Cash vs. annuity: Which payout should you pick if you win Mega Millions, Powerball jackpots?
2 April 2024
(NEXSTAR) — This is not an April Fool’s joke: The Powerball jackpot has soared to an estimated $1 billion, the fifth-largest grand prize in the game’s history. But will anyone hit it big?
The winning numbers for the Powerball drawing on Monday, April 1, were 24, 56, 19, 40, and 42. The Powerball was 23, and the PowerPlay was 2X.
No one has won Powerball’s jackpot since New Year’s Day, a stretch of 38 consecutive drawings without anyone matching the game’s six numbers.
If no one wins the jackpot Monday or Wednesday night, the game will match its record number of 41 consecutive drawings on Saturday night.
The reason for the jackpot drought is simple: The odds of winning the top prize are miserable, at 1 in 292.2 million. It’s those odds that create the large jackpots that are designed to attract attention and drive up sales.
The $1 billion prize is for a sole winner who makes the rare decision to be paid over 30 years through an annuity. Nearly all winners instead take the cash option, which for Monday night’s drawing would be $483.8 million.
Here’s where the current Powerball jackpot ranks among the top 10 won in the game:
$2.04 billion: Nov. 7, 2022; California
$1.765 billion: Oct. 11, 2023; California
$1.586 billion: Jan. 13, 2016; California, Florida, Tennessee
$1.08 billion: July 19, 2023; California
Est. $1 billion: April 1, 2024
$842.4 million: Jan. 1, 2024; Michigan
$768.4 million: March 27, 2019; Wisconsin
$758.7 million: Aug. 23, 2017; Massachusetts
$754.6 million: Feb. 6, 2023; Washington
$731.1 million: Jan. 20, 2021; Maryland
$699.8 million: Oct. 4, 2021; California
Powerball is played in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
The Associated Press and Nexstar’s Addy Bink contributed to this report.