DES MOINES, Iowa – An estimated $1.4 billion lottery jackpot will be up for grabs Wednesday night thanks to dozens of drawings without a big winner.
The enormous Powerball prize ranks as the sixth-largest jackpot ever in U.S. lottery history. It’s the product of 40 back-to-back drawings throughout the summer where no one managed to match all six of the game’s numbers.
No one has won the grand prize since May 31, and the 41st drawing on Wednesday will be just one fewer than the record set last year.
This streak of losses is primarily due to Powerball’s daunting odds of 1 in 292.2 million; however, lottery officials point out that the odds are much more favorable for winning the game’s myriad of smaller prizes. Drawings take place three times each week.
The $1.4 billion prize is intended for winners who choose to receive 30 annual payments over 29 years, under an annuity plan. Nonetheless, most winners prefer the game’s cash option, which is projected to be $634.3 million in this draw.
Powerball tickets cost $2, and the game is offered in 45 states plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
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