Because the quoted jackpot amount is an annuity of 30 graduated annual payments, its cash value relative to the annuity fluctuates. The actual ratio depends on projected interest rates and other factors. MUSL starts with the cash value, built from a percentage of sales, and then calculates the advertised jackpot amount from that value, based on the average costs of the three best securities bids.
Mega Millions is notorious for paying out enormous sums to its winners, including 10 jackpots of more than $300,000,000 since it started. It’s simple to play – pick five different numbers, ranging from 1 to 70, then your Mega Ball (any number from 1-25). Like every other lottery, your win will depend on how many numbers match up with the numbers drawn.
The annuity factor, or the cost to fund an annuity prize, is another key component. The annuity factor is made up of interest rates for securities purchased to fund prize payments. The higher the interest rates, the higher the advertised Grand Prize. You might not realize that an economic reality like interest rates impact even the Powerball jackpot, but they do!
Note: As indicated in the instructions, for the purposes of eligibility some countries include components and dependent areas overseas. If you are a native of a dependency or overseas territory, please select the appropriate country of eligibility. For example, natives of Macau S.A.R should select Portugal, and natives of Martinique should select France.
Changes to the Mega Millions game matrix were introduced, meaning the jackpots will likely get bigger more often, and players have a better chance of winning the second-tier prize of $1 million (without the Megaplier). Certain states can now take advantage of the Just the Jackpot feature, which allows players to buy a ticket ($3 for two lines) that gives them a chance of winning the jackpot if they match 5 + 1, but no prizes if they match anything less than that.
On top of the cost of a regular ticket, you can pay extra for the Power Play option which acts as a multiplier of prizes in a similar way to how Mega Millions’ Megaplier does. Taking the Power Play option multiplies winnings earned by matching just one number right through to matching five numbers - turning the $1,000,000 prize into a $2,000,000 prize.
On January 15, 2012, the price of each basic Powerball play doubled to $2, while PowerPlay games became $3; the minimum jackpot doubled to $40 million. A non-jackpot play matching the five white balls won $1 million. The red balls decreased from 39 to 35. The drawings were moved from Universal Studios Orlando to the Florida Lottery’s studios in Tallahassee. Sam Arlen served as host, with Alexa Fuentes substituting.
With an impressive $40,000,000 starting jackpot, US Powerball offers the biggest starting jackpot of any world lottery, and its $1.58 billion personal best from January 2016 is the all-time lottery world record! Match all five main numbers and the Powerball and you could be celebrating a multi-million dollar win in America’s favourite lotto! When you play Powerball online, in addition to the jackpot you can win one of eight exciting secondary prizes including a second prize that starts at $1 million!
In Georgia, New Jersey, and Texas, players must choose, in advance, whether they wish to collect a jackpot prize in cash or annuity. Georgia and New Jersey winners can change an annuity ticket to cash should they be eligible for a jackpot share; however, the choice is binding in Texas. The other Mega Millions members allow the cash/annuity choice to be made after winning (usually 60 days after claiming the ticket), although in Florida the 60-day "clock" starts with the drawing in which the jackpot prize was won.
Since the secondary prizes are defined in fixed amounts (except in California), if the liability for a given prize level exceed the funds in the prize pool for that level the amount of the prize may be reduced and the prize pool be distributed on a parimutuel basis and result in a prize lower than the fixed amounts given in the prize tables. Because the secondary prize pools are calculated independently, it is possible lower-tier prizes will differ among the game members.
On October 28, 2017, the price of a Mega Millions play doubled, to $2; the first drawing under the current price point was October 31, 2017. The Mega Millions double matrix changed, from 5/75 + 1/15 to the current 5/70 + 1/25. The starting jackpot became $40 million, with minimum rollovers of $5 million. The "Megaplier" option (which again is not offered in California) was retained, with an adjustment to its multipliers. (The final jackpot for the $1 version was $30 million, which was not won; the initial jackpot for the new version would still be $40 million with a jackpot hit.)
The October 28, 2017 Mega Millions' format change resulted in the game's first price increase: plays are $2 each ($3 with the Megaplier; up from $1 and $2 respectively); as part of the format change, the "Just the Jackpot" option was introduced to seven of the game's members. The new option is two plays for $3; only the jackpot can be won (or shared) on this wager.
It is still pretty tough to win the Jackpot, which is one of the reasons it is known as one of the biggest jackpot games in the world today – the odds of claiming a single-ticket win of both the five numbers plus the red Powerball, currently stand at about 1 in 24.87. The game definitely has the ability to make you fabulously wealthy beyond your wildest dreams or imagination. The Powerball lottery has the honour of having the highest jackpot prize in the world ever won by a single ticket - it is also the lottery that has paid out the highest jackpot to just one person. The biggest jackpot ever won on the US Powerball was a staggering $590.5 million, won by one lucky ticket holder in May 2013. The second-biggest jackpot snatched up, was an amazing $580 million which was won by two ticket holders in November 2012.
This website and the games available thereon are operated by Kootac. Kootac Trading Limited, with its registered office at No. 30, Kenilworth, Flat 3, Sir Augustus Bartolo Street, Ta' Xbiex, XBX 1093, Malta (EU) is licensed by the UK Gambling Commission to operate remote gambling in Great Britain under licence number 000-044791-R-324883-004. Kootac N.V., with its registered office at Heelsumstraat 51 E-commerce Park, Curacao is officially licensed by the Government of Curacao to operate online gambling based on the licence number 8048/JAZ2013-014.
Powerball lottery draws are held every Wednesday and Saturday at 22h59 Eastern Time and are broadcast live. The results of each lotto draw are not official until they are audited by an accounting firm. There are nine prize tiers on the Powerball Lottery, with approximate prizes ranging from $4 - $1,000,000. Players' tickets for the US Powerball are purchased by our ticket purchasing offices based in Connecticut, USA.
Once your lottery ticket is purchased, scanned and uploaded to your account, you own the ticket and the rights of the ticket – legally speaking what the agent has after scanning in your ticket is just a piece a paper. (This is why you should never trust a website that claims it is legitimate and does not following the insurance model but does not scan the tickets and send them to you – red flag).