The Odds of Winning a Lottery Jackpot
Getting a lottery jackpot can seem like a dream come true. But the reality is that you have to make a lot of decisions.
For example, do you opt for a lump-sum cash payment or an annuity? Or, will you leave the prize money to your heirs in a will? And do you really want to pay taxes on your winnings?
The jackpots are driving lottery sales and news coverage. But they are also tempting con artists and greedy relatives. And winning a big jackpot can also bring financial ruin.
While the odds of winning a lottery jackpot are about as good as winning the lottery itself, the bigger the jackpot, the harder you have to work to win it. And lottery organizers aren’t going to let a small chance of winning a big jackpot stop them from offering bigger jackpots.
Most lottery jackpots are annuitized, which means that the prize is paid out in a series of periodic payments. The larger the jackpot, the higher the interest rates. Those higher interest rates mean a larger overall payout. The jackpots are also more likely to have a carryover.
The winning Powerball ticket was sold in Altadena, California. It matched all six numbers in the November 7 drawing. This is the largest jackpot in Powerball history.
This is the first time a jackpot has been matched in a Powerball drawing since early August. There have been 40 drawings since then without a winner.