, Nov. 5, and by the time the six numbers are drawn, the jackpot — currently the third largest in lottery history — might exceed the current record-holding $1.586 billion Powerball jackpot that was split among three winners in 2016. The current second-place holder is the Mega Millions, which hit $1.537 billion in 2018 — and was won by a single person.
The Powerball multi-state lottery game is offered in Pennsylvania as well as 44 other states. There are 69 white balls, of which five get chosen, along with 26 Powerballs, of which one gets chosen. Match the five and the one, and you win the money.
The odds of winning? Not great. It’s 292,201,338/1. Considering there are about 331 million people currently living in the United States, those odds are just slightly better than picking a random American out of a crowd.
But as with all things gambling-related, someone eventually has to win, and for $2 a ticket (or $3 with the “Power Play” option, which allows for the chance to hit a multiplier on other, smaller wins), many Americans will undoubtedly be trying their luck for the drawing Saturday night at 10:59 ET.
Of course, if someone in Pennsylvania wins, they’ll be subject to the 24% federal tax and a 3.07% state tax. So for argument’s (and simplicity’s) sake, let’s say a Pennsylvania winner will walk away with a cool billion.
One could do a lot of gambling with that.
For instance …
{Editor’s note: The author of this piece has left his desk to run to Wawa and buy a few Powerball tickets. Good luck to everyone Saturday …}
Photo: Jerry Habraken/USA TODAY