DES MOINES, Iowa — A $1 billion Powerball jackpot will entice lottery players on Monday night who believe they might become rich after a long period without a big winner.
The jackpot has reached $1 billion, which is the fifth instance of a Powerball prize reaching that level, according to game officials in a news release.
Since New Year’s Day, no one has won the Powerball jackpot, spanning 38 consecutive drawings without a match for the game’s six numbers. If no one wins the jackpot on Monday or Wednesday night, the game will match its record of 41 consecutive drawings on Saturday night.
The reason for the jackpot drought is simple: The odds of winning the top prize are very low, at 1 in 292.2 million. These odds lead to the creation of large jackpots intended to attract attention and increase sales.
The $1 billion prize is for a single winner who chooses the rare option of being paid over 30 years through an annuity. Most winners opt for the cash option, which for Monday night’s drawing would be $483.8 million.
Powerball is available in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
