Powerball Jackpot Nears $1B: What To Know In NY

LONG ISLAND, NY — The Powerball jackpot has climbed to nearly $1 billion just days after a lucky Mega Millions ticket sold in New Jersey claimed $1.13 billion.

No one has won Powerball's $975 million 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 New York 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.

New York players must buy their Powerball tickets by 10 p.m. to be eligible for Monday’s drawing at 10:59 Eastern 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 than if they took the 30-year annuity because the federal government takes its cut off the top.

All but eight states — California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — also tax big lottery prizes. In New York, the lottery tax rate is 8.82 percent.

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.