Business & Tech
Powerball Jackpot Hits $1B: What To Know In CA
The game will match its record number of drawings without a winner if no one hits the jackpot Monday or Wednesday night.
CALIFORNIA — The Powerball jackpot has climbed to an estimated $1 billion just days after a lucky Mega Millions ticket sold in New Jersey hit for $1.13 billion.
No one has won Powerball's jackpot since New Year's Day. That’s 38 straight drawings in which no one matched the game's six numbers. But that could change Monday night as lottery fever grips people in the Golden State and elsewhere.
If no one wins the jackpot Monday or Wednesday night, the game will match its record number of 41 consecutive drawings on Saturday night, according to The Associated Press.
ALSO SEE: CA's $1.8 Billion Powerball Ticket Winner Revealed
California players must buy their Powerball tickets by 7 p.m. to be eligible for Monday’s drawing at 7:59 Pacific Time. Drawings are held at the same time on Wednesdays and Saturdays.
The jackpot prizes in each game may be paid over 30 years, but most winners take the lump sum. They immediately see fewer dollars flow into their account because the federal government takes its cut off the top.
California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not add a state tax on big lottery prizes.
The odds of winning the Powerball jackpot are steep — about 1 in 292.2 million. For perspective, the odds of being struck by lightning are less than 1 in 1 million. However, SoCal players have been on a hot streak as of late, having claimed a $1.08 billion Powerball jackpot last July and sharing in a $1.7 billion jackpot in October.
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