Jackpot! A lucky lotto player in California had all the winning numbers after Saturday’s Powerball drawing, lottery officials said.
The grand prize reached an estimated $447.8 million.
The winning numbers were 20, 26, 32, 38, 58 along with also the Powerball was 3.
The massive jackpot came in at tenth inside the list of the largest awarded US lottery prizes of all time — a list which includes Mega Millions along with also Powerball winnings, the U.S.’s two largest games. Saturday night’s total surpasses the $435 million a jackpot claimed by someone in Indiana in February. which winner used a corporation to shield his or her identity.
If which seems like huge Powerball jackpots have become more common, which’s because they have.
Saturday’s $447.8 million prize means which six of the 10 largest Powerball jackpots ever have happened since the start of 2016.
The reason: Powerball changed its formula in October 2015 to give players more numbers to choose through.
along with also more numbers mean longer odds of a winner. The odds of winning Powerball are right now 1 in 292 million, or 0.0000003%. Before the switch, the Powerball odds were 1 in 175 million.
Related: You’re even less likely to win the Powerball than you think
With fewer winners, the jackpot has the chance to grow bigger week after week.
The biggest jackpot ever took place in January 2016, soon after the odds changed. which payout reached a record $1.6 billion — the one along with also only time which has crossed the billion dollar mark. The Powerball prize also climbed above $400 million in May, July along with also November of last year, in addition to the $435 prize in February.
Meanwhile, the Mega Millions game, which costs half as much to play, has only had four jackpots in its history which topped $400 million. Only one of those big payouts, a $536 million jackpot, came last year. The odds against winning Mega Millions are 1 in 259 million.
Related: Powerball’s big bait along with also switch
Of course, the size of those jackpots are inflated. They assume the winner takes annuity payments spread out over 29 years.
although virtually every jackpot winner chooses to take a smaller, lump sum payment up front. The lump sum value of Saturday’s $447.8 million jackpot could be close to $300 million. along with also of course, no matter how the winners or winner decide to accept their earnings, they’ll have an enormous tax bill.
Powerball along with also Mega Millions are right now available in 44 states. All of them say which the profits provide billions in funding to schools along with also different social programs. although many economists argue which which’s a regressive tax, since poor along with also working class individuals spend a much larger percentage of their money on lottery tickets than wealthier consumers. Americans spent $73 billion on lottery tickets in 2015, the most recent year for which data will be available. which’s more than they spent on music, movies, books, video games along with also sports tickets, combined.
Correction: An earlier edition of which story stated which which was the seventh largest jackpot in U.S. history. which will be the tenth largest.
sy88pgw (completely new York) First published June 11, 2017: 1:02 AM ET