What is the Powerball lotto?
The Powerball lottery started already in 1988 but under the name of Lotto America. In 1992 both the game format and the name were changed and Powerball was born. The first draw took place on April 19th the same year.
This was the first game to adapt the now popular two drum concept where you take numbers from two different containers. Since then several other lotteries have used the same system such as EuroMillions, EuroJackpot, and MegaMillions.
The Powerball lottery can be compared to the Kerala State Lotteries. Just like other Indian states took after the Kerala way of creating lotteries, international lotteries took after the Powerball Lottery.
The Powerball game consists of 5 main numbers between 1 and 69 and one Powerball number between 1 and 26. This system is what allows such huge jackpots!
You are free to choose your numbers but you can also be given numbers that are completely random if you want. Unlike many other lotteries, the order in which the main numbers are drawn does not matter since all numbers will be ordered based on their value from low to high.
Draws are made every Wednesday and Saturday at 22:59 ET (Thursdays and Sundays 08:29 IST).
Now the biggest Powerball jackpot also happens to be the world’s largest lottery jackpot as well. On the 13th of January 2016, three winners got to share an incredible $1.586 billion! That is more than Rs. 11229 crore! Imagine winning that amount of money, the possibilities are endless!
The minimum jackpot is not nearly as large as the biggest won ever but it is still amazing. The Powerball jackpot always starts at $40 million and has a rollover of $10 million each time the jackpot is not won.
There have been plenty of Indian lottery winners on Powerball but there is one that sticks out more than the others. Nandlall Mangal won a jackpot of 245.6 million US dollars!
There is no limit on how large the jackpot can become. With its growing popularity worldwide it is only a matter of time until the record is broken and the Powerball jackpot is even bigger!
If you are lucky enough to win the jackpot you have two options. Get the whole jackpot in one lump sum or get it paid out over 30 years. You would receive one payment annually.
The downside of taking it all in one lump sum is that the jackpot is counted if it were paid in a 30-year plan. This means that if you take it as a cash lump sum a portion of the jackpot will be deducted.
For example, there was a famous jackpot win on the 23rd of March in 2019 where a 24-year-old won a jackpot of $768.4 million. After deciding to go with the lump sum option he received $477 million in cash.