The Powerball jackpot has surged to an incredible $1.73 (£1.41) billion after a long losing streak of 35 consecutive draws without a winner.
Cash has been building up since July 19 when the last winner was announced and is just six draws away from breaking the last record of 41 draws set in 2021 and 2022.
The latest winning numbers 16, 34, 46, 55, 67, and the Powerball 14 saw no winner drawn again.
In November 2022, one lucky player in California bagged the record Powerball jackpot of $2.04 (£1.66) billion.
Cash has been building up since July 19 when the last winner was announced and is just six draws away from breaking the last record of 41 draws set in 2021 and 2022
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Millions of players across 45 states including Washington, DC, Puerto Rico, and the US Virgin Islands try their luck for the prize which can be claimed either as an annuity paid out over 30 years or as a lump sum in cash.
The jackpot increases three times a week - with draws on Mondays, Wednesdays and Saturdays.
The huge cash prize is due to higher interest rates, long odds and fewer ticket sales per drawing.
However, federal taxes slash the amount and some states also impose taxes on substantial lottery prizes.
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Despite some Americans saying they would be satisfied winning a smaller sum, it’s the giant jackpots that prompt people to spend money on a Powerball ticket.
Sale drop dramatically when the jackpot reverts to about $20 million.
Compared to sales seven or eight years ago, the number of people buying Powerball tickets has dropped after a change in the game’s odds.
Alan Feldman, from the University of Nevada, Las Vegas' International Gaming Institute, said that state lotteries have worked hard to keep their games interesting but that it is inevitable some people will lose interest over time.
The huge cash prize is due to higher interest rates, long odds and fewer ticket sales per drawing
Pexels“Things go in and out of style,” he said. “Everything gets a little stale.”
Due to a surge in interest rates, the cash prize has generated much larger annuity prizes.
Drew Svitko, the Pennsylvania Lottery’s executive director, previously said: “We use investments to fund the annuity to pay that prize, so the investments rely on interest, and the degree to which interest rates affect the value of those investments also affect that jackpot.”
