The Powerball lottery jackpot has continued to roll over for several weeks now, reaching an astounding $1.5 billion, making it the largest lottery jackpot in U.S. history. With a prize this enormous, interest is understandably high as people wonder if anyone will finally win and take home the massive windfall.
The Latest Powerball Drawing
The winning numbers for the Saturday, October 29, 2022 Powerball drawing were 28, 45, 53, 56, 69 and the Powerball was 20. Unfortunately, no ticket matched all 6 numbers, meaning the jackpot will continue to grow for the next drawing.
While nobody won the full jackpot, there were some smaller prize winners from the latest drawing:
- 2 tickets matched 5 numbers plus the Powerball to win $1 million each
- 19 tickets matched 5 numbers but missed the Powerball to win $1 million each
- 161 tickets matched 4 numbers plus the Powerball to win $50,000 each
- 1,898 tickets matched 4 numbers without the Powerball to win $100 each
- 35,763 tickets matched 3 numbers plus the Powerball to win $100 each
- 517,006 tickets matched 3 numbers without the Powerball to win $7 each
- 1,628,206 tickets matched 2 numbers plus the Powerball to win $7 each
So while the giant jackpot continues to elude players, over 2 million lucky tickets did win smaller prizes in this drawing.
Why Has No One Won the Jackpot?
With odds of 1 in 292.2 million, it’s certainly not easy to win the Powerball jackpot. Those long odds are precisely why the top prize has gone unclaimed over multiple drawings, allowing the jackpot to keep growing after each rollover.
Some key factors why no one has hit the jackpot yet include:
- The odds – It’s simply unlikely anyone’s numbers will match all 6 in the drawing.
- More number combinations – With 69 numbers to choose from, there are over 292 million possible number combinations a player could pick.
- More players – Huge jackpots attract more players, making multiple winners more likely and reducing the chance the jackpot is won outright.
The more tickets sold, the less chance any single player has of matching all 6 numbers drawn. But on the flip side, massive jackpots do tend to eventually get won as millions of people try their luck.
Will the Jackpot Keep Growing?
The Powerball jackpot will definitely keep increasing for the next drawing if no one hits the jackpot again. The lottery has no cap on how large the top prize can grow. However, it’s unlikely it would reach into the multiple billions.
At a certain point, as the jackpot approaches world-record territory, huge numbers of players will buy tickets hoping to have a chance at the life-changing payday. This influx of ticket sales makes it progressively more probable that multiple players could match the numbers drawn, resulting in multiple jackpot winners.
The current record for a U.S. lottery jackpot is $1.586 billion from a January 2016 Powerball drawing. The odds of the current jackpot exceeding that figure are low, but there is always a possibility if rollovers continue with no grand prize winner for several more drawings.
Biggest Lottery Jackpots Ever
| Lottery | Jackpot | Date |
|---|---|---|
| Powerball | $1.586 billion | January 13, 2016 |
| Mega Millions | $1.537 billion | October 23, 2018 |
| Powerball | $768.4 million | March 27, 2019 |
| Powerball | $758.7 million | August 23, 2017 |
| Powerball | $731.1 million | January 20, 2021 |
The current Powerball jackpot ranks second on the list of largest lottery jackpots ever behind the record $1.586 billion Powerball prize. If it continues to grow with no winner, it’s possible it could surpass that amount and take over the top spot.
Odds of Winning Powerball
The odds of winning any Powerball prize are 1 in 24.9. Here are the odds for each prize tier:
| Prize Level | Odds |
|---|---|
| Jackpot | 1 in 292,201,338 |
| Match 5 + PB | 1 in 11,688,053.52 |
| Match 5 | 1 in 913,129.18 |
| Match 4 + PB | 1 in 36,525.17 |
| Match 4 | 1 in 14,494.11 |
| Match 3 + PB | 1 in 579.76 |
| Match 3 | 1 in 701.33 |
| Match 2 + PB | 1 in 91.98 |
| Match 1 + PB | 1 in 38.32 |
As you can see, matching all 6 numbers for the jackpot is by far the hardest, which explains why it continues to elude players drawing after drawing. Your best odds come from matching just 2 numbers plus the Powerball for a modest $7 prize.
How to Play Powerball
Playing Powerball only requires selecting 5 numbers from 1 to 69 and 1 Powerball number from 1 to 26. An easy pick option is available to have numbers randomly selected for you.
To play:
- Pick 5 numbers from 1 to 69.
- Pick 1 Powerball number from 1 to 26.
- Choose to play as many boards as you like.
- Choose your wager amount ($2 minimum per board).
- Select whether you want to add Power Play for an extra $1 per board to increase non-jackpot winnings.
- Submit your playslip or have the retailer randomly quick pick your numbers.
Drawings are held every Monday, Wednesday and Saturday at 10:59 p.m. ET. Just match all 6 numbers to hit the jackpot prize. Matches start winning prizes at just 2 numbers matched plus the Powerball.
Where Powerball Tickets are Sold
Powerball tickets are sold in 45 participating jurisdictions, including:
- 44 states
- Washington D.C.
- Puerto Rico
- U.S. Virgin Islands
The only states that do not offer Powerball are Alabama, Alaska, Hawaii, Nevada, and Utah. Sales cut-off times vary by one to two hours before the drawing, depending on the selling jurisdiction. Tickets can be purchased from lottery retailers, self-serve kiosks, or online where available.
Largest Powerball Jackpots
Here are the top 10 Powerball jackpots to date:
| Rank | Amount | Drawing Date |
|---|---|---|
| 1 | $1.586 billion | 1/13/2016 |
| 2 | $1.5 billion (est.) | 10/31/2023 |
| 3 | $768.4 million | 3/27/2019 |
| 4 | $758.7 million | 8/23/2017 |
| 5 | $731.1 million | 1/20/2021 |
| 6 | $699.8 million | 10/4/2021 |
| 7 | $687.8 million | 10/27/2018 |
| 8 | $632.6 million | 1/5/2022 |
| 9 | $590.5 million | 5/18/2013 |
| 10 | $587.5 million | 11/28/2012 |
As the jackpot continues to grow, the current estimated $1.5 billion prize will likely move up higher on the list of largest Powerball jackpots in history.
Taxes on Powerball Winnings
Powerball winnings are subject to both federal and state taxes. The top tax rate can be over 50% depending on where you live.
Federal taxes are mandatory at 24% for winnings over $5,000. An extra 3.8% net investment tax applies to prizes over $250,000.
State taxes vary widely from 0% to over 12% in some areas. Some states like Florida, Tennessee, Texas, Washington and Wyoming have no state income tax on lottery winnings.
The immediate cash value on the current $1.5 billion jackpot would incur over $550 million in combined federal and state taxes. After-tax winnings would still be around $950 million though.
What to Do If You Win Powerball
Here are some tips if you beat the long odds and win a Powerball jackpot:
- Sign the back of your ticket – This establishes ownership and prevents theft.
- Tell no one – Keep it quiet until you can speak with financial advisors and attorneys.
- Get professional help – Hire financial planners, accountants and lawyers immediately.
- Pay off debts – Get out of debt first before making large purchases.
- Invest wisely – Use experts to conservatively invest and grow your wealth.
- Be generous – Don’t forget about charity and helping those in need.
- Protect yourself – Beware of scams and hangers-on wanting money.
- Live your life – Follow your dreams and enjoy your good fortune.
Hitting the jackpot can dramatically change your life. Following these steps can help you responsibly manage your windfall and secure your family’s financial future for generations to come.
Frequently Asked Questions
Has anyone ever won the Powerball jackpot?
Yes, many people have won the Powerball jackpot over the years. Some notable big winners include:
- May 2013 – $590.5 million split by Gloria Mackenzie ($278 million) of Florida.
- February 2015- $564.1 million split by Marie Holmes ($188 million) of North Carolina, Andrew Weber ($119 million) of New York and an anonymous winner ($141 million).
- January 2016 – $1.586 billion split by John and Lisa Robinson ($528 million) of Tennessee, Maureen Smith ($327 million) of Florida and Marvin and Mae Acosta ($187 million) of California.
Has anyone won the current Powerball jackpot?
No, the current estimated $1.5 billion Powerball jackpot has not been won yet. This jackpot started rolling over from the August 3, 2022 drawing and has continued to grow over multiple drawings with no winner.
What are the chances the jackpot will keep growing?
The jackpot has good odds of continuing to increase if no one matches all 6 numbers in upcoming drawings. Powerball has no cap, so the top prize can continue rolling over indefinitely. However, the odds increase that multiple winners will split the jackpot once it reaches astronomical amounts approaching record levels.
The Bottom Line
The Powerball jackpot has captured the attention of lottery players across America as it continues growing to surpass $1.5 billion. While the odds of winning are incredibly long, the chance for a life-changing fortune inspires millions to play. One lucky person or group eventually will overcome the odds and take home a truly massive prize. For now, the record-breaking lottery jackpot remains up for grabs.
