Powerball take-home depends highly on taxes where you live

Powerball is soaring past the record for the biggest jackpot in US history.

Before the next drawing on Saturday night, experts say the Powerball could top $1 billion.

According to Multi-State Lottery Association, which runs the game, the odds of having the winning Powerball ticket are 1 in 292.2 million. That percentage could rise if the jackpot estimate is increased – but even lottery officials say they don’t know what to expect.

Since the Powerball jackpot was last claimed on November 4 – a streak of 18 drawings without a jackpot victor – the Massachusetts Lottery has sold more than $30 million in $2 Powerball tickets. The increased odds also increased the chances nobody would hit the jackpot and fostered the opportunity for the prize to grow with each passing Saturday or Wednesday with no victor. “I guess people just feel they can do better than waiting 30 years to get all their money”. Because the payout is based on sales, the prize has grown more quickly as people rush to buy tickets.

The victor can choose to be paid the full jackpot in annual installments over 29 years – or take a lower one-off payment in cash.

The acting director of the West Virginia Lottery said Friday ticket sales for Powerball in West Virginia were going at a pace of about three transactions a minute.

The previous record North American lottery jackpot payout was in March 2012, when $656 million was won in a Mega Millions draw. By making it harder to win a jackpot, the tougher odds made the ever-larger prizes inevitable.

Retailers receive a percentage of their overall ticket sales and bonuses for selling winning tickets. Powerball is offered in 44 states, Washington D.C., the U.S. Virgin Islands, and Puerto Rico.